Module 2

Question 1

was a form of economic nationalism that sought to increase the prosperity and power of a nation through restrictive trade practices. Its goal was to increase the supply of a state’s gold and silver with exports rather than to deplete it through imports

Answer 1

Mercantilism

Question 2

Proposed three principle of finance: to follow a wise method in raising revenues, to expand them with prudence, and to save a part for possible future need.

Answer 2

Jean Bodin

Question 3

First general work on public finance, including a vigorous treatment of the decaying property tax.

Answer 3

Sir William Petty

Question 4

attempted to bring fiscal problems into line with the theory of the balance and trade

Answer 4

Thomas Mun

Question 5

Studied the problems of incidence, especially of the land tax. He insisted that property rights entailed that all taxes be voluntary, requiring consent of the taxpayer or the consent of a majority of representatives

Answer 5

John Locke

Question 6

devoted his attention primarily to questions of war finance

Answer 6

Charles Davenant

Question 7

he introduced the “economic table”

Answer 7

Francois Quesnay

Question 8

Published “An inquiry into the Nature and Causes of the Wealth of Nations”

Answer 8

Adam Smith

Question 9

Four canons of taxation

Answer 9

economy, equality, certainty, convenience

Question 10

applied his distribution theories to analyze incidence and delved into public credit.

Answer 10

David Ricardo

Question 11

introduced the concept of equal sacrifice, rejuvenating the theory of equity

Answer 11

John Stuart Mill

Question 12

proposed a socio-political theory assigning the state the role of reducing wealth inequalities through fiscal measures

Answer 12

Adolph Wagner

Question 13

made significant contributions to the theory of income taxation

Answer 13

Adolph Held

Question 14

provided in-depth analysis of impersonal levies and fiscal methodologies

Answer 14

F.J. Neumann

Question 15

emphasized balancing private and public needs

Answer 15

Albert Schaffle

Question 16

studied the concept of ability to pay

Answer 16

Robert Meyer

Question 17

explored taxable revenue, economic allegiance, and death duties

Answer 17

George Von Schanz

Question 18

his handbook elevated public finance to equal status with newer economics.

Answer 18

Gustav Von Schanberg

Question 19

science of finance

Answer 19

H.C. Adams

Question 20

The General Theory of Employment, Interest, and Money

Answer 20

John Maynard Keynes

Question 21

first Spanish Governor-General of the Philippines

Answer 21

Miguel Lopez de Legaspi

Question 22

The ownership of factors of production like a factory, machinery, the plant is owned by the private entities, and the government plays a regulatory
role.

Answer 22

Partial State Control

Question 23

thee types of mixed economic system

Answer 23

Partial State Control
Total Government Control
Public-Private Control

Question 24

The state directly influences the functioning of the entities. The
government invests its own money into the business and is solely responsible for the activities of the
companies. It bears the risk of loss and owns the profits of the company.

Answer 24

Total Government Control

Question 25

There is a joint venture between the state and private players. Western
countries are the first type of mixed economy, while Asian countries like India are the second mixed
economy type.

Answer 25

Public-Private Control

Question 26

characteristics of a mixed economic system:

Answer 26

Survival of Public and Private Sectors.
Economic Planning.
Safeguarding of Consumer Rights .
Protection of Labor Rights.