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Great Economists and their Work MCQs

The Nobel Prize winners in Economics 2009 are Elinor Ostrom and Oliver Williamson. Do you know which year the Tableu Economique of Francois Quesnay was written in?

  1. 1758
  2. 1766 
  3. 1761 
  4. 1763

Identify the author of “The Principles of Political Economy and Taxation”

  1. J.S. Mill
  2. Alfred Marshall
  3. A. Turgot
  4. David Ricardo

Who is generally regarded as the founder of the Classical School”?

  1. T. R. Malthus
  2. David Ricardo
  3. J. S. Mill
  4. Adam Smith

Identify the economist who had little formal schooling and began working in the money market at an early age of 14.

  1. Adam Smith
  2. David Ricardo
  3. A. A. Cournot
  4. V. F. D. Pareto

Who initially raised concerns of a food crisis in the world?

  1. T.R. Malthus
  2. David Ricardo
  3. J.B. Say
  4. J.S. Mill 

When was the big work “An Enquiry into the Nature and Causes of Nations’ Riches” written by Adam Smith?

  1. 1766
  2. 1756
  3. 1786
  4. 1776

“The real price of everything, what everything really costs to the man who wants to require it, is the land trouble of acquiring it.” Who made this statement?

  1. Karl Marx        
  2. David Ricardo
  3. Adam Smith
  4. J. S. Mill

“Rent is a creation of value, not of wealth.” Who made this observation?

  1. Alfred Marshall
  2. Adam Smith
  3. David Ricardo
  4. A.C. Pigou

Which year was Karl Marx’s first volume of Das Capital published?

  1. 1859
  2. 1848      
  3. 1873
  4. 1867      

“The labour of Nature is paid, not because she does much. But because

she does little. In proportion as she becomes niggardly in her gifts, she exacts a greater price for her work.” Who made this observation?

  1. T. R Malthus
  2. Lauderdale
  3. David Ricardo
  4. Adam Smith

The First Fruits of Karl Marx’s long and painstaking study at the British Museum appeared in The Critique of Political Economy

  1. 1857
  2. 1859      
  3. 1853
  4. 1855      

The Communist Manifesto, published jointly by Marx and Engel’s was pub1ihsed in

  1. 1845
  2. 1848
  3. 1859
  4. 1853

Who actually stated the law of comparative cost for the first time?

  1. Adam Smith
  2. David Ricardo
  3. Thomas Mun
  4. James Mill

Identify the school founded by Wilhelm Roscher

  1. Cambridge School
  2. Austrian School
  3. Historical School
  4. Mathematical School

One of the following economists do not belong to the Austrian School. Identify him

  1. F. Von Wieser
  2. Karl Monger
  3. E. von Bohm-Bawerk
  4. J.S. Mill

Which one of the following theories of trade cycle was propounded by W.S. Jevons?

  1. Saving-Investment Theory
  2. Monetary Theory
  3. Sunspot Theory
  4. Innovation Theory

What was Frederic List Nationality?

  1. Finnish
  2. American    
  3. British
  4. German

“The Purchasing Power Parity Theory” rose to prominence in 1916 through the publications of

  1. L.E. von Miser
  2. J.M. Keynes
  3. Gustav Cassel
  4. F.A. von Hayek

The study of input-output is attributable to the origin and development to

  1. R.F. Harrod
  2. W.W. Leontief
  3. Alfred Marshall
  4. E.D. Domar

Who  wrote “An Introduction to Positive Economics”?

  1. G. B. Richardson
  2. Paul A. Samuelson
  3. R.G. Lipsey
  4. W.J. Baumol

Identify the author of ”Mathematical Analysis for Economists”

  1. R.G.D Alien
  2. J.P. Lewis 
  3. B.J. Cohen
  4. Russell Mathews

Which of the following is not correctly matched?

