The large spike in the inflation rate in New Zealand and other developed countries in the mid 1970s was mainly caused by

Select one:

a.the onset of the Great Depression.

b.the Korean War.

c.the formation of OPEC and the creation of the oil crisis.

d.government borrowing to fund "Think Big" projects.

One of the reasons why incomes in the Roman Empire around the year 1 A.D. were higher than European incomes in the year 1000 A.D was that

Select one:

a.many useful Roman inventions had been forgotten by the year 1000 A.D.

b.the climate had cooled by the year 1000 A.D. making growing food more difficult.

c.Roman law enabled trade and commerce.

d.the slave economy of Rome was a more efficient economic model than the feudal economy of the Middle Ages.

Adam Smith argued which of the following?

Select one:

a.It is not the accumulation of gold and silver that increases well-being but what can be done with gold and silver.

b.From each according to his abilities, to each according to his needs.

c."Positive checks" of war, famine and plague would keep the population in check and make an improvement in quality of life impossible.

d.The Government should intervene in the economy to smooth out the peaks and troughs and reduce the impact of unemployment.