Economic Ideologies and Thinkers Quiz

Challenge yourself with questions about economic ideologies, from Adam Smith to Karl Marx. Test your understanding of modern economics!

#1

Who is considered the father of modern economics?

Adam Smith
John Maynard Keynes
Karl Marx
Friedrich Hayek
#2

Which economic ideology emphasizes the role of government intervention in the economy?

Capitalism
Socialism
Communism
Libertarianism
#3

In economic terms, what does GDP stand for?

Gross Domestic Profit
Gross Domestic Product
Government Development Policy
General Demand and Production
#4

Which economic ideology advocates for the abolition of private property and the establishment of a classless society?

Capitalism
Socialism
Communism
Libertarianism
#5

Which economic ideology advocates for a minimal or limited government intervention in the economy?

Socialism
Capitalism
Libertarianism
Communism
#6

Which economic ideology emphasizes the collective ownership of the means of production and the absence of social classes?

Libertarianism
Socialism
Capitalism
Fascism
#7

Who wrote 'The Wealth of Nations,' advocating for free-market capitalism?

Karl Marx
John Maynard Keynes
Adam Smith
Milton Friedman
#8

Which economist is associated with the concept of the 'Invisible Hand' in economics?

Friedrich Hayek
John Maynard Keynes
Milton Friedman
Adam Smith
#9

Which economic thinker is associated with the idea of the 'Laissez-faire' approach to economics?

John Maynard Keynes
Adam Smith
Milton Friedman
Friedrich Hayek
#10

In the context of economic ideologies, what does 'Austrian School' refer to?

A school of thought in Keynesian economics
A school of thought in Marxist economics
A school of thought in neoclassical economics
A school of thought in libertarian economics
#11

Who is known for the concept of 'comparative advantage' in international trade?

David Ricardo
John Maynard Keynes
Adam Smith
Karl Marx
#12

Which economic thinker is associated with the idea of the 'Trickle-down theory'?

John Maynard Keynes
Milton Friedman
Karl Marx
Friedrich Hayek
#13

In economic terms, what is 'opportunity cost'?

The cost of producing one additional unit of a good or service
The cost of forgoing the next best alternative when making a decision
The total cost of production
The cost of inputs in the production process
#14

Who is known for the theory of surplus value and his critique of capitalism?

Friedrich Hayek
John Maynard Keynes
Karl Marx
Adam Smith
#15

Who is known for the concept of 'creative destruction' in economic theory?

Joseph Schumpeter
Milton Friedman
John Maynard Keynes
Karl Marx
#16

In Marxist theory, what is the term for the working class in a capitalist society?

Bourgeoisie
Proletariat
Aristocracy
Intelligentsia
#17

Which economist is associated with the theory of 'Monetarism' and the quantity theory of money?

John Maynard Keynes
Milton Friedman
Friedrich Hayek
Karl Marx
#18

Who is known for the concept of 'stagflation' in economic theory?

Milton Friedman
John Maynard Keynes
Friedrich Hayek
Karl Marx
#19

Which economist is associated with the theory of 'Public Choice' and the idea of rational self-interest in political decision-making?

John Maynard Keynes
Adam Smith
James M. Buchanan
Friedrich Hayek
#20

Who is known for the concept of 'Endogenous Growth Theory' in economics?

Robert Solow
Paul Romer
Joseph Stiglitz
Amartya Sen

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