#1
Who is considered the father of modern economics?
Adam Smith
ExplanationAuthor of 'The Wealth of Nations'.
#2
Which economic theory emphasizes the role of government intervention in the economy?
Keynesian economics
ExplanationAdvocates fiscal policy for managing economic fluctuations.
#3
Who proposed the concept of the 'Invisible Hand' in economics?
Adam Smith
ExplanationIntroduced the concept of the 'Invisible Hand'.
#4
Who introduced the concept of 'opportunity cost'?
David Ricardo
ExplanationIntroduced the concept of 'opportunity cost'.
#5
Who is the author of 'The Wealth of Nations'?
Adam Smith
ExplanationAuthor of 'The Wealth of Nations'.
#6
Which economic theory advocates for minimal government intervention in the economy?
Classical economics
ExplanationAdvocates minimal government intervention.
#7
Who developed the theory of comparative advantage?
David Ricardo
ExplanationIntroduced the concept of 'comparative advantage'.
#8
Which economist is known for his work on the quantity theory of money?
Milton Friedman
ExplanationContributed to the quantity theory of money.
#9
Which economist is known for developing the theory of perfect competition?
Alfred Marshall
ExplanationDeveloped theory of perfect competition and business firm profit maximization.
#10
Which economic theory emphasizes the importance of individual preferences and utility maximization?
Neoclassical economics
ExplanationFocuses on individual preferences and utility maximization.
#11
Who is regarded as the founder of the Austrian School of economics?
Carl Menger
ExplanationConsidered the founder of the Austrian School.
#12
Which economic theory advocates for the use of fiscal policy to manage economic fluctuations?
Keynesian economics
ExplanationAdvocates fiscal policy for managing economic fluctuations.
#13
Who introduced the concept of 'creative destruction'?
Joseph Schumpeter
ExplanationCoined the term 'creative destruction'.
#14
Which economist is known for his contributions to the theory of monopolistic competition?
Edward Chamberlin
ExplanationWorked on theory of monopolistic competition.
#15
Which economist is known for his contributions to game theory?
John Nash
ExplanationContributed to game theory.
#16
Who developed the concept of 'rational expectations'?
Robert Lucas
ExplanationDeveloped the concept of 'rational expectations'.
#17
Which economist is known for his theory of the business cycle?
Friedrich Hayek
ExplanationKnown for his theory of the business cycle.
#18
Who is known for the 'theory of the second best' in economics?
Richard Lipsey
ExplanationKnown for the 'theory of the second best'.