  1. D.H.  Robertson: Essays in Monetary Theory
  2. Lionel Robbins: The Great Depression
  3. R.F. Harrod: Income and Money
  4. A.C.   Pigou: Principles    and Methods of Industrial Peace

Who graduated from the London School of Economics among the following well-known economists?

  1. N. Kaldor
  2. J.M. Keynes
  3. F.A. Hayek
  4. Alfred Marshall

‘The Strategy of Economic Development” is the work of

  1. H. Liebenstein
  2. S. Kuznets
  3. A. O. Hirshman
  4. H. Myint

Who is the author of ‘Problems of Capital Formation in Underdeveloped Countries”?

  1. N. Kaldor
  2. R. Nurkse  
  3. J. N. Bhagwati
  4. S. Kumets

Identify the work of Irving Fisher

  1. The Making of Index Numbers
  2. Policy Against Inflation
  3. Monetary Theory
  4. A Treatese on Money

Who wrote “There are no longer any believers in laissez-fair except on the lunatic fringe the truth is that we are all planners now”?

  1. H. R. Dickenson
  2. E. F. Durbin
  3. J. Tinbergen
  4. W. A. Lewis

Who coined the phrase a temporary abode of purchasing power while explaining the concept of money?

  1. Milton Friedman
  2. Francis Walker
  3. J. M. Keynes
  4. D. H. Robertson

Who developed the “Keynesian theory of Distribution”?

  1. C. P. Kindleberger
  2. N. Kaldor
  3. Joan Robinson
  4. J. M. Keynes        

Identify the  economist who propounded the “Liquidity Preference Theory of Interest”

  1. Nassau Senior
  2. K. Wicksell
  3. J.M Kaynes
  4. D.H. Robertson

Which one of the following does not match

  1. J.R. Hicks: Capital and Growth
  2. C.P. Kindleberger: Economic Development
  3. H. Myint: Economic Theory and Underdeveloped Regions    
  4. iv. E.H. Phelps-Brown: The Economics of Labour

Which one among the following does not     match?

  1. Jagdish Bhagwati – Princeton
  2. Arnartya Sen – Harvard
  3. P.S. Dasgupta – Cambridge
  4. T. N. Srinivasan – Yale

Which of these is not the work of J. Clark, B.

  1. The Control of Trusts
  2. Philosophy of Wealth
  3. The Problem of Monopoly
  4. Economics of Overhead Costs

Which of the following Alfred Marshall’s works was first published?

  1. The Principles of Economics
  2. The Pure Theory of Foreign Trade
  3. Money, Credit and Commerce
  4. Industry and Trade

Who first used the term ‘quasi-rent’?

  1. Alfred Marshall
  2. David Ricardo
  3. Karl Marx
  4. J.S. Mill      

How old was Alfred Marshall when he died?

  1. 85 Years
  2. 80 Years
  3. 82 Years
  4. 90 Years

Identify the economist who propounded the “Time Preference Theory of Interest”

  1. J.M Keynes
  2. Nassau Senior
  3. Bohm Bewark
  4. K. Wicksell

An Austrian economist is among the following Noble Prize winners for Economics. Identify him

  1. F.A. von Hayek        
  2. George Stigler
  3. Herbert A. Simon
  4. Simon Kuznets

Who developed the concept of “Representative Firm”?

  1. J. M. Keyns.
  2. A.C Pigou
  3. Alfred Marshall
  4. A.W.H. Phillips

Identify the work of T. Schultz

  1. Productivity and Technical Change
  2. Transforming Traditional Agriculture
  3. The Green Revolution Generations of Pakistan
  4. Jobs, Poverty and the Green Revolution

Who used the term consumption capital for consumer’s goods?

  1. W.S. Jevons
  2. Karl Marx
  3. M.E.L Walras
  4. Alfred Marshall

Whose words are these? “we might as reasonable dispute whether it is the upper or the under blade of a pair of scissors that cuts a piece of paper as whether value is governed by utility or cost of production.”                   

