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Major Economic Thinkers Trivia Quiz

Ten questions about economic thinkers who have influenced the study of economics and the business world.

A multiple-choice quiz by pericles34. Estimated time: 5 mins.

Author
pericles34

Time
5 mins

Type
Multiple Choice

Quiz #
288,251

Updated
Dec 03 21

# Qns
10

Difficulty
Tough

Avg Score
6 / 10

Plays
1021

One at a Time - Single Page - Timed Game

Question 1 of 10

1. Who theorized that International Trade was a zero sum game, therefore any gains in trade by one country would come at the expense of another? Hint

Jean-Baptiste Colbert

John Maynard Keynes

Adam Smith

Benjamin Friedman

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Question 2 of 10

2. Who wrote "An Inquiry into the Nature and Causes of the Wealth of Nations"? Hint

David Riccardo

Thomas Malthus

Jean-Baptiste Colbert

Adam Smith

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Question 3 of 10

3. What is the most important concept David Ricardo developed in "On the Principles of Political Economy and Taxation"? Hint

Gross Domestic Product

Real Exchange Rates

Defict Spending

Comparative Advantage

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Question 4 of 10

4. Who wrote the work "Das Kapital"? Hint

John Maynard Keynes

Karl Marx

Adam Smith

Joseph Stiglitz

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Question 5 of 10

5. According to the Mundell-Fleming Model, what three things can you not have in what is called the "Unholy Trinity"? Hint

wealth, power and growth

a floating exhange rate, free capital movement and independent monetary policy

a fixed exchange rate, free capital movement and an independent monetary policy

a fixed exchange rate, capital restrictions and an independent monetary policy

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Question 6 of 10

6. According to the Hecksher-Ohlin model, what are the determinants of comparative advantage for different nations? Hint

geography

dumb luck

institutions

factors of production

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Question 7 of 10

7. What theorem determined that as the price of a good rises the return on the factor of production most heavily invested in the good's production will also rise? Hint

Stolper-Samuelson theorem

Fisher separation theorem

Coase theorem

Bishop-Cannings theorem

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Question 8 of 10

8. Who wrote "The General Theory of Employment, Interest, and Money"? Hint

Woodrow Wilson

David Hume

Paul Samuelson

John Maynard Keynes

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Question 9 of 10

9. Which economist is credited with influencing Ronald Reagan and Margaret Thatcher with his "The Road to Serfdom"? Hint

Milton Friedman

Friedrich Hayek

Joseph Stiglitz

Thomas Malthus

10. Who argues in "Capitalism and Freedom" that government, despite good intentions, often did more harm than good upon entering the economic arena, and therefore should stay out of it whenever possible? Hint

Daron Acemoglu

Milton Friedman

Joseph Stiglitz

James Kenneth Galbraith

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Quiz Answer Key and Fun Facts

1. Who theorized that International Trade was a zero sum game, therefore any gains in trade by one country would come at the expense of another?

Answer: Jean-Baptiste Colbert

Colbert was economic adviser for Louis XIV. During his tenure, France practiced a specific brand of mercantilism named Colbertism.

2. Who wrote "An Inquiry into the Nature and Causes of the Wealth of Nations"?

Answer: Adam Smith

The Scottish philosopher wrote the first modern work on economics in 1776. In the work he develops such concepts as the invisible hand and the division of labor.

3. What is the most important concept David Ricardo developed in "On the Principles of Political Economy and Taxation"?

Answer: Comparative Advantage

The London born economist, David Ricardo, published "On the Principles of Political Economy and Taxation" in 1817. In it he develops the idea that nations should produce what they are best at compared to other goods. From this specialization, along with freer trade, nations can increase the wealth of its producers and make goods more inexpensive for the consumer.

4. Who wrote the work "Das Kapital"?

Answer: Karl Marx

The first volume was published in 1867. Marx's collaborator Friedrich Engels edited and released Volumes 2 & 3 after Marx's death.

5. According to the Mundell-Fleming Model, what three things can you not have in what is called the "Unholy Trinity"?

Answer: a fixed exchange rate, free capital movement and an independent monetary policy

The model was developed by Robert Mundell and Marcus Fleming in the 1960s to explain how a small open economy would react to the world economy.

6. According to the Hecksher-Ohlin model, what are the determinants of comparative advantage for different nations?

Answer: factors of production

Eli Heckscher and Bertil Ohlin determined that the relative endowments of individual factors of production (land, labor and capital) determined what a nation was good at making. (e.g. A country like China with large endowments of labor would have a comparative advantage in goods that needed large amounts of labor input.)

7. What theorem determined that as the price of a good rises the return on the factor of production most heavily invested in the good's production will also rise?

Answer: Stolper-Samuelson theorem

In 1941, Wolfgang Stolper and Paul Samuelson derived their theorem from the Hecksher-Ohlin model. Stolper-Samuelson further predicted that holders of the abundant factor of production would be the most pro-free trade as they would receive larger returns on their input.

8. Who wrote "The General Theory of Employment, Interest, and Money"?

Answer: John Maynard Keynes

In the 1936 work, Keynes theorized that to achieve "full employment" of labor and capital, government spending, even into deficit, should be made to increase the "aggregate demand" on goods and services.

9. Which economist is credited with influencing Ronald Reagan and Margaret Thatcher with his "The Road to Serfdom"?

Answer: Friedrich Hayek

In his 1944 work, Hayek argues that any sort of "planning" by the government in economics will eventually lead to the rule of the few, those who do the planning, over the many, who eventually become nothing more than serfs to the few.

Answer: Milton Friedman

In his 1962 book, Friedman argued against the prevailing wisdom of Keynesian economics that had predominated the Eisenhower and Kennedy administrations. Friedman won the 1976 Nobel Prize in Economics.

Source: Author pericles34

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