Schools of Economic Thought quiz
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Who held that only farming creates new wealth?
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More questions about Schools of Economic Thought
These visible examples show the question style. LearnClash turns the full topic into ranked duels and spaced repetition.
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What did Keynes call the urge to act that drives investment?
Answer: Animal spirits
Why: Long before Keynes, 'animal spirits' was a medical term for a spirit that physicians believed had its seat in the brain.
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What paradox says everyone saving more can shrink the economy?
Answer: Paradox of thrift
Why: Because one person's spending is another's income, everyone saving at once cuts incomes, so total savings may not rise at all.
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Why did Mises say socialist planners can't calculate costs?
Answer: No market prices
Why: The 1920 essay sparked the socialist calculation debate, where Oskar Lange answered in 1936 that planners could find prices by trial and error.
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In which present-day country was Karl Marx born?
Answer: Germany
Why: Marx lived in London from 1849 until his death in 1883 and wrote Das Kapital there.
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How many times does 'invisible hand' appear in The Wealth of Nations?
Answer: Once
Why: Its one appearance is in Book IV, in an argument about why investors tend to put their capital into home industry.
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Which Keynes book says 'In the long run we are all dead'?
Answer: A Tract on Monetary Reform
Why: In the Tract, the line answers the quantity theory's claim that doubling the money supply doubles prices in the long run.
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