Economists & Economic Theories Quiz
Economists & Economic Theories · Timed
20 questions · 10 min timer · Instant feedback
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 'Rational Expectations' - arguing markets immediately incorporate all available information?
- A. Robert Lucas
- B. Thomas Sargent
- C. Neil Wallace
- D. John Muth
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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 economist developed the 'Capital Asset Pricing Model' (CAPM) - relating expected return to systematic risk?
- A. Jack Treynor
- B. John Lintner
- C. Jan Mossin
- D. William Sharpe
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Which economist developed the 'Life Cycle Hypothesis' of saving - arguing people save during working years and dissave in retirement?
- A. Lawrence Klein
- B. Paul Samuelson
- C. Richard Stone
- D. Franco Modigliani
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Which economist developed 'Modern Portfolio Theory' - showing how diversification reduces investment risk?
- A. William Sharpe
- B. James Tobin
- C. Franco Modigliani
- D. Harry Markowitz
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Which economist is credited with developing 'Behavioral Economics' - integrating psychology into economic decision-making?
- A. George Akerlof
- B. Robert Shiller
- C. Eugene Fama
- D. Daniel Kahneman
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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 Indian-American economist served as Chief Economist of the World Bank and later as Governor of the Reserve Bank of India?
- A. Amartya Sen
- B. Manmohan Singh
- C. Jagdish Bhagwati
- D. Raghuram Rajan
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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 developed the 'Monetarist' theory that the Great Depression was caused by Federal Reserve failure to maintain money supply?
- A. Anna Schwartz
- B. Ben Bernanke
- C. Alan Greenspan
- D. Milton Friedman
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Which economist developed the 'Prebisch-Singer Hypothesis' arguing that commodity prices decline relative to manufactured goods over time?
- A. Hans Singer
- B. Ral Prebisch
- C. Both Singer and Prebisch independently
- D. Celso Furtado
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Which Nobel laureate is known for developing the 'Dixit-Stiglitz Model' of monopolistic competition used in international trade theory?
- A. Paul Krugman
- B. Avinash Dixit
- C. Joseph Stiglitz
- D. Elhanan Helpman
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Which economist developed the 'Leontief Paradox' challenging the Heckscher-Ohlin trade theory?
- A. Paul Samuelson
- B. Bertil Ohlin
- C. Robert Baldwin
- D. Wassily Leontief
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Which economist is known for the 'Harberger Triangle' - measuring the welfare loss from monopoly pricing?
- A. Harold Hotelling
- B. Carl Kaysen
- C. Francis Bator
- D. Arnold Harberger
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Which economist is associated with the concept of 'Predatory Pricing' and the theory of monopolistic competition?
- A. Edward Chamberlin
- B. Joan Robinson
- C. Piero Sraffa
- D. Heinrich von Stackelberg
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Which economist developed the concept of 'Opportunity Cost' - a fundamental concept in economic reasoning?
- A. Alfred Marshall
- B. Nassau Senior
- C. Frdric Bastiat
- D. John Stuart Mill
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Which economist is known for the 'Domar Model' of economic growth - developed alongside the Harrod-Domar framework?
- A. Evsey Domar
- B. Roy Harrod
- C. Nicholas Kaldor
- D. Joan Robinson
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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
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Which economist wrote 'The Affluent Society' - arguing that private affluence coexists with public squalor in America?
- A. Alvin Toffler
- B. Robert Reich
- C. Paul Samuelson
- D. John Kenneth Galbraith
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Which development economist is famous for the 'Lewis Model' of economic development - explaining labour movement from traditional to modern sectors?
- A. Theodore Schultz
- B. Simon Kuznets
- C. Ragnar Nurkse
- D. W. Arthur Lewis