Unit 4 : Debate on Methods of Economic Analysis | History of economic thought | BA SEM 6 Economics Lucknow University

1. Who among the following economists is associated with the extension of the new theory of value and distribution?

   a) Carl Menger

   b) Karl Marx

   c) Adam Smith

   d) John Stuart Mill

   Answer: a) Carl Menger

2. Which economist extended the new theory by focusing on the role of social institutions in shaping economic outcomes?

   a) Friedrich Hayek

   b) Ludwig von Mises

   c) Eugen von Böhm-Bawerk

   d) Friedrich von Wieser

   Answer: d) Friedrich von Wieser

3. Who developed the concept of marginal productivity of capital as an extension of the new theory?

   a) Friedrich von Wieser

   b) Eugen von Böhm-Bawerk

   c) William Stanley Jevons

   d) Francis Edgeworth

   Answer: b) Eugen von Böhm-Bawerk

4. Which economist emphasized the role of subjective value in determining prices and quantities traded?

   a) William Stanley Jevons

   b) Francis Edgeworth

   c) Philip Wicksteed

   d) Eugen von Böhm-Bawerk

   Answer: c) Philip Wicksteed

5. Who among the following economists extended the new theory by introducing the concept of marginal utility of labor?

   a) Francis Edgeworth

   b) Eugen von Böhm-Bawerk

   c) Joseph Schumpeter

   d) Alfred Marshall

   Answer: d) Alfred Marshall

6. Which economist emphasized the importance of entrepreneurship in the process of economic development?

   a) Philip Wicksteed

   b) Joseph Schumpeter

   c) Francis Edgeworth

   d) Eugen von Böhm-Bawerk

   Answer: b) Joseph Schumpeter

7. Who developed the concept of perfect competition as an extension of the new theory?

   a) Alfred Marshall

   b) William Stanley Jevons

   c) John Stuart Mill

   d) Francis Edgeworth

   Answer: a) Alfred Marshall

8. Which term describes the situation where markets reach a state of equilibrium with no excess supply or demand?

   a) Pareto efficiency

   b) Perfect competition

   c) Market equilibrium

   d) Allocative efficiency

   Answer: c) Market equilibrium

9. Who among the following economists extended the new theory by integrating demand and supply analysis?

   a) Philip Wicksteed

   b) Alfred Marshall

   c) Joseph Schumpeter

   d) Francis Edgeworth

   Answer: b) Alfred Marshall

10. Which economist emphasized the role of political and philosophical factors in shaping economic outcomes?

    a) Eugen von Böhm-Bawerk

    b) Philip Wicksteed

    c) Alfred Marshall

    d) Joseph Schumpeter

    Answer: d) Joseph Schumpeter

 Politico-Philosophical Background:

11. What term describes the economic philosophy that emphasizes individual freedom and minimal government intervention in the economy?

    a) Liberalism

    b) Socialism

    c) Conservatism

    d) Fascism

    Answer: a) Liberalism

12. Who among the following philosophers is associated with the idea of utilitarianism, which influenced economic thought?

    a) John Locke

    b) Adam Smith

    c) Jeremy Bentham

    d) Thomas Hobbes

    Answer: c) Jeremy Bentham

13. Which economic philosophy advocates for the greatest good for the greatest number of people?

    a) Utilitarianism

    b) Individualism

    c) Liberalism

    d) Conservatism

    Answer: a) Utilitarianism

14. What term describes the belief in the importance of individual rights, freedoms, and responsibilities?

    a) Utilitarianism

    b) Individualism

    c) Liberalism

    d) Conservatism

    Answer: b) Individualism

15. Who among the following economists is associated with the idea of natural law, which influenced economic thought?

    a) Adam Smith

    b) David Ricardo

    c) Karl Marx

    d) John Stuart Mill

    Answer: a) Adam Smith

 Evaluation of Natural Law:

16. Which term describes the idea that there are inherent moral principles that govern human behavior, including economic activity?

    a) Natural law

    b) Positive law

    c) Utilitarianism

    d) Individualism

    Answer: a) Natural law

17. Who among the following philosophers argued for the existence of natural rights, including property rights?

    a) John Locke

    b) Thomas Hobbes

    c) Jean-Jacques Rousseau

    d) Immanuel Kant

    Answer: a) John Locke

18. What term describes the belief that economic activities should conform to moral principles derived from nature or divine will?

    a) Natural law

    b) Positive law

    c) Utilitarianism

    d) Individualism

    Answer: a) Natural law

19. Which economic philosopher argued that individuals have a natural right to the fruits of their labor?

    a) Adam Smith

    b) Karl Marx

    c) John Stuart Mill

    d) John Locke

    Answer: d) John Locke

20. How did the concept of natural law influence early economic thought?

    a) It emphasized the importance of government intervention in economic affairs

    b) It provided a moral foundation for property rights and free exchange

    c) It rejected the idea of individual rights and freedoms

    d) It promoted the idea of economic equality through redistribution

    Answer: b) It provided a moral foundation for property rights and free exchange

 Liberalism and Utilitarianism:

21. What term describes the belief in individual freedom, limited government, and free markets?

    a) Liberalism

    b) Utilitarianism

    c) Conservatism

    d) Socialism

    Answer: a) Liberalism

22. Who among the following philosophers argued for the greatest good for the greatest number of people as a guiding principle?

    a) John Locke

    b) Adam Smith

    c) Jeremy Bentham

    d) Karl Marx

    Answer: c) Jeremy Bentham

23. What term describes the idea that actions are morally right if they lead to the greatest happiness for the

 greatest number of people?

    a) Liberalism

    b) Utilitarianism

    c) Conservatism

    d) Socialism

    Answer: b) Utilitarianism

24. Which philosopher is often considered the founder of modern utilitarianism?

    a) John Locke

    b) Adam Smith

    c) Jeremy Bentham

    d) Karl Marx

    Answer: c) Jeremy Bentham

25. How did the ideas of liberalism and utilitarianism influence economic thought?

    a) They emphasized the importance of government intervention in economic affairs

    b) They promoted the idea of economic equality through redistribution

    c) They advocated for individual freedom, free markets, and the greatest good for the greatest number

    d) They rejected the idea of property rights and free exchange

    Answer: c) They advocated for individual freedom, free markets, and the greatest good for the greatest number

26. What term describes the belief in individual freedom, limited government, and free markets?

    a) Liberalism

    b) Utilitarianism

    c) Conservatism

    d) Socialism

    Answer: a) Liberalism

27. Who among the following philosophers argued for the greatest good for the greatest number of people as a guiding principle?

    a) John Locke

    b) Adam Smith

    c) Jeremy Bentham

    d) Karl Marx

    Answer: c) Jeremy Bentham

28. What term describes the idea that actions are morally right if they lead to the greatest happiness for the greatest number of people?

    a) Liberalism

    b) Utilitarianism

    c) Conservatism

    d) Socialism

    Answer: b) Utilitarianism

29. Which philosopher is often considered the founder of modern utilitarianism?

    a) John Locke

    b) Adam Smith

    c) Jeremy Bentham

    d) Karl Marx

    Answer: c) Jeremy Bentham

30. How did the ideas of liberalism and utilitarianism influence economic thought?

    a) They emphasized the importance of government intervention in economic affairs

    b) They promoted the idea of economic equality through redistribution

    c) They advocated for individual freedom, free markets, and the greatest good for the greatest number

    d) They rejected the idea of property rights and free exchange

    Answer: c) They advocated for individual freedom, free markets, and the greatest good for the greatest number