Famous Economic Theories and Economists

Question 1

Question 1 : Which Scottish economist is considered the father of modern economics with his work "The Wealth of Nations"?

Possible answers:

Adam Smith
John Stuart Mill
Thomas Malthus
David Ricardo

Answer

Adam Smith (1723-1790) published "The Wealth of Nations" in 1776, laying the foundations of market economy and the "invisible hand" concept.

Question 2

Question 2 : Which German thinker developed the theory of class struggle and criticized capitalism in "Das Kapital"?

Possible answers:

Georg Hegel
Friedrich Engels
Max Weber
Karl Marx

Answer

Karl Marx (1818-1883) analyzed capitalism and predicted its replacement by socialism then communism in his major work "Das Kapital".

Question 3

Question 3 : Which American economist is the leader of monetarism and a critic of Keynesianism?

Possible answers:

Paul Samuelson
Alan Greenspan
Milton Friedman
John Kenneth Galbraith

Answer

Milton Friedman (1912-2006), Nobel laureate 1976, advocated for money supply control and free markets, influencing Reagan and Thatcher.

Question 4

Question 4 : What economic concept describes the process of "creative destruction" theorized by Joseph Schumpeter?

Possible answers:

The nationalization of companies
Monetary devaluation
Innovation replacing obsolete industries
Company merger

Answer

Schumpeter's creative destruction describes how innovation destroys old economic structures to create new ones, driving capitalism forward.

Question 5

Question 5 : Which economist formulated the law of comparative advantage in international trade?

Possible answers:

Adam Smith
Jean-Baptiste Say
David Ricardo
John Stuart Mill

Answer

David Ricardo (1772-1823) demonstrated that even a less efficient country in all areas benefits from specializing in what it does relatively best.

Question 6

Question 6 : Which economic theory states that "supply creates its own demand"?

Possible answers:

La loi de Say
La loi de Pareto
La loi de Gresham
La loi de Walras

Answer

Say's Law, formulated by Jean-Baptiste Say (1767-1832), states that production generates income that allows purchasing that production.

Question 7

Question 7 : Which Austrian economist, Keynes's rival, defended liberalism in "The Road to Serfdom"?

Possible answers:

Murray Rothbard
Friedrich Hayek
Carl Menger
Ludwig von Mises

Answer

Friedrich Hayek (1899-1992), Nobel laureate 1974, criticized state intervention and defended free markets as guarantors of freedom.

Question 8

Question 8 : What concept describes the situation where 20% of causes produce 80% of effects?

Possible answers:

The Phillips curve
L'effet Veblen
The Pareto principle
La loi de Goodhart

Answer

The Pareto Principle (or 80/20 rule), observed by Vilfredo Pareto, shows that wealth and effort distribution often follows this ratio.

Question 9

Question 9 : Which curve illustrates the inverse relationship between inflation and unemployment in the short term?

Possible answers:

The Phillips curve
La courbe IS-LM
La courbe de Lorenz
La courbe de Laffer

Answer

The Phillips Curve, proposed by A.W. Phillips in 1958, shows that low inflation often accompanies high unemployment and vice versa.

Question 10

Question 10 : Which economist theorized state intervention to stimulate the economy during crises?

Possible answers:

Friedrich Hayek
Milton Friedman
John Maynard Keynes
Adam Smith

Answer

John Maynard Keynes (1883-1946) revolutionized economic thought with his "General Theory" (1936), advocating state intervention and stimulus through public spending during recessions.

Question 11

Question 11 : Which theory suggests that beyond a certain threshold, raising taxes reduces tax revenue?

Possible answers:

La courbe de Lorenz
The Gini coefficient
The multiplier effect
La courbe de Laffer

Answer

The Laffer Curve, popularized by Arthur Laffer, shows that an excessively high tax rate discourages economic activity and reduces revenue.

Question 12

Question 12 : Which French economist received the 2014 Nobel Prize for his work on market regulation?

Possible answers:

Jean Tirole
Esther Duflo
Maurice Allais
Thomas Piketty

Answer

Jean Tirole was awarded for his analysis of market power and regulation, particularly in network industries and oligopolies.

Question 13

Question 13 : Which Keynesian concept describes the increase in income generated by an initial expenditure?

