Economics

Question 1

18th century Scottish economist, philosopher, and author.

Answer 1

Adam Smith

Question 2

proposed the invisible hand - tendency of free markets to regulate themselves by means of competition, supply, and demand, and self-interest.

Answer 2

Adam Smith

Question 3

Father of Modern Genetics

Answer 3

Adam Smith

Question 4

economic system where private indivs or businesses own capital goods.

Answer 4

Capitalism

Question 5

what is the purest form of capitalism?

Answer 5

Laissez-fair Capitalism or Free Market

Question 6

system where the government rather than the free market determines what goods should be produced, how much should be produced, and the price at which the goods are offered for sale.

determines investments and incomes.

Answer 6

Command Economy

Question 7

key feature of any communist society

Answer 7

Command Economy

Question 8

populist economic and political system based on public ownership of the means of production.

Answer 8

Socialism

Question 9

A.k.a Collective or Common Ownership

Answer 9

Socialism

Question 10

theory of the world’s population tends to increase faster than the food supply and that unless fertility is controlled by later marriage or celibacy, famine, disease, and war must serve as natural population restrictions.

Answer 10

Malthusianism

Question 11

from whom Malthusianism originated?

Answer 11

Thomas Robert Malthus

Question 12

the position that population could be controlled by using birth control methods and also identified the working class with the problem of overpopulation.

Answer 12

Non-Malthusianism

Question 13

economic law stating that if one input in the production of a commodity is increased while all other inputs are held fixed, a point will eventually be reached at which additions of the input yield progressively smaller, or diminishing, increases in output.

Answer 13

Law of Diminishing Returns