Economists & Economic Theories Quiz
Economists & Economic Theories · Expert
20 questions · Unlimited attempts · Free online practice
Economics is shaped by the ideas of influential thinkers who sought to explain how wealth is created, markets function, and societies make choices. Studying economists and their th...
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All 20 questions in this Economists & Economic Theories quiz
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Which economist developed the theory of 'Creative Destruction' to describe capitalism's process of innovation?
- A. Friedrich Hayek
- B. John Kenneth Galbraith
- C. Thorstein Veblen
- D. Joseph Schumpeter
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Which economist is associated with 'Ordoliberalism' - the German approach to social market economy?
- A. Walter Eucken
- B. Franz Bhm
- C. Ludwig Erhard
- D. Wilhelm Rpke
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Which economist wrote 'The Road to Serfdom' - a critique of central planning and socialist economics?
- A. Ludwig von Mises
- B. Murray Rothbard
- C. Wilhelm Rpke
- D. Friedrich Hayek
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Which economist developed the 'Theory of Economic Growth' showing how countries converge to similar income levels over time under neoclassical assumptions?
- A. Robert Lucas
- B. Elhanan Helpman
- C. Gene Grossman
- D. Robert Solow
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Which economist developed the 'Permanent Income Hypothesis' - arguing that people spend based on expected lifetime income?
- A. Paul Samuelson
- B. Franco Modigliani
- C. James Duesenberry
- D. Milton Friedman
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Which economist is associated with the 'Washington Consensus' - a set of free-market policy prescriptions for developing countries?
- A. Jeffrey Sachs
- B. Dani Rodrik
- C. Stanley Fischer
- D. John Williamson
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Which Austrian-born economist founded the 'Austrian School' of economics - emphasising subjective value and market processes?
- A. Ludwig von Mises
- B. Eugen Bhm-Bawerk
- C. Friedrich Wieser
- D. Carl Menger
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Which economist won the Nobel Prize for his work on 'Management of Common Pool Resources' - challenging the tragedy of the commons?
- A. Elinor Ostrom
- B. Garrett Hardin
- C. Vincent Ostrom
- D. Oliver Williamson
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Which economist developed the 'Quantity Theory of Money' and led the Chicago School of monetarism?
- A. Paul Samuelson
- B. John Kenneth Galbraith
- C. James Tobin
- D. Milton Friedman
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Which economist developed the 'Real Business Cycle Theory' arguing that economic fluctuations are responses to real shocks not monetary ones?
- A. Robert Barro
- B. Lars Hansen
- C. Edward Prescott
- D. Finn Kydland
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Which economist is known for the 'Big Push Theory' - arguing that coordinated large-scale investment is needed to break a poverty trap?
- A. Gunnar Myrdal
- B. W. Arthur Lewis
- C. Albert Hirschman
- D. Paul Rosenstein-Rodan
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Which Nobel Prize-winning economist is known for 'Mechanism Design Theory' - designing economic systems to achieve desired outcomes?
- A. Eric Maskin
- B. Roger Myerson
- C. Leonid Hurwicz
- D. William Vickrey
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Which economist developed the 'Impossibility Theorem' showing no voting system can satisfy all reasonable fairness conditions simultaneously?
- A. John Rawls
- B. Amartya Sen
- C. Duncan Black
- D. Kenneth Arrow
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Which economist is associated with 'Public Choice Theory' - applying economic analysis to political decision-making?
- A. Gordon Tullock
- B. Anthony Downs
- C. Mancur Olson
- D. James Buchanan
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What is 'Keynesian Economics'?
- A. Laissez-faire
- B. Government intervention to manage demand
- C. Focus on supply side
- D. Barter system
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Which economist is associated with the 'Invisible Hand'?
- A. Alfred Marshall
- B. David Ricardo
- C. John Hicks
- D. Adam Smith
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Which economist is known for the 'Population Theory'?
- A. Thomas Malthus
- B. Alfred Marshall
- C. Adam Smith
- D. John Keynes
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Which economist is associated with the concept of 'Comparative Advantage' in international trade?
- A. Adam Smith
- B. John Stuart Mill
- C. Thomas Malthus
- D. David Ricardo
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Which economist developed 'Endogenous Growth Theory' - arguing technological progress is driven by economic incentives within the system?
- A. Gene Grossman
- B. Robert Lucas
- C. Elhanan Helpman
- D. Paul Romer
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Which economist coined the phrase 'There is no such thing as a free lunch' as a fundamental economic principle?
- A. Henry Hazlitt
- B. Frederic Bastiat
- C. Milton Friedman
- D. Robert Heinlein