1

Economist and Their Statements

 Who is called the Father of Economics?
(a) JM Keynes
(b) Malthus
(c) Ricardo
(d) Adam Smith
 Say’ law of market holds that
(a) supply is not equal to demand
(b) supply creates its own demand
(c) demand creates its own supply
(d) supply is greater than demand
 Who propounded the market low?
(a) Adam Smith
(b) JB Say
(c) TR Malthus
(d) David Ricardo
 “Bad money will drive out good money from circulation.” This is known as
(a) Engle’s Law
(b) Gresham’s Law
(c) Say Law
(d) Wagner’s Law
 Engel’s Law states the relationship between
(a) Quantity demanded and price of a commodity
(b) Quantity demanded and price of substitutes
(c) Quantity demanded and tastes of the consumers
(d) Quantity demanded and income of the consumers
 The national income consists of a collection of goods and services reduced to common
basis by being measured in terms of money who says this?
(a) Samuelson
(b) Kuznets
(c) Hicks
(d) Pigou
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Economist and Their Statements
 Who among the following is not a classical economist?
(a) David Ricardo
(b) John Stuart Mill
(c) Thomas Malthus
(d) John Maynard Keynes
 Supply creates its own demand. This statement is related to
(a) Professor JB Say
(b) John Robinson
(c) Adam Smith
(d) JS Mill
 Who said, “Economics is the Science of Wealth”?
(a) Robbins
(b) JS Mill
(c) Adam Smith
(d) Keynes
 Interest is a reward for parting with liquidity” is according to
(a) Keynes
(b) Marshall
(c) Haberler
(d) Ohlin
 Economics is what it ought to be” This statement refers to
(a) Normative economics
(b) Positive economics
(c) Monetary economics
(d) Fiscal economics
 Who defined investment as “the construction of a new capital asset like machinery or
factory building”?
(a) Hansen
(b) JM Keynes
(c) Harrod
(d) JR Hicks
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Economist and Their Statements
 Wage fund theory was propounded by
(a) JB Say
(b) JS Mill
(c) JR Hicks
(d) KM Keynes
 Who defined ‘Rent’ as that portion or produce of the Earth, which is paid to the landlord
for the use of original and indestructible power of the soil?
(a) Ricardo
(b) Marshall
(c) Keynes
(d) Pigou
 Gresham's low relates to.............?
(a) Money supply (Bad Money drives out Good Money)
(b) Money and prices
(c) Real output
(d) Employment
 Which one of the following curves is a graphical representation of the relationship
between unemployment and the job vacancy rate?
(a) Phillips curve
(b) Laffer’s curve
(c) Beveridge curve
(d) Friedman’s curve
 Lionel Robbins Published his famous book “Nature and Significance of Economics” in
the year
(a) 1935
(b) 1933
(c) 1931
(d) 1937
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Economist and Their Statements

