#1
Who is considered the father of modern economics?
Adam Smith
ExplanationPioneered classical economics and wrote 'The Wealth of Nations'.
#2
Which economic ideology emphasizes the role of government intervention in the economy?
Socialism
ExplanationAdvocates for collective ownership and centralized planning.
#3
In economic terms, what does GDP stand for?
Gross Domestic Product
ExplanationTotal value of goods and services produced in a country.
#4
Which economic ideology advocates for the abolition of private property and the establishment of a classless society?
Communism
ExplanationAims for common ownership and equal distribution.
#5
Which economic ideology advocates for a minimal or limited government intervention in the economy?
Libertarianism
ExplanationStresses individual liberty and free markets.
#6
Which economic ideology emphasizes the collective ownership of the means of production and the absence of social classes?
Socialism
ExplanationStrives for equality through state control of resources.
#7
Who wrote 'The Wealth of Nations,' advocating for free-market capitalism?
Adam Smith
ExplanationArgued for laissez-faire economics and individual self-interest.
#8
Which economist is associated with the concept of the 'Invisible Hand' in economics?
Adam Smith
ExplanationDescribed how self-interest guides markets to beneficial outcomes.
#9
Which economic thinker is associated with the idea of the 'Laissez-faire' approach to economics?
Adam Smith
ExplanationBelieved in minimal government interference in markets.
#10
In the context of economic ideologies, what does 'Austrian School' refer to?
A school of thought in libertarian economics
ExplanationStresses individualism, free markets, and limited government.
#11
Who is known for the concept of 'comparative advantage' in international trade?
David Ricardo
ExplanationProposed specialization based on relative efficiencies.
#12
Which economic thinker is associated with the idea of the 'Trickle-down theory'?
Milton Friedman
ExplanationBelieved in tax cuts for the wealthy to benefit all.
#13
In economic terms, what is 'opportunity cost'?
The cost of forgoing the next best alternative when making a decision
ExplanationThe value of the best alternative sacrificed.
#14
Who is known for the theory of surplus value and his critique of capitalism?
Karl Marx
ExplanationAuthored 'Das Kapital' and advocated for proletarian revolution.
#15
Who is known for the concept of 'creative destruction' in economic theory?
Joseph Schumpeter
ExplanationDescribed how innovation disrupts existing economic structures.
#16
In Marxist theory, what is the term for the working class in a capitalist society?
Proletariat
ExplanationThe laboring class who sell their labor for wages.
#17
Which economist is associated with the theory of 'Monetarism' and the quantity theory of money?
Milton Friedman
ExplanationAdvocated controlling inflation through money supply.
#18
Who is known for the concept of 'stagflation' in economic theory?
John Maynard Keynes
ExplanationObserved simultaneous inflation and unemployment.
#19
Which economist is associated with the theory of 'Public Choice' and the idea of rational self-interest in political decision-making?
James M. Buchanan
ExplanationApplied economic analysis to political decision-making.
#20
Who is known for the concept of 'Endogenous Growth Theory' in economics?
Paul Romer
ExplanationProposed that investments in knowledge lead to economic growth.