Economists Name

Question 1

1. Economics is a science which deals with wealth

Answer 1

JB Say

Question 2

2. Economics is what economies do

Answer 2

JACOB VINER

Question 3

3. Scarcity definition of economics

Answer 3

(LIONEL ROBBINS)

Question 4

4. Economics is a science

Answer 4

(LIONEL ROBBINS)

Question 5

5. Economics is neutral between ends

Answer 5

(LIONEL ROBBINS)

Question 6

6. Economics is a science of choice (LIONEL ROBBINS)

Question 7

7. Economics as a study of dynamic growth and development

Answer 7

(LIONEL ROBBINS)

Question 8

8. Book - Nature & significance of economics.

Answer 8

(LIONEL ROBBINS)

Question 9

9. Father of Modern Economics

Answer 9

(ADAM SMITH)

Question 10

10. Wealth Definition

Answer 10

(ADAM SMITH)

Question 11

11. Book - An enquiry into the nature and causes of wealth of nations in 1776

Answer 11

ADAM SMITH

Question 12

12. Concept of Socialistic economy

Answer 12

KARL MARX & FREDERICK ENGELS

Question 13

13. Giffen goods

Answer 13

SIR ROBERT GIFFEN

Question 14

14) Welfare definition - Economics in a study of mankind in the ordinary business of life

Answer 14

ALFRED MARSHALL

Question 15

15. Concept of Normative Science

Answer 15

ALFRED MARSHALL

Question 16

16. Cardinal Approach / Margina! Utility Analysis

Answer 16

ALFRED MARSHALL

Question 17

Consumer Surplus

Answer 17

ALFRED MARSHALL

Question 18

Time Element

Answer 18

ALFRED MARSHALL

Question 19

Time Element

Answer 19

ALFRED MARSHALL

Question 20

Law of Diminishing marginal utility

Answer 20

ALFRED MARSHALL

Question 21

Oligopoly

Answer 21

STIGLER

Question 22

Who proposed the Monopolistic Competition theory?

Answer 22

Edward Chamberlin

Question 23

Q: What is the distinction between selling cost and production cost?

Answer 23

Selling cost refers to expenses related to marketing and selling a product, while production cost pertains to the costs of manufacturing the product itself.

Edward Chamberlin

Question 24

What is the Demonstration Effect?

Answer 24

The tendency of individuals to emulate the consumption patterns of others, often seen in relation to consumer behavior.

(James Duesenberry)

Question 25

Q: What is the Veblen Effect?

Answer 25

A: The phenomenon where the demand for certain goods increases as their prices rise, due to their status as prestige goods. (Thorstein Veblen)

Question 26

Q: What is the Doctrine of Conspicuous Consumption?

Answer 26

A: The practice of purchasing goods not for their utility but for the status they confer. (Thorstein Veblen)

Question 27

Q: What is the Substitution Effect?

Answer 27

A: The change in quantity demanded of a good as consumers substitute it for another good when its price changes. (Hicks & Allen)

Question 28

Q: What is the Ordinal Approach or IC Analysis?

Answer 28

A: A method of analyzing consumer preferences based on the ranking of utility rather than measuring it. (Hicks & Allen)

Question 29

Who developed the Cobb-Douglas Production Function?

Answer 29

Charles W. Cobb and Paul H. Douglas

Question 30

Q: What is the key idea behind the Schumpeter's view on entrepreneurs? .

Answer 30

A: Innovation is the true function of an entrepreneur

Question 31

Q: What does the Sweezy's model refer to?

Answer 31

A: A model of oligopoly that highlights price rigidity and the kinked demand curve.

Question 32

Q: What does Keynes argue about fluctuations in economic activities? .

Answer 32

A: Fluctuations in economic activities are due to fluctuations in aggregate effective demand

Question 33

Q: Who claimed that the Trade Cycle is a purely monetary phenomenon?

Answer 33

A: Hawtrey

Question 34

Q: What did Pigou say about business cycles?

Answer 34

A: Business cycles are based on psychological factors, specifically optimism or pessimism.

Question 35

Q: What is Schumpeter's view on Trade Cycles? .

Answer 35

A: Trade cycles occur due to innovations

Question 36

Q: What does the Cobweb Theory explain?

Answer 36

A: It illustrates how prices and quantities can oscillate over time due to time lags in production. (Nicholas Kaldor)

Question 37

Q: What are the four functional goals identified by - CYERT & MARCH ?

Answer 37

A: Production, Inventory, Sales, and Market.

Question 38

Q: What is the Delphi Technique?

Answer 38

A: A method for gathering expert opinions through a structured process. (Olaf Helmer)

Question 39

Q: What are the properties of land according to Ricardo?

Answer 39

A: The properties of land include its fixed supply and varying fertility.

Question 40

What does R.L. Marris emphasize about business?

Answer 40

The goal is to maximize growth.

Question 41

Q: What concept does H.A. SIMON introduce regarding behavior?

Answer 41

A: Satisfying Behavior, where individuals seek satisfactory solutions rather than optimal ones.

Question 42

Q: What is Baumol's theory focused on?

Answer 42

A: Revenue Maximization for firms.

Question 43

Q: What does WILLIAMSON propose regarding business goals?

Answer 43

A: The Maximization of Profit / Managerial Utility.

Question 44

Q: What does David Easton refer to with the Feedback | Black Box Model?

Answer 44

A: It describes how systems receive input and produce output, emphasizing feedback loops.

Question 45

Q: What is PETER DRUCKER'S focus in business management?

Answer 45

A: Creating and retaining customers.