Possible answers:

L'effet d'éviction
The multiplier effect
L'effet de richesse
The liquidity trap

Answer

The multiplier effect shows that a €100 expenditure can generate more than €100 in total income as money circulates and is re-spent multiple times.

Question 14

Question 14 : Which economist developed the theory of rational expectations, challenging Keynesianism?

Possible answers:

James Tobin
Robert Lucas
Franco Modigliani
Gary Becker

Answer

Robert Lucas, Nobel laureate 1995, showed that economic agents anticipate government policies, limiting their effectiveness.

Question 15

Question 15 : Which economist theorized that population growth exceeds that of food resources?

Possible answers:

Thomas Malthus
Jeremy Bentham
Nassau Senior
David Ricardo

Answer

Thomas Malthus (1766-1834) predicted in his "Essay on the Principle of Population" that overpopulation would lead to famines and wars.

Question 16

Question 16 : Which French-American economist received the 2019 Nobel Prize for her work on poverty?

Possible answers:

Elinor Ostrom
Esther Duflo
Claudia Goldin
Janet Yellen

Answer

Esther Duflo, along with Abhijit Banerjee and Michael Kremer, was awarded for her experimental approach to fighting global poverty.

Question 17

Question 17 : What concept describes the situation where "bad" money drives "good" money out of circulation?

Possible answers:

Gibson's paradox
La loi de Say
La loi de Gresham
L'effet Cantillon

Answer

Gresham's Law, attributed to Thomas Gresham in the 16th century, explains that people hoard valuable coins and spend the less valuable ones.

Question 18

Question 18 : Which economist analyzed wealth inequality in "Capital in the Twenty-First Century"?

Possible answers:

Amartya Sen
Paul Krugman
Joseph Stiglitz
Thomas Piketty

Answer

Thomas Piketty, French economist, showed that the return on capital exceeds economic growth, mechanically widening inequalities.

Question 19

Question 19 : Which economist introduced the concept of "opportunity cost" in economic analysis?

Possible answers:

Eugen von Böhm-Bawerk
Léon Walras
Carl Menger
Friedrich von Wieser

Answer

Friedrich von Wieser, Austrian economist, formalized opportunity cost: the cost of what is given up when making an economic choice.

Question 20

Question 20 : Which economic theory states that markets naturally tend toward general equilibrium?

Possible answers:

Le modèle IS-LM
La théorie des jeux
The quantity theory of money
Walras's general equilibrium

Answer

Léon Walras (1834-1910) developed general equilibrium theory, showing how all markets balance simultaneously through prices.

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Famous Economic Theories and Economists

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The 20 quiz questions

Question 1 : Which Scottish economist is considered the father of modern economics with his work "The Wealth of Nations"?

Question 2 : Which German thinker developed the theory of class struggle and criticized capitalism in "Das Kapital"?

Question 3 : Which American economist is the leader of monetarism and a critic of Keynesianism?

Question 4 : What economic concept describes the process of "creative destruction" theorized by Joseph Schumpeter?

Question 5 : Which economist formulated the law of comparative advantage in international trade?

Question 6 : Which economic theory states that "supply creates its own demand"?

Question 7 : Which Austrian economist, Keynes's rival, defended liberalism in "The Road to Serfdom"?

Question 8 : What concept describes the situation where 20% of causes produce 80% of effects?

Question 9 : Which curve illustrates the inverse relationship between inflation and unemployment in the short term?

Question 10 : Which economist theorized state intervention to stimulate the economy during crises?

Question 11 : Which theory suggests that beyond a certain threshold, raising taxes reduces tax revenue?

Question 12 : Which French economist received the 2014 Nobel Prize for his work on market regulation?

Question 13 : Which Keynesian concept describes the increase in income generated by an initial expenditure?

Question 14 : Which economist developed the theory of rational expectations, challenging Keynesianism?

Question 15 : Which economist theorized that population growth exceeds that of food resources?

Question 16 : Which French-American economist received the 2019 Nobel Prize for her work on poverty?

Question 17 : What concept describes the situation where "bad" money drives "good" money out of circulation?

Question 18 : Which economist analyzed wealth inequality in "Capital in the Twenty-First Century"?

Question 19 : Which economist introduced the concept of "opportunity cost" in economic analysis?

Question 20 : Which economic theory states that markets naturally tend toward general equilibrium?

Similar quizzes

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