Top 80+ Solved History of Economics Thought MCQ Questions Answer
Q. Adam Smith’s theory of economic growth relies upon a ________ to kick-start the process,and then _________ to continue it.
a. higher wages./ the wages fund.
b. division of labor/ higher wages.
c. explosive population growth / economies of scale.
d. division of labor / capital accumulation.
Q. Social welfare is maximized when a “hedonistic calculus” regulates all human actionaccording to the interventionist “liberal”:
a. john stuart mill.
b. thorstein veblen.
c. milton friedman.
d. jeremy bentham.
Q. The theory that in equilibrium, workers’ wages will barely be adequate for biological needs isknown as the:
a. labor theory of value.
b. convergence hypothesis.
c. subsistence theory of wages.
d. indicative planning model.
Q. According to Karl Marx, the properties that distinguish commodities do not include:
a. useful.
b. produced by human labor.
c. offered for sale in the market.
d. inseparable from the individual that produced them.
Q. The Marxist concept of surplus value would not include income received in the form of:
a. wages.
b. rent.
c. interest.
d. corporate profits. (e) proprietor profits.
Q. According to Karl Marx, revolution would inevitably come from the oppressed workers,known as the:
a. proletariat.
b. patricians.
c. bourgeoisie.
d. panacea. (e) petit bourgeoisie.
Q. Marginalism and the idea that pricing reflects marginal utility and demand was amovement away from:
a. the quantity theory of money.
b. thelabor theory of value.
c. mercantilism.
d. marx’s business cycle theory.
Q. Explicit treatments of marginal analysis were least central to the writings of:
a. william stanley jevons.
b. léon walras.
c. john stuart. mill.
d. carl menger.
Q. 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: ]
a. william stanley jevons.
b. henry george.
c. léon walras.
d. alfred marshall
Q. Alfred Marshall formalized and then popularized the analytical technique known as:
a. general equilibrium analysis
b. felicific calculus.
c. partial equilibrium analysis.
d. differential equations.
Q. Vilfredo Pareto’s very deductive mathematical models and proofs made the market seemquite mechanistic, an approach most notably rejected by his slightly older contemporary:
a. karl marx.
b. léon walras.
c. alfred marshall.
d. william stanley jevons.
Q. The economic theorist who most vociferously opposed using “all else assumed constant”[ceteris paribus] assumptions when building theory was:
a. karl marx.
b. alfred marshall.
c. thomas robert malthus .
d. léon walras.
Q. The Lausanne School is to Léon Walras as the Austrian School is to:
a. vilfredo pareto.
b. carl menger.
c. enrico barone.
d. david hume.
Q. The idea that governmental redistributions of income or wealth will ultimately have noeffect on how disparate income and wealth are distributed is sometimes called:
a. say’s law of markets.
b. the law of comparative advantage.
c. keynes’ law.
d. pareto’s law.
Q. Which of the following is not among Rostow's stages of growth
a. the traditional society
b. the age of low mass consumption
c. the take-off
d. the drive to maturity