Which of the following statements is correct?

Which of the following statements is correct?

1. Europe has always been much wealthier than Africa.
2. Life expectancies have not changed a great deal in the last 1000 years.
3. The Industrial Revolution initially started in China.
4. Average incomes hardly changed between 1 A.D. and 1000 A.D.


Answer: 4. Average incomes hardly changed between 1 A.D. and 1000 A.D.

Many of the reforms of the 1980s and early 1990s were designed to

Many of the reforms of the 1980s and early 1990s were designed to

1. ensure that a greater share of national income went to workers.
2. increase tax revenue so that social programmes could be funded.
3. introduce competition into markets to lower prices for consumers.
4. make financial markets more robust to avoid a 1930s style depression.


Answer: 3. introduce competition into markets to lower prices for consumers.

The response of many western governments to the oil price spike of the 1970s was to

The response of many western governments to the oil price spike of the 1970s was to

1. lower interest rates.
2. fix exchange rates to stabilise them.
3. borrow to increase government spending.
4. reduce taxes so consumers could continue to spend.


Answer: 3. borrow to increase government spending.

Whose writings provided the intellectual basis for communism as a form of government?

Whose writings provided the intellectual basis for communism as a form of government?

1. Adam Smith.
2. Thomas Malthus.
3. David Ricardo.
4. Karl Marx.


Answer: 4. Karl Marx.