Description : The relationship between the rate of interest and level of consumption was first visualized by - (1) Amartya K. Sen (2) Milton Friedman (3) Irving Fisher (4) James Duesenberry
Last Answer : (3) Irving Fisher Explanation: Irving Fisher, in His Theory of Interest (1930), found the relationship between interest rates (nominal interest rate and real interest rate) and the ... interest rate on savings and gives an inverse relationship between nominal interest rates and consumer expenditures
Description : The relationship between the rate of interest and level of consumption was first visualized by (1) Amartya K. Sen (2) Milton Friedman (3) Irving Fisher (4) James Duesenberry
Last Answer : Irving Fisher
Description : “Any asset capable of serving as a temporary abode of purchasing power is money.” This definition of money is given by (a) Milton Friedman (b) Gurley and Shaw (c) Francis Walker (d) Crowther
Last Answer : (a) Milton Friedman
Description : Milton Friedman gave emphasis in his quantity theory of money on (a) Production and Income (b) Price level (c) Supply of Money (d) Demand for Money
Last Answer : (d) Demand for Money
Description : Which one of the following economists is associated with Portfolio approach of demand for money ? (a) Keynes (b) Tobin (c) Friedman (d) Baumol
Last Answer : (b) Tobin
Description : In his book general theory of employment, interest and money, what was keynes credited with?
Last Answer : creating and shaping modern macroeconomics
Description : Who is credited with brining the term "the invisible hand"• in economics? a) Adam Smith b) John Maynard Keynes c) F. Hayek d) Samuelson
Last Answer : a) Adam Smith
Description : The economist who believed that unemployment is impossible and that market mechanism has a built in regulatory system to meet any ups and downs - (1) J.M.Keynes (2) Ohlin (3) J. B. Say (4) Galbraith
Last Answer : (3) J. B. Say Explanation: The classical economists' belief in full employment as a normal condition of a free market economy is based on Say's Law of Markets. It was on the ... overproduction and hence general unemployment were impossible. The law simply states "supply creates its own demand."
Description : "Supply creates its own demand" - Who said this? (1) J. B. Say (2) J. S. Mill (3) J. M. Keynes (4) Senior
Last Answer : (1) J. B. Say Explanation: "Supply creates its own demand" is the formulation of Say's law by John Maynard Keynes. The rejection of this doctrine is a central component of The General Theory of ... you build it, they will come", and Inherent in supply is the wherewithal for its own consumption".
Description : Wage fund theory was propounded by (1) J.B. Say (2) J.S. Mill (3) J.R. Hicks (4) J.M. Keynes
Last Answer : (2) J.S. Mill Explanation: J.S. Mill developed the wagesfund theory. This theory of wage was an attempt to show that in certain circumstances wages could rise above subsistence level. According to this ... be paid. This fund of capital is called wages-fund out of which wages are paid to labourers.
Description : The economist who believed that unemployment is impossible and that market mechanism has a built in regulatory system to meet any ups and downs (1) J.M.Keynes (2) Ohlin (3) J.B.Say (4) Galbraith
Last Answer : J.B.Say
Description : “Supply creates its own demand” – Who said this ? (1) J. B. Say (2) J. S. Mill (3) J. M. Keynes (4) Senior
Last Answer : J. B. Say
Last Answer : J.S. Mill
Description : The idea that government's fiscal policy can be used to stabilize the level of output and employment can be attributed to which of the following economists: a) Frederich Hayek b) Ludwig von Mises c) Frederic Bastiat d) John Maynard Keynes
Last Answer : d) John Maynard Keynes John Maynard Keynes's 1936 book, 'The General Theory of Employment, Interest, and Money' laid the foundations for Macroeconomics
Description : Who defined investment as "the construction of a new capital asset like machinery or factory building"? (1) Hansen (2) J.M. Keynes (3) Harrod (4) J.R. Hicks
Last Answer : (2) J.M. Keynes Explanation: Investment expenditure refers to the creation of new assets i.e. an addition to the stock of existing capital assets. According to Keynes investment demand depends upon ... the rate of interest (IR). Investment demand decreases with the increase in the rate of interest.
Description : Which of the following concepts are most closely associated with J.M. Keynes? (1) Control of money supply (2) Marginal utility theory (3) Indifference curve analysis (4) Marginal efficiency of captial
Last Answer : (4) Marginal efficiency of captial Explanation: The marginal efficiency of capital (MEC) is that rate of discount which would equate the price of a fixed capital asset with its present discounted ... given by the returns expected from the capital asset during its life Just equal its supply price
Description : The time element in price analysis was introduced by : (1) J.M. Keynes (2) Alfred Marshall (3) J.S. Mill (4) J.R. Hicks
Last Answer : (2) Alfred Marshall Explanation: Marshall, who propounded the theory that price is determined by both demand and supply, also gave a great importance to the time element in the determination of price. ... and the longer the period more important will be the influence of cost of production on value."
