The History Of Circular Flow Of Income!
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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?
- 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
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