laboursonline – MCQs, Mock Tests | Economics Economics Great Economists and Their Work Set-1

Elinor Ostrom and Oliver Williamson are the Nobel Prize Laureates in Economics in 2009. Do you know in which year was Francois Quesnay s Tableu Economique published?

1. 1767
2. 1764
3. 1761
4. 1758

✅ Correct Answer: 4

Identify the author of The Principles of Political Economy and Taxation :

1. Alfred Marshall
2. J.S. Mill
3. David Ricardo
4. A. Turgot

✅ Correct Answer: 3

Who is generally regarded as the founder of the Classical School ?

1. David Ricardo
2. Adam Smith
3. T.R.Malthus
4. J.S.Mill

✅ Correct Answer: 2

Identify the economist who had little formal education and started working in the money market at an early age of fourteen.

1. David Ricardo
2. Adam Smith
3. V.F.D. Pareto
4. A.A. Cournot

✅ Correct Answer: 1

The labour of Nature is paid not because she does much but because she does little. In proportion as she becomes niggardly in her gifts whe exacts a greater price for her work. Who made this observation?

1. Adam Smith
2. T.R.Malthus
3. David Ricardo
4. Lauderdale

✅ Correct Answer: 4

Who first raised fears of a world food shortage?

1. David Ricardo
2. T.R.Malthus
3. J.S.Mill
4. J.B.Say

✅ Correct Answer: 2

When was Adam Smith s major work An Enquiry into the Nature and Causes of Wealth of Nations published?

1. 1756
2. 1766
3. 1776
4. 1786

✅ Correct Answer: 3

The real price of every thing what every thing really costs to the man who wants to require it is the toil and trouble of acquiring it. Who made this statement?

1. Karl Marx
2. Adam Smith
3. David Ricardo
4. J.S.Mill

✅ Correct Answer: 2

Rent is a creation of value not of wealth. Who made this observation?

1. Adam Smith
2. David
3. Alfred Marshall
4. A.C.Pigou

✅ Correct Answer: 2

In which year was the first volume of Das Capital be Karl Marx published?

1. 1848
2. 1859
3. 1867
4. 1873

✅ Correct Answer: 3

The Critique of Political Economy the first fruits of Karl Marx s long painstaking research at the British Museum appeared in:

1. 1859
2. 1857
3. 1855
4. 1853

✅ Correct Answer: 1

The Communist Manifesto written jointly by Marx and Engel s was published in:

1. 1843
2. 1848
3. 1853
4. 1859

✅ Correct Answer: 2

Who stated explicitly for the first tirr the law of comparative costs?

1. David Ricardo
2. Adam Smith
3. James Mill
4. Thomas Mun

✅ Correct Answer: 1

Identify the school founded by Wilhelm Roscher:

1. Austrian School
2. Historical Schol
3. Ccmbridge School
4. Mathematical School

✅ Correct Answer: 2

One of the following economists do not belong to the Austrian School. Identify him:

1. J.S. Mill
2. Karl Monger
3. F. Von Wieser
4. E. von Bohm-Bawerk

✅ Correct Answer: 1

Which one of the following theories of trade cycle was propounded by W.S. Jevons?

1. Sunspot Theory
2. Monetary Theory
3. Saving-Investment Theory
4. Innovation Theory

✅ Correct Answer: 1

What was the nationality of Frederic List?

1. American
2. German
3. British
4. Finnish

✅ Correct Answer: 2

The Purchasing Power Parity Theory came into prominence in 1916 through the writings of:

1. J.M. Keynes
2. L.E.von Miser
3. Gustav Cassel
4. F.A. von Hayek

✅ Correct Answer: 3

The input-output analysis owes its origin and development to:

1. W.W.Leontief
2. R.F.Harrod
3. E.D.Domar
4. Alfred Marshall

✅ Correct Answer: 1

Who wrote An Introduction to Positive Economics ?

1. R.G.Lipsey
2. Paul A. Samuelson
3. G.B.Richardson
4. W.J.Baumol

✅ Correct Answer: 1

Identify the author of Mathematical Analysis for Economists:

1. J.P.Lewis
2. R.G.D.Alien
3. Russell Mathews
4. B.J.Cohen

✅ Correct Answer: 2

Which of the following is not correctly matched?

1. Lionel Robbins: The Great Depression
2. D.H. Robertson: Essays in Monetary Theory
3. A.C. Pigou: Principles and Methods of Industrial Peace
4. R.F. Harrod: Income and Money

✅ Correct Answer: 4

Who among the following well-known economists graduated from the London School of Economics?

1. J.M. Keynes
2. N.Kaldor
3. Alfred Marshall
4. F.A.Hayek

✅ Correct Answer: 2

The Strategy of Economic Development is the work of:

1. S. Kuznets
2. H.Liebenstein
3. H.Myint
4. A.O.Hirshman

✅ Correct Answer: 4

Who is the author of Problems of Capital Formation in Underdeveloped Countries ?

1. R. Nurkse
2. N.Kaldor
3. S.Kuznets
4. J.N. Bhagwati

✅ Correct Answer: 1

Identify the work of Irving Fisher

1. A Treatese on Money
2. Policy Against Inflation
3. The Making of Index Numbers
4. Monetary Theory

✅ Correct Answer: 3

Who wrote There are no longer any believers in laissez-faire except on the lunatic fringe the truth is that we are all planners now ?