Description : The book which is at the centrepiece of the study of Macro - Economics was written by - (1) Prof. Samuelson (2) Prof. J.M. Keynes (3) Prof. Benham (4) Prof. Baumol
Last Answer : (2) Prof. J.M. Keynes Explanation: J.M. Keynes's magnum opus, The General Theory of Employment, Interest and Money' is often viewed as the foundation of modern macroeconomics. Macroeconomics ... , structure, behavior, and decision-making of an economy as a whole, rather than individual markets.
Description : The 'Canons of Taxation' were propounded by - (1) Edwin Canon (2) Adam Smith (3) J.M. Keynes (4) Dalton
Last Answer : (2) Adam Smith Explanation: Canons of Taxation were first originally laid down by economist Adam Smith in his famous book 'The Wealth of Nations". In this book, Adam smith only gave four canons of taxation: ... equity: (ii) canon of certainty: (iii) canon of convenience; and (iv) canon of economy.
Description : The term 'Macro Economics' was used by _______. (1) J.M. Keynes (2) Ragner Frisch (3) Ragner Nurkse (4) Prof. Knight
Last Answer : (2) Ragner Frisch Explanation: Ragnar Frisch coined the widelyused term pair macroeconomics/ microeconomics in 1933. He was a Norwegian economist and the co-recipient of the first Nobel Memorial Prize in Economic Sciences in 1969. Fie is known for having founded the discipline of econometrics.
Description : Who is called the Father of Economics? (1) J.M. Keynes (2) Malthus (3) Ricardo (4) Adam Smith
Last Answer : (4) Adam Smith Explanation: Adam Smith is best known for two classic works: The Theory of Moral Sentiments (1759), and An Ingully into the Nature and Causes of the Wealth of Nations (1776 ... father of modern economics and is still among the most influential thinkers in the field of economics today.
Description : The father of Economics is - (1) Marshall (2) Adam Smith (3) J.M. Keynes (4) Karl Marx
Last Answer : (2) Adam Smith Explanation: Adam Smith is known as 'Father of Modern Economics,' He is best known for two classic works: The Theory of Moral Sentiments (1759), and An Inquiry into the Nature and Causes of the Wealth of Nations (1776).
Description : Who said, "Economics is the Science of Wealth"? (1) Robbins (2) J.S. Mill (3) Adam Smith (4) Keynes
Last Answer : (3) Adam Smith Explanation: It was Adam Smith who conceptualized Economics as a science of wealth. Elaborating upon the scope and fundamental conceptualizations of the new science, he then called political economy as "an inquiry into the nature and causes of the wealth of nations."
Description : The Liquidity Preference Theory of Interest was propounded by : (1) J.M. Keynes (2) David Ricardo (3) Alfred Marshall (4) Adam Smith
Last Answer : (1) J.M. Keynes Explanation: In macroeconomic theory, liquidity preference refers to the demand for money, considered as liquidity. The concept was first developed by John May-nard Keynes in his book ... Money (1936) to explain determination of the interest rate by the supply and demand for money.
Description : The terms "Micro Economics" and "Macro Economics" were coined by - (1) Alfred Marshall (2) Ragner Nurkse (3) Ragner Frisch (4) J.M. Keynes
Last Answer : (3) Ragner Frisch Explanation: The terms microeconomics and macroeconomics were coined by Professor Ragnar Frisch of Oslo University for the first time in 1933 and since then they gained popularity and ... number of significant advances in the field of economics and coined a number of new words.
Last Answer : Alfred Marshall
Last Answer : J.M. Keynes
Description : The ‘Canons of Taxation’ were propounded by (1) Edwin Canon (2) Adam Smith (3) J.M. Keynes (4) Dalton
Last Answer : Adam Smith
Description : The term ‘Macro Economics’ was used by __________ . (1) J.M. Keynes (2) Ragner Frisch (3) Ragner Nurkse (4) Prof. Knight
Last Answer : Ragner Frisch
Description : The book which is at the centrepiece of the study of Macro - Economics was written by (1) Prof. Samuelson (2) Prof. J.M. Keynes (3) Prof. Benham (4) Prof. Baumol
Last Answer : Prof. J.M. Keynes
Description : Who defined investment as “the construction of a new capital asset like machinery or factory building” ? (1) Hansen (2) J.M. Keynes (3) Harrod (4) J.R. Hicks
Description : The terms “Micro Economics” and “Macro Economics” were coined by (1) Alfred Marshall (2) Ragner Nurkse (3) Ragner Frisch (4) J.M. Keynes
Description : Which of the following concepts are most closely associated with J.M. Keynes ? (1) Control of money supply (2) Marginal utility theory (3) Indifference curve analysis (4) Marginal efficiency of captial
Last Answer : Marginal efficiency of captial
Description : Who said, “Economics is the Science of Wealth” ? (1) Robbins (2) J.S. Mill (3) Adam Smith(4) Keynes
Last Answer : Keynes
Description : The concept of HDI was popularized by a. Morris D Morris b. Adam Smith c. Keynes d. Mahbub Ul Haq
Last Answer : d. Mahbub Ul Haq The concept developed in the 1990s. It has 3 important parameters- life expectancy, education achievement index and standard of living index.
