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Economists & Economic Theories Quiz
Economists & Economic Theories · Timed
20 questions · 10 min timer · Instant feedback
Economics is shaped by the ideas of influential thinkers who sought to explain how wealth is created, markets function, and societies make choices. Studying economists and their th...
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All 20 questions in this Economists & Economic Theories quiz
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Which economist developed the 'Two-Gap Model' of economic development - identifying savings and foreign exchange gaps?
- A. Albert Hirschman
- B. Paul Rosenstein-Rodan
- C. Ragnar Nurkse
- D. Hollis Chenery
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Which economist developed the 'Theory of the Firm' explaining why companies exist rather than all production being done through markets?
- A. Alfred Marshall
- B. Joan Robinson
- C. Ronald Coase
- D. Oliver Williamson
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Which economist is known for the 'Population Theory'?
- A. Thomas Malthus
- B. Alfred Marshall
- C. Adam Smith
- D. John Keynes
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Which Swedish Nobel laureate developed the concept of 'Cumulative Causation' to explain why poor regions stay poor?
- A. Ragnar Frisch
- B. Jan Tinbergen
- C. Bertil Ohlin
- D. Gunnar Myrdal
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Which economist is associated with the concept of 'Comparative Advantage' in international trade?
- A. Adam Smith
- B. John Stuart Mill
- C. Thomas Malthus
- D. David Ricardo
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Which 20th-century economist is famous for predicting in 1930 that by 2030 humans would work only 15 hours per week?
- A. John Kenneth Galbraith
- B. Joseph Schumpeter
- C. Bertrand Russell
- D. John Maynard Keynes
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Which economist developed the 'Random Walk Hypothesis' - arguing that stock price changes are unpredictable?
- A. Fischer Black
- B. Harry Roberts
- C. Paul Cootner
- D. Burton Malkiel
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Which economist developed 'Supply-Side Economics' - the idea that tax cuts for the wealthy stimulate broad economic growth?
- A. Arthur Laffer
- B. George Gilder
- C. Robert Mundell
- D. Jack Kemp
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Which economist developed the concept of 'Information Asymmetry' and 'Signalling' in markets?
- A. Joseph Stiglitz
- B. Sanford Grossman
- C. James Mirrlees
- D. Michael Spence
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Which Indian economist and philosopher won the Nobel Prize in Economics in 1998 for his work on welfare and poverty?
- A. Manmohan Singh
- B. Jagdish Bhagwati
- C. Kaushik Basu
- D. Amartya Sen
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Who is called father of economics?
- A. Marshall
- B. Adam Smith
- C. Ricardo
- D. Keynes
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Which economist developed the concept of 'Adverse Selection' in insurance markets - where high-risk individuals are more likely to purchase insurance?
- A. George Akerlof
- B. Michael Spence
- C. Joseph Stiglitz
- D. Kenneth Arrow
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Which economist developed the 'Black-Scholes-Merton Model' for options pricing?
- A. Robert Merton
- B. Fischer Black
- C. Myron Scholes
- D. Both Scholes and Merton
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Which economist developed the concept of 'Moral Hazard' - the idea that insurance changes risk-taking behaviour?
- A. George Akerlof
- B. William Vickrey
- C. Roger Myerson
- D. Kenneth Arrow
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Which Nobel Prize-winning economist wrote 'The General Theory' and also devised the concept of 'Animal Spirits'?
- A. Arthur Pigou
- B. Alfred Marshall
- C. Irving Fisher
- D. John Maynard Keynes
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Which economist developed the 'Leontief Paradox' challenging the Heckscher-Ohlin trade theory?
- A. Paul Samuelson
- B. Bertil Ohlin
- C. Robert Baldwin
- D. Wassily Leontief
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Which economist developed the 'Tobin Tax' - a proposed small tax on financial transactions to reduce speculation?
- A. Robert Mundell
- B. Franco Modigliani
- C. Paul Samuelson
- D. James Tobin
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Which French economist is known for the 'Physiocracy' school - arguing that agricultural land is the true source of all wealth?
- A. Jean-Baptiste Say
- B. Turgot
- C. Franois Quesnay
- D. Jacques Necker
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Which Indian-American economist served as Chief Economist of the World Bank and later as Governor of the Reserve Bank of India?
- A. Amartya Sen
- B. Manmohan Singh
- C. Jagdish Bhagwati
- D. Raghuram Rajan
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Who proposed Keynesian economics?
- A. Keynes
- B. Marshall
- C. Smith
- D. Ricardo