1. E.F.Durbin
2. H.R.Dickenson
3. W.A.Lewis
4. J.Tinbergen

✅ Correct Answer: 3

Who coined the phrase a temporary abode of purchasing power while explaining the concept of money?

1. Francis Walker
2. H.Robertson
3. D. J.M.Keynes
4. None of the above

✅ Correct Answer: 2

Who developed the Keynesian Theory of Distribution ?

1. J.M.Keynes
2. N.Kaldor
3. C.P. Kindleberger
4. Joan Robinson

✅ Correct Answer: 2

Identify the economist who propounded the Liquidity Preference Theory of Interest :

1. K.Wicksell
2. Nassau Senior
3. D.H.Robertson
4. J.M.Keynes

✅ Correct Answer: 4

Which one among the following does not match?

1. Amartya Sen - Harvard
2. Jagdish Bhagwati - Princeton
3. T.N.Srinivasan - Yale
4. P.S.Dasgupta - Cambridge

✅ Correct Answer: 2

Which of the following is not the work of J.B. Clark?

1. Philosophy of Wealth
2. The Control of Trusts
3. Economics of Overhead Costs
4. The Problem of Monopoly

✅ Correct Answer: 3

Identify the economist who propounded the Time Preference Theory of Interest :

1. Nassau Senior
2. Bohm Bawerk
3. J.M.Keynes
4. K.Wicksell

✅ Correct Answer: 2

Who developed the concept of Representative Firm ?

1. A.C.Pigou
2. Alfred Marshall
3. J.M.Keynes
4. A.W.H.Phillips

✅ Correct Answer: 2

Identify the work of T.Schultz:

1. Transforming Traditional Agriculture
2. Productivity and Technical Change
3. Jobs Poverty and the Green Revolution
4. The Green Revolution: Generations of Problems

✅ Correct Answer: 1

Which of the following does not match?

1. J.R.Hicks: Capital and Growth
2. C.P. Kindleberger: Economic Development
3. H.Myint: Economic Theory and Underdeveloped Regions
4. E.H. Phelps - Brown: The Economics of Labour

✅ Correct Answer: 3

Which of the following Alfred Marshall s works was first published?

1. The Pure theory of Foreign trade
2. The Principles of Economics
3. Industry and Trade
4. Money Credit and Commerce

✅ Correct Answer: 1

Who first used the term quasi-rent ?

1. David Ricardo
2. Alfred Marshall
3. J.S.Mill
4. Karl Marx

✅ Correct Answer: 2

How old was Alfred Marshall when he died?

1. 80 years
2. 82 years
3. 85 years
4. 90 years

✅ Correct Answer: 2

Among the following Noble Prize winners for Economics one is an Austrian economist. Identify him:

1. George Stigler
2. F.A. von Hayek
3. Simon Kuznets
4. Herbert A.Simon

✅ Correct Answer: 2

Who used the term consumption capital for consumers goods?

1. Karl Marx
2. W.S.Jevons
3. Alfred Marshall
4. M.E.L.Walras

✅ Correct Answer: 3

Whose words are these? We might as reasonable dispute whether it is the upper or the under blade of a pair of scissors that cuts a piece of paper as whether value is governed by utility or cost of production.

1. Alfred Marshall
2. W.S.Jevons
3. J.S.Mill
4. David Ricardo

✅ Correct Answer: 1

Who introduced the concept of Elasticity of Demand into Economic Theory ?

1. K.Wicksell
2. Alfred Marshall
3. J.S.Mill
4. A.C.Pigou

✅ Correct Answer: 2

Though the concept of consumers surplus can be traced back to the French engineer economist Dupuit it was another economist who gave a precise formulation stating the necessary assumption of this concept. Identify the economist.

1. Alfred Marshall
2. W.S.Jevons
3. F.W.Taussig
4. J.S.Mill

✅ Correct Answer: 1

Who succeeded Alfred Marshall as Professor of Political Economy at Cambridge?

1. A.C.Pigou
2. D.H. Robertson
3. J.M.Keynes
4. F.H.Knight

✅ Correct Answer: 1

Which one among the following does not match?

1. Adam Smith - Classical School
2. Karl Menger - Austrian School
3. A.C. Pigou - Cambridge School
4. W.S. Jevons - Historical School

✅ Correct Answer: 4

Identify the Indian economist who was given an honorary knighthood by the British Government in 1990 for his wide-ranging contribution to education development economics and finance:

1. I.G.Patel
2. A.K.Sen
3. K.N.Raj
4. V.K.R.V.Rao

✅ Correct Answer: 1

Identify the author of Poverty Under British Rule in India :

1. R.C.Dutt
2. Dadabhai Naoroji
3. Raja Rammohun Roy
4. Surendranath Banerjea

✅ Correct Answer: 2

Capital and Development Planning is the work of:

1. S. Chakravarty
2. W.A.Lewis
3. A.K.Dasgupta
4. N.Kaldor

✅ Correct Answer: 1

Who is the author of Choice of Technique ?

1. K.N.Raj
2. Amartya Sen
3. W.B.Redaway
4. J.R.Harris

✅ Correct Answer: 2