  1. W.S. Jevons
  2. Alfred Marshall
  3. David Ricardo
  4. J.S..Milt

Who introduced the concept of “Elasticity of Demand into Economic Theory”?

  1. Alfred Marshall
  2. K. Wicksell
  3. A.C. Pigou
  4. J.S. Mill      

Although the idea of the surplus of the consumer can be traced back to Dupuit, a French engineering economist, another economist gave a detailed formulation stating the required assumption of this principle. Pinpoint the economist.

  1. W.S. Jevons
  2. Alfred Marshall
  3. J.S. Mill
  4. F.W. Taussig

Who succeeded Alfred Marshall on Cambridge as Professor of Political Economy?

  1. D.H. Robertson
  2. A.C. Pigou
  3. F.H. Knight
  4. J.M. Keynes

Which one does not fit one of the following?

  1. A.C.   Pigou – Cambridge School
  2. Karl   Menger – Austrian School
  3. Adam Smith – Classical School
  4. W.S.  Jevons – Historical School

Identify the Indian economist who in 1990 received an honorary knighthood from the British Government for his wide-ranging contribution to education, economic development and finance.

  1. K.N. Raj     
  2. I.G. Patel   
  3. A.K. Sen
  4. V.K.R.V. Rao

Identify the author of “Poverty Under British Rule in India”

  1. Dadabhai Naoroji
  2. R.C. Dutt
  3. Surendranath Banerjea
  4. Raja Rammohun Roy

Capital and Development Planning is the work of

  1. W.A. Lewis
  2. S. Chakravarty
  3. N. Kaldor
  4. A.K. Dasgupta

Who is the author of “Choice of Technique”?

  1. Amartya Sen
  2. K.N. Raj     
  3. J.R. Harris
  4. W.B. Redaway

Identify the author of “Emplpyment Aspects of Planning in Underdeveloped Countries”

  1. G. Myrdal
  2. R. Nurkse   
  3. W.A. Lewis
  4. K.N. Raj    

Identify the author of “The Trade Cycle”

  1. R.C. Mathews
  2. J.M. Clark
  3. Maurice Dobb
  4. A.H. Hansen

The Monopolistic Competition Theory was developed by two well-known economists almost simultaneously and independently in the 1930s. E.H. Chamberlin was the one. Who else was other?

  1. Alfred Marshall
  2. Joan Robinson
  3. A.C. Pigou
  4. J.K. Galbraith

Which of the following is not the work of J.A. Schumpeter?

  1. Readings in Economics
  2. Theory of Economic Development

iv. Business Cycles

  1. History of Economic Analysis

Who is the author of Capitalism, Yesterday and Today?

  1. J.A. Schumpeter
  2. M. Dobb
  3. Karl Marx   
  4. J.K. Galbraith

Identify the work by Amartya Sen

  1. The Economics of Developing Countries
  2. Employment, Technology and Development
  3. Land Reforms and Economic Development
  4. India’s Green Revolution: Economic Gains and Political Costs

Identify the nationality of Bertil Ohlion, recipient of the 1977 economic noble prize

  1. German
  2. Swedish
  3. Norwegian
  4. American

Which one of the following has been the most influential work of F.H. Knight?

  1. The Economic Organization
  2. Freedom and Reform
  3. Risk, Uncertainty and Profit
  4. The Economic Order and Religion

Who first proposed the Revealed Preference Approach to free the theory of consumer behaviour from the restriction of conventional definition of utility?

  1. John Robinson
  2. Paul A. Samuelson
  3. R.G.D. Alien
  4. J.R Hicks 

Which of the following is the work of E.H. Chamberlin?

  1. The Economic Analysis   of Labour Union Power
  2. Towards a more General Theory of Value
  3. Theory of Monopolistic
  4. All of these

Name of Jacob Viner is associated with?

  1. Utility terms of trade
  2. Single factoral terms of trade
  3. Income terms of trade
  4. Net barter terms of trade

Who first formulated the “Marginal Productivity Theory of Distribution”?

