Great Economists: Checkpoint 1

Quick checkpoint - five questions on Kautilya, Ibn Khaldun, Ricardo, Malthus, Mill and Marshall.

Question 1 of 5 What did the Arthashastra advise about taxes?

Taxes should be as high as possible Taxes should be collected like ripe fruit, without harming the sources of future wealth No taxes should ever be collected Only traders should pay taxes

The text compares a wise tax collector to a gardener picking only ripe fruit.

Question 2 of 5 Which idea is Ibn Khaldun known for anticipating?

That very high tax rates can reduce total tax revenue That money has no value That trade always harms countries That population never grows

This idea is similar to what later became known as the Laffer curve.

Question 3 of 5 What does Ricardo's comparative advantage depend on?

Absolute efficiency only Opportunity cost The size of a country Its military strength

Countries gain by specialising in what they produce at relatively lower opportunity cost.

Question 4 of 5 Why did the world escape the Malthusian trap?

Population stopped growing entirely Technology raised productivity faster than population, and birth rates fell as societies grew richer Food became free Malthus changed his mind

Industrialisation, agricultural advances and falling fertility broke the old pattern.

Question 5 of 5 How did Alfred Marshall describe supply and demand?

As two unrelated forces Like the two blades of a pair of scissors As a single straight line As always equal

Asking which sets price is like asking which scissor blade cuts the paper.

← Back to Alfred Marshall: Supply, Demand and the Margin Next lesson → Thorstein Veblen: Conspicuous Consumption

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