- 1. In 'Principles of Political Economy,' published in 1848, John Stuart Mill presents a comprehensive analysis of economics and its relationship with society, addressing themes that encompass the nature of wealth, production, and distribution. Mill builds upon the foundational work of earlier economists like Adam Smith and David Ricardo, yet he innovates by integrating ethical considerations into his analysis of economic systems. He argues for the importance of individual liberty and the need for a framework that balances economic efficiency with social justice. The text delves into concepts such as supply and demand, market equilibrium, and the role of government in regulating economic activity. Mill’s work also touches upon labor, capital, and the impact of industrialization, while advocating for the improvement of the working class's conditions. Furthermore, he explores the implications of population growth and the necessity of education and social reform in creating a more equitable society. Through a combination of practical advice and philosophical inquiry, 'Principles of Political Economy' remains a seminal text in understanding the complexities of economic theory and practice, emphasizing the interconnectedness of economic and social well-being.
What is John Stuart Mill's primary work on political economy?
A) The Wealth of Nations
B) Principles of Political Economy
C) On Liberty
D) Das Kapital
- 2. What economic system did Mill ultimately favor?
A) Feudalism
B) Pure laissez-faire capitalism
C) Complete communism
D) Modified capitalism with socialist elements
- 3. Mill's theory of value primarily builds upon which economist's work?
A) Thomas Malthus
B) David Ricardo
C) Adam Smith
D) Karl Marx
- 4. According to Mill, what determines the value of non-reproducible goods?
A) Government decree
B) Production costs
C) Labor input
D) Scarcity and demand
- 5. Mill's wage fund theory stated that wages are determined by:
A) Capital available for paying workers
B) Government minimum wage laws
C) Worker productivity alone
D) International competition
- 6. What did Mill propose to tax instead of land improvements?
A) Worker wages
B) All capital gains
C) Unearned increment in land value
D) International trade
- 7. Mill supported worker cooperatives because they would:
A) Eliminate all private property
B) Increase worker motivation and productivity
C) Increase international competition
D) Reduce government intervention
- 8. Mill's view on international trade emphasized:
A) Comparative advantage
B) Complete free trade without restrictions
C) Absolute self-sufficiency
D) Trade barriers for all goods
- 9. Mill's theory of international values explains how:
A) Currency exchange rates are set
B) Tariffs affect domestic prices
C) Countries choose their trading partners
D) Terms of trade are determined between countries
- 10. According to Mill, profits are primarily determined by:
A) Entrepreneurial skill
B) Cost of labor
C) International competition
D) Government policies
- 11. What did Mill see as the main benefit of private property?
A) Incentive for productive use of resources
B) Wealth accumulation for its own sake
C) Social status differentiation
D) Political power concentration
- 12. Mill believed that in the long run, prices are determined by:
A) Government price controls
B) International markets
C) Cost of production
D) Supply and demand alone
- 13. According to Mill, the ultimate purpose of political economy is to:
A) Improve human well-being and freedom
B) Promote international trade
C) Increase government power
D) Maximize national wealth
- 14. What economic system did Mill believe could potentially surpass capitalism?
A) Socialism
B) Mercantilism
C) Absolute monarchy
D) Feudalism
- 15. What is Mill's famous principle regarding government interference in individual liberty?
A) Harm principle
B) Divine right principle
C) Mercantile principle
D) Majority rule principle
- 16. How did Mill view the stationary state of economy?
A) Divinely mandated
B) Always catastrophic
C) Potentially desirable
D) Impossible to achieve
- 17. What did Mill advocate regarding inheritance?
A) Government confiscation
B) Limits on inheritance
C) Unlimited inheritance rights
D) Complete abolition
- 18. How did Mill view the role of competition?
A) The only economic law
B) Irrelevant to economics
C) Generally beneficial but not absolute
D) Always harmful
- 19. What was Mill's position on taxation?
A) No taxation
B) Flat tax only
C) Regressive taxation
D) Progressive taxation
|