Personal Life
How many siblings does David Ricardo have?
16 siblings
Where did the Industrial Revolution start?
England
Was the theory of Comparative Advantage developed by David Ricardo or did he add on to this theory?
Ture or False. Raising wages causes and increase in unemployment?
True
During what era was David Ricardo living in?
Industrial Revolution
True or False? 3/4 of Britians labourers worked in agriculture before the revolution?
False, it's 2/3.
What was the other name for The Law of Diminishing Marginals?
“intensive margin of cultivation”
Which two theories have been altered to meet today's society standards?
Labour Theory of Rents & Theory of Wages.
Where was David Ricardo's family descended from?
Portugal
Before the Revolution where did the people get their goods?
Goods were produced/bought locally.
What causes high inflation rates according to Monetarism?
Money supply
Who does Canada free trade with and what do they trade?
Mexico and the USA. We trade autoparts.
Considering today's currency, how much did David Ricardo's wealth did he accumulate by the time he died?
By the time of his death, David Ricardo earned $100 000 000.
What changed about the relationship between the economy and the population?
For the first time, they grew synonymously.
Where did the Theory of Rents originate from?
Napoleonic Wars
Which painting was more successful? The Mona Lisa or The Sistine Chapel Ceiling?
The Sistine Chapel Ceiling
How much did David Ricardo earn from the London Stock exchange?
£1 000 000 pounds
During this era, what percent of individuals were living in urban areas?
A little over 50%
Out of all six theories which three were developed by David Ricardo?
The three theories that David Ricardo developed were; Comparative Advantage, Theory of Rents and Labour Theory of Value.
Which two economists expanded on the mondern Theory of Rents?
Joan Robinson and Boulding