Who is known as the father of modern economics?
a) Adam Smith
b) John Maynard Keynes
c) Karl Marx
d) Milton Friedman
Answer: a) Adam Smith
Who developed the theory of general equilibrium in economics?
a) Leon Walras
b) John Maynard Keynes
c) Friedrich Hayek
d) Joseph Stiglitz
Answer: a) Leon Walras
Who is considered the founder of macroeconomics?
a) John Maynard Keynes
b) Adam Smith
c) Karl Marx
d) Milton Friedman
Answer: a) John Maynard Keynes
Who developed the theory of comparative advantage in international trade?
a) David Ricardo
b) Adam Smith
c) Joseph Stiglitz
d) Friedrich Hayek
Answer: a) David Ricardo
Who is known for his work on monetary policy and the quantity theory of money?
a) Milton Friedman
b) John Maynard Keynes
c) Karl Marx
d) Joseph Stiglitz
Answer: a) Milton Friedman
Who developed the concept of “creative destruction” in economics?
a) Joseph Schumpeter
b) Adam Smith
c) Friedrich Hayek
d) Leon Walras
Answer: a) Joseph Schumpeter
Who is known for his theory of rational expectations in macroeconomics?
a) Robert Lucas Jr.
b) Adam Smith
c) Karl Marx
d) John Maynard Keynes
Answer: a) Robert Lucas Jr.
Who developed the theory of monopolistic competition?
a) Edward Chamberlin
b) Adam Smith
c) Friedrich Hayek
d) Joseph Stiglitz
Answer: a) Edward Chamberlin
Who is known for his work on economic inequality and the “Gini coefficient”?
a) Corrado Gini
b) Adam Smith
c) John Maynard Keynes
d) Milton Friedman
Answer: a) Corrado Gini
Who developed the theory of rational choice and behavioral economics?
a) Daniel Kahneman
b) Adam Smith
c) Karl Marx
d) Friedrich Hayek
Answer: a) Daniel Kahneman
Who is known for his work on game theory and the Nash equilibrium?
a) John Nash
b) Adam Smith
c) Joseph Stiglitz
d) Robert Lucas Jr.
Answer: a) John Nash
Who developed the theory of capital and interest in economics?
a) Eugen von Böhm-Bawerk
b) Adam Smith
c) John Maynard Keynes
d) Milton Friedman
Answer: a) Eugen von Böhm-Bawerk
Who is known for his work on public choice theory and the “Arrow’s impossibility theorem”?
a) Kenneth Arrow
b) Adam Smith
c) Karl Marx
d) Joseph Stiglitz
Answer: a) Kenneth Arrow
Who developed the theory of human capital in economics?
a) Gary Becker
b) Adam Smith
c) Friedrich Hayek
d) Leon Walras
Answer: a) Gary Becker
Who is known for his work on the theory of capital and the Austrian business cycle theory?
a) Friedrich Hayek
b) Adam Smith
c) John Maynard Keynes
d) Milton Friedman
Answer: a) Friedrich Hayek
Who developed the theory of optimal taxation and the concept of a “laffer curve”?
a) Arthur Laffer
b) Adam Smith
c) Karl Marx
d) Joseph Stiglitz
Answer: a) Arthur Laffer
Who is known for his work on behavioral economics and the concept of “nudge”?
a) Richard Thaler
b) Adam Smith
c) John Maynard Keynes
d) Milton Friedman
Answer: a) Richard Thaler
Who developed the theory of capital accumulation and economic growth?
a) Robert Solow
b) Adam Smith
c) Friedrich Hayek
d) Leon Walras
Answer: a) Robert Solow
Who is known for his work on the theory of industrial organization and market structure?
a) Jean Tirole
b) Adam Smith
c) Joseph Stiglitz
d) John Maynard Keynes
Answer: a) Jean Tirole
Who developed the concept of “efficiency wages” in labor economics?
a) George Akerlof
b) Adam Smith
c) Karl Marx
d) Friedrich Hayek
Answer: a) George Akerlof
Who is known for his work on economic development and the theory of endogenous growth?
a) Paul Romer
b) Adam Smith
c) Milton Friedman
d) Joseph Stiglitz
Answer: a) Paul Romer
Who developed the theory of perfect competition in economics?