 Who among the following gave the definition of Economics as the “Science which deals
with wealth”?
(a) J. M. Keynes
(b) H. C. Dickinson
(c) Henry Smith
(d) J. B. Say
 Under inductive method, the logic proceeds from:
(a) general to particular
(b) positive to normative
(c) normative to positive
(d) particular to general
 “Economics is what Economists do’ is given by
(a) Jacob Viner
(b) Henry Smith
(c) Pigou
(d) Paul a Samuelson
 According to __________ Economics is the “the study of how in a civilized society one
obtains the share of what other people have produced and of how the total product of
society changes and is determined”
(a) Jacob Viner
(b) Henry Smith
(c) Pigou
(d) Paul A. Samuelson
 Who expressed the view that “Economics is neutral between ends”?
(a) Robbins
(b) Marshall
(c) Pigou
(d) Adam Smith
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Economist and Their Statements
 Economics, according to Lionel Robbins, is a
(a) normative science
(b) applied science
(c) positive science
(d) experimental science
 The concept of disinvestment was introduced by?
(A) Friedman
(B) Kaldor
(C)Keynes
(D) Myrdal
 Who said that, "Where there is no Law there will not be Liberty"?
A. John Locke
B. Karl Marx
C. Plato
D. Machiavelli
 Which one of the following coin the term ‘Stagflation’ in the economy?
(A) Lain Macleod
(B) Milton Friedman
(C) J M Keynes
(D) William Phillips
 Which one of the following laws stated that the size of a firm and its growth rate are
independent?
(A) Gibrat’s law
(B) Goodhart’s law
(C) Hubbert’s law
(D) None of these
 Gresham’s Law’ in Economics related to
(1) Supply and demand
(2) Circulation of currency
(3) consumption of supply
(4) distribution of goods and services
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Economist and Their Statements
 The philosophy of 'Laissez-faire' is associated with?
A) Gandhian State
B) Industrial State
C) Socialist State
D) Welfare State
 Planning may be defined as the conscious and deliberate choice of economic priorities by
some public authority is view of?
A) Lionel Robbins
B) Prof. Durbin
C) Barber Wootton
D) Charles Bettelheim
 The currency convertibility concept in its original form originated in?
A) Wells Agreement
B) Bretton Woods Agreement
C) Taylors Agreement
D) None of the above
 Who introduced cooperative society in India?
A. Lord Curzon
B. Lord Wavell
C. Lord Rippon
D. Lord Cornwallis
 Over use of resource is called “Tragedy of Commons”. It was propounded by? Garett
Hardin
 The first Five Year Plan of the Government of India was based on Harrod-Domar model
focus on irrigation, power and infrastructure
 Engle’s Law states the relationship between? Quantity Demanded and Income of the
consumers.
 The theory of monopolistic competition has been formulated in the USA by? Edward
Chamberlin
 Who pronounced the “Innovation theory of profits”; - J.A. Schumpeter
 Which law states that “With constant taste and preference, the proportion of income
spend on food stuff diminishes as income increase:”: Engle’s Law
 Prof. Milton Friedman was leader of: Chicago School
 Who defined ‘Rent’ as that portion or produce of the earth which is paid to the landlord
for the use of original and indestructible power of soil? David Ricardo
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Economist and Their Statements

 The functional relationship between income and consumption expenditure is explained by

Keynes’s psychological law
 “The liquidity Preference Theory of interest” was propounded by? J.M. Keynes
 J.B. Say’s Law of Market was not accepted by? Malthus
 The time element in price analysis was introduced by? Alfred Marshall
 Who said “Supply creates its own demand”? J B Say
 Which of the following concepts are most closely associated with J.M. Keynes?
Marginal efficiency of capital. [MEC]
 According to Keynesian theory of income determination, at full employment, a fall in
aggregate demand cause: -A fall in price of output and resources
 “The national income consists of a collection of goods and services reduced to common
basis by being measured in terms of money” Who said this Hicks
 The terms “Micro Economics” and “Macro Economics” were coined by? Ranger Frisch
 Who defined investment as “the construction of a new capital asset like machinery or a
factory building”? J M Keynes
 The demand for money, according to Keynes, is for Precautionary motive
 The economist who believed that “Unemployment is impossible and that market
mechanism has a built in regulatory system to meet any ups and downs” is: - J B Say
 The book which is at the centrepiece of the study of Macroeconomics was written by: -
J.M. Keynes
[‘The General Theory of Employment, Interest and Money’ is often viewed as the
foundation of modern macroeconomics]
 The Keynesian consumption function shows a relation between: - Aggregate
consumption and aggregate income
 The relationship between the rate of interest and level of consumption was first visualized
by: - Irving Fisher
 “Malthusian Theory of Population” explored the relationship between Food Supply and
population Growth
 Who suggested tax on expenditure? Nicholas Kaldor [In his book titled “An
Expenditure Tax” in 1955]
 The “The Canons of Taxation” were Propounded by:
Adam Smith [In the book, titled ‘The Wealth of Nations’, Adam Smith only gave four
canons of taxations: -
 1.Canon of Equity
 2.Canon of Certainty
 3.Canon of convenience
 4.Canon of economy]
 The New Economic Policy was introduced by? Lenin
 “Functional Finance” is associated with? Abba ‘P’ Learner
 Taxes are as certain as the death, because They constitute the major source of government
revenue. [Benjamin Franklin’s utterance “In this world nothing can be said to be
certain, except death and taxes”]
 The theory of “Maximum Social Advantage” in Public Finance was given by? Dalton
 By whom was the autonomous investment separated from induced investment?
Schumpeter