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Schools of Economic Thought Quiz Stats

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Beliefs % Correct
Free markets can be inefficient. Government spending should stabilise aggregate demand and unemployment across the business cycle.Keynesianism
82.8%
Labour determines the value of goods. Profit and rent are merely appropriations of labour value away from workers.Marxian economics
67.5%
The money supply has a strong influence on short-run output and determines long-run prices. Control money supply growth.Monetarism
61%
Capitalism is dynamic yet stable. Self-interest motivates people to do good. Land, labour and capital are all productive. Division of labour yields economic growth.Classical economics
58.2%
Laissez-faire is an efficient spontaneous order. Gold standard, not fiat currency. Mathematics, predictions and tests are not useful.Austrian school
55%
Increasing net exports with a strong tariff policy will increase a country's bullion, power and wealth. Money and wealth are interchangeable terms.Mercantilism
35%
The economy acts like a system of mathematical functions; agents maximise utility functions. Markets are highly efficient; unemployment and goods shortages are temporary.Neoclassical economics
31.3%
Beliefs % Correct
Prices and wages don't change immediately, so markets can be inefficient in the short run, even if people have rational expectations.New Keynesian economics
22%
Wealth comes from the land alone. Farming is productive, industry is not productive. Money is not equivalent to wealth.Physiocracy
17.2%
Keynes was misrepresented. Private institutions like banks make capitalism unstable. Uncertainty about the future matters.Post-Keynesian economics
16.9%
Labour determines the value of goods. Economics must respect and facilitate social cohesion and morality.Islamic economics
16.5%
Economics depends on cultural context. Mathematical deduction is flawed. The study of economic history is vital.Historical school
14.2%
People have rational expectations about the future. Markets are perfectly efficient; unemployment is a labour supply choice.New classical macroeconomics
13.5%
The means of production should be owned by as many private individuals as possible, not a socialist state or a few capitalists.Distributism
5.6%

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