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Practice Questions

Profit and Loss Calculation Practice Questions

Why, according to Mises and Hayek, do businesses need access to real market prices? *

a. To discern profitable from unprofitable enterprises

b. To figure out which sectors would be better run by bureaucrats

c. To allow planners to direct resources correctly

In order to determine if a business undertaking is cost effective, decision-makers need access to: *

a. Knowledge of input quantities

b. Knowledge of output quantities

c. Knowledge of market prices

If total revenue is ___________ total cost, the logic of economic calculation tells us that a project is likely viable. *

a. Less than

b. Greater than

c. Of uncertain relation to

If the political process causes the price to be lower than the market would set the prices, goods tend to get allocated on the basis of: *

a. Political favoritism

b. Economic calculation

c. Allocative efficiency

One of the reasons South Korea was able to apparently achieve success with its planned investments was that: *

a. The government was able to use rational economic calculation

b. It had people in charge who knew how to plan accurately

c. Labor was undervalued relative to market prices

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Great Economists Classical Economics and Its Forerunners

Course (112 videos)

Before Adam Smith, Part 1

Galileo and the theory of value

Practice Questions

School of Salamanca

Practice Questions

Why did economics develop so slowly?

Practice Questions

Cesare Beccaria

Practice Questions

Practice Questions

Introduction to Mercantilism

Practice Questions

Nicholas Barbon

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Sir William Petty

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Bernard Mandeville

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Before Adam Smith, Part 2

Anne-Robert-Jacques Turgot

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Richard Cantillon

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Francois Quesnay

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David Hume on interest

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David Hume on the balance of trade

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David Hume on public debt

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David Hume on money

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David Hume on taxes

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Which ideas were developed in early classical economics?

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Adam Smith

Life of Adam Smith

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Adam Smith, Theory of Moral Sentiments

Adam Smith’s Theory of Growth

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What I learned from Adam Smith

Adam Smith and the Industrial Revolution

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Adam Smith, Intro to Wealth of Nations

Wealth of Nations, Book One

Adam Smith, Book 1, Ch 1, Division of Labor

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Adam Smith, Book 1, Ch. 2, Truck and Barter

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Adam Smith, Book 1, Ch. 3, Extent of the Market

Adam Smith, Book 1, Ch. 4, Origin and Use of Money

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Adam Smith, Book 1, Ch. 5, Real and Nominal Price

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Adam Smith, Book 1, Ch. 6, Component Parts of Price

Practice Questions

Adam Smith, Book 1, Ch. 7, Natural Price and Market Price

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Adam Smith, Book 1, Ch. 8, Wages of Labor

Practice Questions

Adam Smith, Book 1, Ch. 9, Profits of Stock

Practice Questions

Adam Smith, Book 1, Ch. 10, Inequalities of Wages

Adam Smith, Book 1, Ch. 11, Rent of Land

Practice Questions

Adam Smith, Book 1, Ch. 11, Digression on Silver

Practice Questions

Wealth of Nations, Book Two

Adam Smith, Book 2, Ch. 1, Nature and Division of Stock

Adam Smith, Book 2, Ch. 2, Of Money

Practice Questions

Adam Smith, Book 2, Ch. 3, Unproductive Labor

Practice Questions

Adam Smith, Book 2, Ch. 4, Interest and Usury

Practice Questions

Adam Smith, Book 2, Ch. 5, Employment of Capitals

Practice Questions

Wealth of Nations, Book Three

Adam Smith, Book 3, Ch. 1, Progress of Opulence

Adam Smith, Book 3, Ch. 2, Discouragement of Agriculture

Adam Smith, Book 3, Ch. 3, Cities and Towns

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Adam Smith, Book 3, Ch. 4, Towns and Country

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Wealth of Nations, Book Four

Adam Smith, Book 4, Ch. 1, Mercantile Systems

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Adam Smith, Book 4, Ch. 2, Restraints Upon Production

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Adam Smith, Book 4, Ch. 3, 4-5

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Adam Smith, Book 4, Ch. 6, Commerce Treaties

Adam Smith, Book 4, Ch. 7, Of Colonies

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Adam Smith, Book 4, Ch. 8, Mercantile Conclusions

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Adam Smith, Book 4, Ch. 9, Agricultural Systems

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Adam Smith, Book 4, Digression on Corn

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Wealth of Nations, Book Five

Adam Smith, Book 5, Ch. 1, pt. 1, Expense of Defense

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Adam Smith, Book 5, Ch. 1, pt. 2, Expense of Justice

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Adam Smith, Book 5, Ch. 1, pt. 3, Public Works

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Adam Smith, Book 5, Ch. 1, pt. 3, article 2, Education of Youth

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Adam Smith, Book 5, Ch. 1, pt. 3, article 3, Religious Instruction

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Adam Smith, Book 5, Ch. 1, pt. 4, Expense of the Sovereign

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Adam Smith, Book 5, Ch. 2, pt. 1-2, Sources of the Public Revenue

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Adam Smith, Book 5, Ch. 2, pt. 3, article 4, Taxes on Commodities

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Adam Smith in the Custom House

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After Adam Smith, Part One

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Jean-Baptiste Say

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Malthus on population

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Malthus on demand

Jeremy Bentham on government debt

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Introduction to Ricardo

Life of Robert Torrens

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Ricardo on rent

Robert Torrens and sliding tariffs

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Robert Torrens on strategic trade policy

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Practice Questions

Mountifort Longfield

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Edward Gibbon Wakefield

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After Adam Smith, Part Two

Frederic Bastiat on the Seen and Unseen

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Frederic Bastiat and the Candlemakers’ Petition

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John Stuart Mill, terms of trade

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J.S. Mill on money and demand

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Life of John Stuart Mill

Mill on Bentham

How the Dismal Science Got Its Name

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Practical issues faced by the classical economists

Economists in Parliament

The debates over debt

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Bullionist debates, Part I

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Bullionist debates, Part II

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Living standards during the Industrial Revolution

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The Poor law debates

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The Machinery question

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The Corn Law debates

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Peel’s Act of 1844 and the Currency School

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The India question

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Friedrich A. Hayek’s Individualism and Economic Order

Hayek on Individualism and Spontaneous Order

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Hayek on Economics and Knowledge

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Hayek on Social Science Facts

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Hayek on the Use of Knowledge in Society

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Hayek on Competition and Discovery

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Profit and Loss Calculation

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Hayek on Socialist Calculation

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Hayek on the Gold Standard and Commodity Reserve Currency

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Hayek on the Ricardo Effect

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Hayek on Interstate Federalism and Free Trade

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Hayek on Free Enterprise

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What I Learned from Hayek

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Great Economist Exam

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