History Of Economics Thought Set 2

Bachelor of Arts in Economics (BA Economics)

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This set of History of Economics Thought Multiple Choice Questions & Answers (MCQs) focuses on History Of Economics Thought Set 2

Q1 | Marginalism and the idea that pricing reflects marginal utility and demand was amovement away from:
  • the quantity theory of money.
  • thelabor theory of value.
  • mercantilism.
  • marx’s business cycle theory.
Answer: thelabor theory of value.
Q2 | Explicit treatments of marginal analysis were least central to the writings of:
  • william stanley jevons.
  • léon walras.
  • john stuart. mill.
  • carl menger.
Answer: john stuart. mill.
Q3 | The economist who spent twenty years cautiously trying out his ideas on his studentsbefore finally presenting them to the world near the close of the 19th century was: ]
  • william stanley jevons.
  • henry george.
  • léon walras.
  • alfred marshall
Answer: alfred marshall
Q4 | Alfred Marshall formalized and then popularized the analytical technique known as:
  • general equilibrium analysis
  • felicific calculus.
  • partial equilibrium analysis.
  • differential equations.
Answer: partial equilibrium analysis.
Q5 | Vilfredo Pareto’s very deductive mathematical models and proofs made the market seemquite mechanistic, an approach most notably rejected by his slightly older contemporary:
  • karl marx.
  • léon walras.
  • alfred marshall.
  • william stanley jevons.
Answer: alfred marshall.
Q6 | The economic theorist who most vociferously opposed using “all else assumed constant”[ceteris paribus] assumptions when building theory was:
  • karl marx.
  • alfred marshall.
  • thomas robert malthus .
  • léon walras.
Answer: léon walras.
Q7 | The Lausanne School is to Léon Walras as the Austrian School is to:
  • vilfredo pareto.
  • carl menger.
  • enrico barone.
  • david hume.
Answer: carl menger.
Q8 | The idea that governmental redistributions of income or wealth will ultimately have noeffect on how disparate income and wealth are distributed is sometimes called:
  • say’s law of markets.
  • the law of comparative advantage.
  • keynes’ law.
  • pareto’s law.
Answer: pareto’s law.
Q9 | Which of the following is not among Rostow's stages of growth
  • the traditional society
  • the age of low mass consumption
  • the take-off
  • the drive to maturity
Answer: the age of low mass consumption
Q10 | Neoclassical economics views
  • natural resources as the primary factor determining economic success
  • nature as a source of raw materials and a sink for wastes
  • a steady-state as the ultimate economic goal
  • the relationship between supply and demand as having minor importance
Answer: nature as a source of raw materials and a sink for wastes
Q11 | Which of the following is the nucleus of the Keynesian theory of employment?
  • . the theory of consumption function
  • .the principle of effective demand
  • . marginal efficiency of capital
  • none of these
Answer: .the principle of effective demand
Q12 | The study of the effect of consumption on investment is called
  • . accelerator
  • . multiplier
  • .leverage effect
  • none of these
Answer: . accelerator
Q13 | Who among the following was the leader of Monetarism
  • .keynes
  • . milton friedman
  • . a.w.philip
  • mankiv
Answer: . milton friedman
Q14 | The multiplier is the reciprocal of
  • .marginal propensity to save
  • . marginal propensity to consume
  • . both mpc and mps
  • none of the above
Answer: .marginal propensity to save
Q15 | The mew classical economics is based on
  • . market clearing
  • . non-market clearing
  • . both a and b
  • none of these
Answer: . market clearing
Q16 | The welfare of all means:
  • . swaraj
  • . sarvodaya
  • . brahmacharya
  • swadeshi
Answer: . sarvodaya
Q17 | 10. The desire of people to keep money with them is called by Keynes as:
  • .investment
  • .saving
  • . liquidity preference
  • consumption
Answer: . liquidity preference
Q18 | According to Keynes marginal efficiency of capital has a tendency to :
  • . increase
  • . decrease
  • . remains constant
  • none of these
Answer: . decrease
Q19 | The change in income as a result of change in is investment called by Keynes as:
  • .multiplier
  • . accelerator
  • . marginal efficiency of capital
  • none of these
Answer: .multiplier
Q20 | Marginal efficiency of capital is :
  • .the expected rate of profit from new investment
  • . the expected rate of profit from past investment
  • . the expected rate of profit from saving
  • none of these.
Answer: .the expected rate of profit from new investment
Q21 | Keynes theory of employment relates to:
  • .the long run
  • . short run
  • . very long period
  • none of these
Answer: . short run
Q22 | The two important determinants of investment according to Keynes are:
  • .interest rate and marginal efficiency of capital
  • . saving and interest rate
  • . interest rate and consumption
  • none of these
Answer: .interest rate and marginal efficiency of capital
Q23 | According to Keynes consumption is a function of :
  • .income
  • . saving
  • . employment
  • none of these
Answer: .income
Q24 | The author of the “End of Laissez faire” was.
  • . keynes
  • .friedman
  • . laffer
  • j.b.say
Answer: . keynes
Q25 | The author of ‘Arthashastra’ is
  • kautilya
  • bana bhatta
  • thiruvalluvar
  • kabir das
Answer: kautilya
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