Here are some questions from global economics

Q1 In general terms, according to the market theory of Adam Smith, if demand is greater than supply, the market price will _________. And when the demand is less than supply, the market price will __________.

Select one:

a. increase; increase

b. increase; decrease

c. decrease, increase

d. decrease; decrease

e. increase; return to the natural price

Q2 According to Roy Porter, which of the following had a decisive role in increasing early 18th-century consumption habits?

a. industrial commodity production

b. advertising

c. free trade

d. colonial monopolies

e. new shopping arcades

Q3. According to Adam Smith, why should the state avoid intervening in the market?

Select all that apply. Wrong guesses are penalized.

Select one or more:

a. Because competitive markets harness the natural self-interest of individuals in such a way that the well-being of society as a whole is promoted

b. Because the market self regulates demand and supply to be as efficient as possible

c. Because the state only needs to provide the public goods in order for the market to promote prosperity

d. Because community led trade policy leads to unjust distributions

e. Because state interference with the market will lead to tyranny

Q4. According to Brown, the development of the modern economy is clearly linked to:

Select one:

a. The Enlightenment

b. A singular historical process of societal change

c. Rapid economic growth resulting industrialization in the early eighteenth century

d. The rise of consumption and class distinctions in the nineteenth century

e. All of the above

Q5. According to Roy Porter in 'Pre-Modern Manufacturing', 18th century industry was largely:

Select all that apply. Wrong guesses are penalized.

Select one or more:

a. labor intensive

b. skill intensive

c. small-scale

d. capital intensive

e. governed by artisan guilds

Q6 According to Roy Porter in 'Pre-Modern Manufacturing', 18th-century manufacturing mostly took place in:

Select all that apply. Wrong guesses are penalized.

Select one or more:

a. homes

b. workshops

c. poor houses

d. factories

e. artisan guilds

Q7.Porter's account about 18th-century society focuses primarily on the consumption patterns of which group?

Select one:

a. industrial workers

b. average citizens

c. the bourgeoisie

d. the aristocracy

e. artisans

Q8 Which of the following are mentioned in the text as contributing to the birth of consumer society in 18th century England?

Select all that apply. Wrong guesses are penalized

a. improvements in communication

b. expansion of urban areas

c. canal and road improvements

d. increased disposable income among workers

e. improved postal & shipping services

Q9 According to The Wealth of Nations by Adam Smith, the activities of profit-seeking individuals and the general good of society as a whole exists in:

Select one:

a. Fundamental harmony

b. Ongoing competition

c. Full opposition

d. Dynamic balance

e. The state of Nature

Q10 According to Smith, what increases productivity as the result of the division of labour?

Select all that apply. Wrong guesses are penalized.:

Select one or more:

a. Increased mastery from repetition of simple tasks

b. Saving time otherwise lost in passing from one task to another

c. The invention of specialized machines

d. Changes in social and household organization to support commodity production

e. Increased availability of commodity inputs for industrial production

Q11 According to Roy Porter in 'Pre-Modern Manufacturing', which of the following contributed to increased manufacturing output before the late-18th century?

Select all that apply. Wrong guesses are penalized.

a. technological innovation

b. better use of labor reserves

c. new techniques facilitating exchange

d. improved transportation links

e. large scale factory production