The History Of Circular Flow Of Income!

10 Questions

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The History Of Circular Flow Of Income!

If you know about the economy, then you'd definitely know the circular flow of income. It's not a recent occurrence though as this theory has been there for years. Are you as knowledgeable about this topic as you think, take this quiz to test your knowledge?


Questions and Answers
  • 1. 
    Who brought up this theory?
    • A. 

      William Petty

    • B. 

      Richard Cantillon

    • C. 

      François Quesnay

    • D. 

      Esther Boserup

  • 2. 
    What is the origin of this economist?
    • A. 

      English

    • B. 

      Scottish

    • C. 

      French

    • D. 

      Irish-French

  • 3. 
    Who influenced most of his theories?
    • A. 

      Esther Boserup

    • B. 

      William Petty 

    • C. 

      Richard Cantillon

    • D. 

      François Quesnay

  • 4. 
    What was the name of the piece of work in which the circular flow of income was first elaborated?
    • A. 

      Economics

    • B. 

      Circular Flow of Money

    • C. 

      The Theory of Income

    • D. 

      Essay on the Nature of Trade in General

  • 5. 
    In 1758, which economist elaborated the theory of the circular flow of income?
    • A. 

      Richard Cantillon

    • B. 

      François Quesnay

    • C. 

      Paul Marchand

    • D. 

      Thierry Henri

  • 6. 
    Which well-known economist elaborated the theory as well?
    • A. 

      Karl Marx

    • B. 

      Adam Smith

    • C. 

      Milton Friedman

    • D. 

      Ludwig von Mises

  • 7. 
    What time period did this theory appear?
    • A. 

      Elizabethan period

    • B. 

      Classical era

    • C. 

      Neoclassical period

    • D. 

      Victorian era

  • 8. 
    Which of the following is tied to a household on the circular flow of income diagram?
    • A. 

      Labour

    • B. 

      Farming

    • C. 

      Goods and services

    • D. 

      Investments

  • 9. 
    Who is Richard Cantillon said to have inspired himself from?
    • A. 

      John Smith

    • B. 

      John Law

    • C. 

      Adam Smith

    • D. 

      Karl Marx

  • 10. 
    Which other economist contributed to this theory apart from the ones aforementioned?
    • A. 

      John Maynard Keynes

    • B. 

      Adam Smith

    • C. 

      John Law

    • D. 

      John Smith