Description : Human Development Index was developed by : (1) Amartya Sen (2) Mahbub-ul-Haq (3) Friedman (4) Montek Singh
Last Answer : (2) Mahbub-ul-Haq Explanation: The origins of the Human Development Index (HDI) are found in the annual Human Development Reports of the United Nations Development Programme (UNDP). These ... Haq brought together a group of well-known development economists including: Paul Streeten, Frances Stewart.
Description : Human Development Index was developed by : (1) Amartya Sen (3) Friedman (2) Mahbub-ul-Haq (4) Montek Singh
Last Answer : Mahbub-ul-Haq
Description : Which of the following statement is inconsistent with Say's Law (a) The economy has flexible wages and prices. (b) The economy's level of investment solely depends on the level of income. © The ... produce at full employment level of output. (d) The economy has an environment of laissez faire .
Last Answer : (b) The economy’s level of investment solely depends on the level of income.
Description : What was Alva J Fisher family like?
Last Answer : Feel Free to Answer
Description : In an economy, the sectors are classified into public and private on the basis of - (1) employment conditions (2) nature of economic activities (3) ownership of enterprises (4) use of raw materials
Last Answer : (3) ownership of enterprises Explanation: The classical breakdown of all economic sectors is: primary, secondary and tertiary. However, on the basis of ownership, the sectors are: business sector, private sector (privately run businesses), public sector (state sector) and voluntary sector.
Description : In a free enterprise economy, resource allocation is determined by - (1) the pattern of consumers' spending (2) the wealth of the entrepreneurs (3) decision of the Government (4) the traditional employment of factors
Last Answer : (1) the pattern of consumers' spending Explanation: In a free market economy, resources are allocated through the interaction of free and self-directed market forces. This means that what to ... is determined by producers, and who gets the products depends upon the purchasing power of consumers.
Description : Money is said to be neutral if (a) it affects the real variables of the economy. (b) it does not affect the real variables of the economy. (c) it affects only the production. (d) it affects both production & employment.
Last Answer : (b) it does not affect the real variables of the economy.
Description : In an economy, the sectors are classified into public and private on the basis of (1) employment conditions (2) nature of economic activities (3) ownership of enterprises (4) use of raw materials
Last Answer : ownership of enterprises
Description : In a free enterprise economy, resource allocation is determined by (1) the pattern of consumers’ spending (2) the wealth of the entrepreneurs (3) decision of the Government (4) the traditional employment of factors
Last Answer : the pattern of consumers’ spending
Description : If an economy is working at a point left to PPF curve it shows that……… (a) The economy is working at less than the full employment level ; (b) The economy is at full employment level ; (c) The economy is country is faced with excess production ; (d) There is glut of imports
Last Answer : (a) The economy is working at less than the full employment level ;
Description : Who is known as the “father of Tillage”? a. R.A Fisher b. M.L Trough c. Jethro Tull d. Oscar Brefeld
Last Answer : c. Jethro Tull
Description : Leontief’s input output model is based on the concept of----- (a) Consumption function (b) Partial Equilibrium © General Equilibrium. (d) All of the above.
Last Answer : © General Equilibrium.
Description : An economy is in equilibrium when - (1) planned consumption exceeds planned saving (2) planned consumption exceeds planned investment (3) intended saving equals intended investment (4) intended investment exceeds intended savings
Last Answer : (3) intended saving equals intended investment Explanation: In economics, economic equilibrium is a state of the world where economic forces are balanced and in the absence of external influences ... and intended investment. An economy is in equilibrium when total savings equal total investment.
Description : Who among the following is not a classical economist? (1) David Ricardo (2) John Stuart Mill (3) Thomas Malthus (4) John Maynard Keynes
Last Answer : (4) John Maynard Keynes Explanation: Classical economics is widely regarded as the first modern school of economic thought. Its major developers include Adam Smith, Jean-Baptiste Say, David ... affected the theory and practice of modern macroeconomics and formed the economic policies of governments.