#1
Who is considered the father of modern economics?
John Maynard Keynes
Adam Smith
Milton Friedman
Karl Marx
#2
Who developed the concept of 'human capital' in economic theory?
Milton Friedman
John Maynard Keynes
Gary Becker
Adam Smith
#3
Who is the author of the book 'The Wealth of Nations'?
John Maynard Keynes
Milton Friedman
Adam Smith
David Ricardo
#4
Who is known for the concept of 'liquidity preference' in economic theory?
John Maynard Keynes
Milton Friedman
Friedrich Hayek
Paul Samuelson
#5
Who is known for the concept of 'opportunity cost' in economic decision-making?
Milton Friedman
John Maynard Keynes
David Ricardo
Friedrich Hayek
#6
Which economic theory is based on the idea of invisible hand guiding market forces?
Keynesian economics
Monetarism
Classical economics
Marxian economics
#7
Who wrote 'The General Theory of Employment, Interest, and Money'?
Friedrich Hayek
John Maynard Keynes
Milton Friedman
Paul Samuelson
#8
Which economist is known for the theory of comparative advantage?
John Maynard Keynes
David Ricardo
Milton Friedman
Karl Marx
#9
In the context of behavioral economics, what does 'loss aversion' refer to?
The tendency to avoid losses more than acquiring equivalent gains
The pursuit of maximum utility
The belief in efficient markets
The impact of inflation on purchasing power
#10
What is the central idea behind the Tragedy of the Commons in economic theory?
The overuse and depletion of shared resources
The inefficiency of free markets
The impact of government intervention
The cyclical nature of economic recessions
#11
What is the central idea of the Laffer curve?
Supply-side economics
Keynesian economics
Monetarism
Austrian economics
#12
Who is associated with the concept of 'creative destruction' in economic theory?
John Maynard Keynes
Joseph Schumpeter
Milton Friedman
Karl Marx
#13
Who is associated with the concept of the 'Phillips curve'?
John Maynard Keynes
Milton Friedman
A.W. Phillips
Paul Samuelson
#14
What is the primary focus of the Austrian School of Economics?
Monetary policy
Government intervention
Individual choice and subjective value
International trade
#15
Which economist is known for the concept of 'rational expectations'?
John Maynard Keynes
Milton Friedman
Robert Lucas
Friedrich Hayek