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Bernard Mandeville can be considered a Mercantilist Economic Thinker and he proposed...

Select one:

a. vice and selfishness can produce and create economic growth

b. agriculture creates wealth

c. the economy is interconected

d. taxes should be high on luxury goods

e. nature is important in the economy

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Francois Quesnay is a French Economist from the Physiocrats who believed that...

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a. that agriculture is important and that all parts of the economy are inter-related.

b. international trade is important for the economy

c. government intervention is needed for growth

d. nationalism is important for prosperity

e. colonies are needed for expanding markets.

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Which of the following Classical Economists highlighted the importance of Labour and Population on the economy?

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a. Thomas Malthus

b. Adam Smith

c. David Ricardo

d. John Stuart Mill

e. Jeremy Bentham

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This Greek philosopher discussed about economic affairs from a moral point of view. For him, some economic activities were considered moral and natural like the production of goods and other economic activities were considered immoral like lending money.

Select one:

a. Aristotle

b. Plato

c. Socrates

d. Cicero

e. Sophocles

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Saint Thomas Aquinas is a medieval thinker who argued that

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a. people can sell something for a price that is higher than for more that it is worth

b. people should not sell something for a price that is higher than for more that it is

c. that items should be produced for the benefit of God

d. that items should be distributed evenly and fairly for the benefit of God

e. all types of money lending activities are discouraged

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This thinker is not considered a Mercantilist or a Physiocrat, but he gave us the insight that economic activity like trading in markets has self-adjusting mechanisms that leads to equilibriums and efficient use of resources

Select one:

a. Richard Cantillon

b. Thomas Nun

c. Francois Quesnay

d. Robert Turgout

e. Bernard Mandeville

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This Mercantilist economist argued that countries needed to pursue a positive balance of trade or that exports should be always higher than imports.

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a. Thomas Mun

b. Adam Smith

c. David Ricardo

d. Robert Turgot

e. Bernard Mandeville

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This Physiocratic thinker agreed that land was the source of wealth but he also introduced the concepts that capital (machines) produce wealth and that there are different economic classes in society depending on what is the source of the income.

Select one:

a. Rober Jacques Turgot

b. Francois Quesnay

c. Richard Cantillon

d. Bernard Mandeville

e. David Ricardo

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This Classical Economist highlighted the importance of international trade and the law of diminishing returns with an early mathematical approach to Economics.

Select one:

a. David Ricardo

b. Adam Smith

c. Thomas Malthus

d. Jeremy Bentham

e. Richard Cantillon

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This economist is considered a classical economist, but he is considered a precursor to the Marginal School of Economics with his discussions about the importance of 'utility' in determining the behaviour of individuals. He argued that humans try to maximize their utility or happiness with their actions.

Select one:

a. Jeremy Bentham

b. David Ricardo

c. Thomas Malthus

d. John Stuart Mill

e. Richard Cantillon

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This economist popularized the concept that individuals derive utility from the consumption of goods and argued that each additional unit of consumption usually adds a lower level of consumption. He expanded the concepts developed by Jeremy Bentham.

Select one:

a. William Stanley Jevons

b. Adam Smith

c. Milton Friedman

d. John Maynard Keynes

e. Leon Walras

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This economist is considered a "Marginalist" and he used extensively mathematical approaches to determine the equilibrium of prices in multiple markets. He argued that markets in the economy are interconnected and those markets affect each other through changes in prices.

Select one:

a. Jeremy Bentham

b. William Stanley Jevons

c. Karl Mark

d. David Ricardo

e. Leon Walras

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This economist developed the concept of supply and demand and developed a framework to analyze markets in isolation. In some aspects, he is considered a marginalist, but he also can be considered an "anti-marginalist" as sometimes included arguments and concepts based on morality.

Select one:

a. Alfred Marshall

b. Jeremy Bentham

c. Leon Walras

d. William Stanley Jevons

e. Jeremy Bentham

Answer 1

Question 1) ans

a-vice and selfishness can produce and create economic growth

Mandeville's proposal that vices, such as vanity and greed, result in publically beneficial results. Along the same lines, he proposed that many of the actions commonly thought to be virtuous were, instead, self-interested at their core and therefore vicious.

Question 2) ans

a-that agriculture is important and that all parts of economy are inter related

François Quesnay was the leading figure of the Physiocrats, generally considered to be the first school of economic thinking. ... Quesnay believed that only the agricultural sector could produce a surplus that could then be used to produce more the next year—and therefore help growth.

Question 3) ans

c- David Ricardo

Labour is an important factor not only in production, but in all other economic activities. Classical economists like Ricardo and Karl Marx gave prime place to labour as the main source of production.

Question 4) ans

b- Plato

Question 5) ans

d-that item should be distributed evenly and fairly for the benefit of God

Question 6)ans

e- Bernad Mandeville     

Question 7) ans

a-Thomas Mun

In the book we also find the first notion of Mun's theory of the balance of trade. It should be the focus of English policy, argued Mun, to export at a higher rate than it imports from abroad. In doing so, the wealth of the country willinevitably increase.

Question 8) ans

b. Francois Quesnay     

Question 9) ans

a. David Ricardo  

Question 10) ans

a. Jeremy Bentham   

Question 11) ans

a. William Stanley      

Question 12) ans

e. Leon Walras        

Question 13) ans

a. Alfred Marshall

Alfred Marshall's Principles of Economics developed a supply-and-demand curve that is still used to demonstrate the point at which the market is in equilibrium.