Top 50+ Solved History of Economic Thought MCQ Questions Answer
Q. Which of the following is NOT an economic theory of Ricardo's discussed in this article?
a. Economic Rent
b. Comparative Advantage
c. Division of Labor
d. All of the concepts listedcan be contributed
Q. The concept Industrial Reserve Army is introduced by
a. Turgot
b. Karl Marx
c. Joan Robinson
d. J.S. Mill
Q. Who gives a welfare definition of economics?
a. Adam Smith
b. Alfred Marshall
c. Lionel Robbins
d. Paul Samuelson
Q. According to Ricardo, as an economy grows, the are the only group that would benefit.
a. Workers
b. Land-owners
c. Businessmen
d. None of the above
Q. The type of equilibirium that deals with the determination of price and quantity of only one
a. General equilibrium
b. Partial equilibrium
c. Zero Equilibrium
d. Pareto efficiency
Q. Adam Smith begins with the Wealth of Nations with an example of a pin factory in order to
a. the accumulation of capital
b. the division of labor
c. the perils of government
d. All of the above
Q. The Classical theory did not provide any coherent theory of ------
a. Income distribution
b. Rent Thoery
c. Labor value theory
d. Profit
Q. In Case the supply of a factor of production is fixed , its entire income will be -----
a. Economic Rent
b. Marginal rent
c. Rent
d. Profit
Q. According to Adam Smith , employers earned profits due to ----------used by them
a. Land
b. Labor
c. Capital
d. Enterpreuer
Q. According the law of diminishing returns:
a. The marginal product of a variable factor
b. Marginal utility falls as more units of a product are consumed
c. The total product falls as more units of a variable factor
d. The marginal product eventually increases as more
Q. For the classical economists, the quantity theory of money provided an explanation of movements in the price level. Movements in the price level result
a. solely from changes in the quantity of money
b. primarily from changes in the quantity of money
c. only partially from changes in the quantity of money
d. from changes in factors other than the quantity of money
Q. The classical economists believed that if the quantity of money doubled,
a. output would double.
b. prices would fall
c. prices would double
d. prices would remain constant
Q. The main focus of Karl Marx's work was on which of the following social elements?
a. The plight of the working class
b. Economics of the upper class
c. Worker\s conditions in factories
d. Gender equality