David Ricardo - Marvel Education

Loading question...

You are in free guest mode. Timed Practice Revision List Attempt History Progress Tracking Create a free account to unlock these tools

Prev Next

Practice Reading: Multiple Choice, Multiple Answers ID: #43990 David Ricardo

Instructions ›

David Ricardo's introduction to economic theory was by chance. It is said that he discovered Adam Smith's The Wealth of Nations during a retreat, in his late twenties. Reading this book made an impact on him, and, like many others in those times, turned him into a convinced follower of Smith's way of thinking. Ricardo was a self-taught economist, and he was not that young when he actually became one. Be it as it may, he adhered to Smith's main work, and, from then on, at the same time he took care of his commercial activities, he dedicated himself to writing articles on economics for the British press. Many years later, when he had finally retired from his profession, his friends encouraged him to write a book in which he could formalize his ideas regarding economics. As a consequence, his great work, On the Principles of Political Economy and Taxation, was born. Despite this book is relatively short, it is somewhat complex. Furthermore, coherent formulation of classical Ricardo, this movement included Robert Malthus, and John Stuart it is considered to contain the most systematic and economic thought. Besides Adam Smith and David other thinkers such as Jean-Baptiste Say, Thomas Mill.

Which of the following are true statements about David Ricardo?

* Click on the correct answers

Reading The Wealth of Nations made a big impact on Adam Smith’s life since it inspired him to write his greatest work. Despite David Ricardo not attending economic lessons at any institution, he managed to offer readers a summary of classical economic theories. Despite David Ricardo’s friends had convinced him to retire from his profession, he decided to write a book. It is possible that David Ricardo’s friends would have not encouraged him to write a book on economics if David Ricardo would have died before reaching his late twenties. David Ricardo took care of his basic needs.

Result:

A.I. Explanation:

Option 1: "Reading The Wealth of Nations made a big impact on Adam Smith’s life since it inspired him to write his greatest work."
Explanation: This option is incorrect because it misattributes the impact of reading The Wealth of Nations. The text states that David Ricardo was influenced by Adam Smith's work, not the other way around. Therefore, the statement contradicts the information provided.
Option 2: "Despite David Ricardo not attending economic lessons at any institution, he managed to offer readers a summary of classical economic theories."
Explanation: This option is correct as it aligns with the text stating that Ricardo was a self-taught economist. His ability to write articles on economics and later a book indicates that he effectively summarized classical economic theories despite lacking formal education in economics.
Option 3: "Despite David Ricardo’s friends had convinced him to retire from his profession, he decided to write a book."
Explanation: This option is incorrect because it misrepresents the sequence of events. The text indicates that Ricardo's friends encouraged him to write a book after he had retired, not that they convinced him to retire. Thus, the statement is misleading.
Option 4: "It is possible that David Ricardo’s friends would have not encouraged him to write a book on economics if David Ricardo would have died before reaching his late twenties."
Explanation: This option is correct as it presents a hypothetical scenario based on the text. It suggests that if Ricardo had died young, he would not have had the opportunity to write a book, which aligns with the context of his later life and the encouragement he received from friends.
Option 5: "David Ricardo took care of his basic needs."
Explanation: This option is incorrect as it is too vague and does not provide specific information from the text. While it may be true in a general sense, the text does not explicitly mention his basic needs or how he managed them, making this statement incomplete.

With a free account: Retry and compare every attempt.

How difficult was this question?

Others found: 0% Easy · 0% Medium · 100% Hard

Saving...