#1
Who is considered the father of classical economics?
Adam Smith
ExplanationAdam Smith is regarded as the father of classical economics, known for his seminal work 'The Wealth of Nations' and the concept of the Invisible Hand.
#2
Which economic ideology advocates for minimal government intervention in the economy?
Capitalism
ExplanationCapitalism advocates minimal government intervention, emphasizing private property rights, voluntary exchange, and market forces.
#3
Which economic theory emphasizes the importance of aggregate demand in influencing economic growth?
Keynesian Economics
ExplanationKeynesian Economics highlights the role of aggregate demand in shaping economic growth, a theory associated with John Maynard Keynes.
#4
Who argued for the concept of the 'Invisible Hand' in the context of market forces regulating the economy?
Adam Smith
ExplanationAdam Smith argued for the 'Invisible Hand,' positing that market forces, guided by self-interest, lead to overall economic benefit.
#5
Which economic ideology emphasizes the importance of voluntary exchange and private property rights?
Capitalism
ExplanationCapitalism emphasizes voluntary exchange, private property rights, and limited government intervention in the economy.
#6
Who wrote 'The Communist Manifesto' with Karl Marx?
Friedrich Engels
ExplanationFriedrich Engels co-authored 'The Communist Manifesto' with Karl Marx, outlining the principles of communism.
#7
Which 19th-century philosopher is known for his concept of the 'Übermensch'?
Friedrich Nietzsche
ExplanationFriedrich Nietzsche is known for the concept of the Übermensch, emphasizing individuality and transcending societal norms.
#8
Which 19th-century economist is associated with the theory of 'survival of the fittest' and social Darwinism?
Herbert Spencer
ExplanationHerbert Spencer is linked to social Darwinism, emphasizing 'survival of the fittest' in economic and social contexts.
#9
Who is known for developing the concept of 'class struggle' in the context of historical materialism?
Karl Marx
ExplanationKarl Marx developed the concept of 'class struggle' within the framework of historical materialism.
#10
Who is considered a key figure in the Austrian School of Economics and is known for his work on individualism and free-market capitalism?
Ludwig von Mises
ExplanationLudwig von Mises is a key figure in the Austrian School, advocating for individualism and free-market capitalism.
#11
Which 19th-century philosopher and economist is associated with the concept of 'utility' in the context of value theory?
Jeremy Bentham
ExplanationJeremy Bentham is associated with the concept of 'utility' in value theory, emphasizing maximizing overall happiness.
#12
Who proposed the labor theory of value, suggesting that the value of a good is determined by the amount of labor required to produce it?
David Ricardo
ExplanationDavid Ricardo proposed the labor theory of value, linking a good's value to the labor input needed for its production.
#13
Which 19th-century philosopher is known for his critique of capitalism in 'Das Kapital'?
Karl Marx
ExplanationKarl Marx critiqued capitalism in 'Das Kapital,' highlighting issues of exploitation and class conflict.
#14
Who is known for his work on the 'Theory of Rent' and the role of land in economic production?
David Ricardo
ExplanationDavid Ricardo contributed to the 'Theory of Rent,' exploring the role of land in economic production.
#15
Who is known for his advocacy of cooperative forms of socialism and wrote 'The Conquest of Bread'?
Peter Kropotkin
ExplanationPeter Kropotkin advocated cooperative socialism and authored 'The Conquest of Bread,' promoting a decentralized, communal approach.
#16
Who is often credited with laying the groundwork for the theory of value and exchange in capitalism and wrote 'Principles of Political Economy'?
David Ricardo
ExplanationDavid Ricardo laid the groundwork for value and exchange theory in capitalism, authoring 'Principles of Political Economy.'
#17
Which economic theory argues that economic cycles are inherent in the capitalist system and proposed the labor theory of value?
Marxian Economics
ExplanationMarxian Economics posits that economic cycles are inherent in capitalism, and it proposes the labor theory of value, associated with Karl Marx.