  1. J.A. Schumpeter
  2. J.B. Clark 
  3. F.H. Knight
  4. L. Euler

Which one of the following is the work of A.C. Pigou?

  1. Input-output Economics
  2. Industry and Trade
  3. Economics of Welfare
  4. Full Employment in a Free Society

Who is the author of the popular work “Asian Drama”: An Enquiry into Nations’ Causes of Poverty?

  1. Gunnar Myrdal
  2. Irving Fisher
  3. Paul Streeten
  4. Kingsley Davis

Identify the author of “The Social Framework”

  1. J.R Hicks
  2. R.G.D. Alien
  3. A.C. Pigou
  4. R.F. Harrod

Who served as an economics professor at Harvard?

  1. N. Kaldor
  2. E.H. Chamberlin
  3. A.C. Pigou
  4. J.M. Keynes

Who advocated the long-term tax on capital gains?

  1. J.K. Galbraith
  2. J.M. Keynes
  3. F.H. Knight
  4. N. Kaldor   

The Cambridge School refers to the English economist party that came under the influence of

  1. J.M. Keynes
  2. Alfred Marshall
  3. D.H. Robertson
  4. E.H. Chamberlin

“The Modern or Neo-Keynesian Theory of Interest” owes it development largely to the efforts of

  1. Gunnar Myrdal
  2. J.R. Hicks
  3. D.H. Robertson
  4. B. Ohlin

Who among the following Noble Prize winners is an American economist?

  1. Ragnar Frisch
  2. Richard Stone
  3. Lawerence Klein
  4. James E. Meade

Who wrote “Economics of Imperfect Competition”

  1. Joan Robinson
  2. E.A.G. Robinson
  3. E.H. Chamberlin
  4. J.R. Hicks

Gunnar Myrdal was awarded Noble Prize for Economics in 1974. What is his nationality?

  1. Norwegian
  2. Swedish
  3. American
  4. Dutch

Who made the Law of Comparative Costs clear for the first time in the sense of international trade theory?

  1. Alfred Marshall
  2. David Ricardo
  3. A.C. Pigou
  4. F.W. Taussig

With which of the following concepts is the name of J.M. Keynes particularly associated?

  1. Marginal propensity to consume
  2. Marginal propensity to save
  3. Liquidity preference
  4. All of the above

Identify the author of “The Affluent Society”

  1. Gunnar Myrdal
  2. J.K. Galbraith
  3. N. Kaldor
  4. John Strachc;y

Who wrote “A Contribution to the Theory of Trade Cycle”?

  1. J.R. Hicks
  2. N. Kaldor    
  3. A.H. Hansen
  4. J.S. Duesenberry

Which is the work of R.F. Harrod?

  1. The Trade Cycle: An Essay
  2. Towards a Dynamic economics
  3. The Gold Standard in Theory and Practice
  4. Reforming the World’s Money

“The General Theory of Employment, Interest and Money” is the major work of

  1. Alfred Marshall
  2. N. Kaldor
  3. J.M Keynes
  4. F.A Hayek

At which university was W.W. Leontief appointed Professor of Economics in 1946?

  1. University of Chicago
  2. London School of Economics
  3. University of Kiel
  4. Harvard University

Who among the following economists is not a Noble Prize winner?

  1. Simon Kuznets
  2. Paul A. Samuelson
  3. Joan Robinson
  4. Robert M. Solow

Which of the following is not the work of Paul A. Samuelson?

  1. History of Economic Analysis
  2. Foundation of Economic Analysis
  3. Linear Programming and Economic Analysis
  4. Readings in Economics

In which year was Paul A. Samuels on awarded the Nobel Prize for Economics?

  1. 1966
  2. 1970
  3. 1968
  4. 1964

Identify the economist who first developed the Theory of Income Determination in its modem form

  1. Joan Robinson
  2. Paul A. Samuelson
  3. J.M. Keynes
  4. J.K. Galbraith
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