a) Frank Knight
b) Adam Smith
c) Leon Walras
d) John Maynard Keynes
Answer: a) Frank Knight
Who is known for his work on international trade and the “Heckscher-Ohlin model”?
a) Eli Heckscher and Bertil Ohlin
b) Adam Smith
c) Friedrich Hayek
d) Milton Friedman
Answer: a) Eli Heckscher and Bertil Ohlin
Who developed the theory of cost-benefit analysis and welfare economics?
a) Vilfredo Pareto
b) Adam Smith
c) Karl Marx
d) Joseph Stiglitz
Answer: a) Vilfredo Pareto
Who is known for his work on the theory of information asymmetry and “adverse selection”?
a) George Akerlof
b) Adam Smith
c) John Maynard Keynes
d) Milton Friedman
Answer: a) George Akerlof
Who developed the theory of economic growth and the “Harrod-Domar model”?
a) Sir Roy Harrod and Evsey Domar
b) Adam Smith
c) Karl Marx
d) Friedrich Hayek
Answer: a) Sir Roy Harrod and Evsey Domar
Who is known for his work on the theory of rational expectations and the “Lucas critique”?
a) Robert Lucas Jr.
b) Adam Smith
c) Joseph Stiglitz
d) John Maynard Keynes
Answer: a) Robert Lucas Jr.
Who developed the theory of capital structure and the “Modigliani-Miller theorem”?
a) Franco Modigliani and Merton Miller
b) Adam Smith
c) Friedrich Hayek
d) Leon Walras
Answer: a) Franco Modigliani and Merton Miller
Who is known for his work on the theory of incentives and principal-agent problems?
a) Oliver Hart
b) Adam Smith
c) John Maynard Keynes
d) Milton Friedman
Answer: a) Oliver Hart
Who developed the theory of public goods and the “free-rider problem”?
a) Paul Samuelson
b) Adam Smith
c) Karl Marx
d) Joseph Stiglitz
Answer: a) Paul Samuelson
Who is known for his work on the theory of economic imperialism and the “Coase theorem”?
a) Ronald Coase
b) Adam Smith
c) Friedrich Hayek
d) John Maynard Keynes
Answer: a) Ronald Coase
Who developed the theory of labor markets and the “search and matching model”?
a) Peter Diamond and Dale Mortensen
b) Adam Smith
c) Leon Walras
d) Milton Friedman
Answer: a) Peter Diamond and Dale Mortensen
Who is known for his work on the theory of public choice and the “Buchanan-Hotelling model”?
a) James Buchanan and Harold Hotelling
b) Adam Smith
c) Joseph Stiglitz
d) Friedrich Hayek
Answer: a) James Buchanan and Harold Hotelling
Who developed the theory of imperfect information and “signaling” in economics?
a) Michael Spence
b) Adam Smith
c) Karl Marx
d) John Maynard Keynes
Answer: a) Michael Spence
Who is known for his work on the theory of rational expectations and the “Rational Expectations Hypothesis”?
a) Robert E. Lucas Jr.
b) Adam Smith
c) Milton Friedman
d) Joseph Stiglitz
Answer: a) Robert E. Lucas Jr.
Who developed the theory of market failure and the concept of “public goods”?
a) Paul Samuelson
b) Adam Smith
c) Friedrich Hayek
d) Leon Walras
Answer: a) Paul Samuelson
Who is known for his work on the theory of rational expectations and the “Lucas critique”?
a) Robert Lucas Jr.
b) Adam Smith
c) Joseph Stiglitz
d) John Maynard Keynes
Answer: a) Robert Lucas Jr.
Who developed the theory of capital structure and the “Modigliani-Miller theorem”?
a) Franco Modigliani and Merton Miller
b) Adam Smith
c) Friedrich Hayek
d) Leon Walras
Answer: a) Franco Modigliani and Merton Miller
Who is known for his work on the theory of incentives and principal-agent problems?
a) Oliver Hart
b) Adam Smith
c) John Maynard Keynes
d) Milton Friedman
Answer: a) Oliver Hart
Who developed the theory of public goods and the “free-rider problem”?
a) Paul Samuelson
b) Adam Smith
c) Karl Marx
d) Joseph Stiglitz
Answer: a) Paul Samuelson
