Question : Who gave the concept of 'money illusion' for the first time?
Option 1: Robertson
Option 2: Adam Smith
Option 3: Irving Fisher
Option 4: John Maynard Keynes
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Correct Answer: Irving Fisher
Solution : The correct answer is Irving Fisher.
The concept of 'money illusion' was introduced by the American economist Irving Fisher. Irving Fisher, an influential economist of the late 19th and early 20th centuries, first articulated the concept of money illusion in his work. He discussed it in his book "The Purchasing Power of Money," published in 1911.
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Question : Who defined 'Rent' as that portion or produce of the earth which is paid to the landlord for the use of original and indestructible power of the soil?
Option 1: David Ricardo
Option 2: Alfred Marshall
Option 3: John Maynard Keynes
Option 4: Arthur Cecil Pigou
Question : J. B. Say's Law of Market was not accepted by:
Option 1: Adam Smith
Option 2: Marshall
Option 3: Malthus
Option 4: David Ricardo
Question : The relationship between the rate of interest and level of consumption was first visualised by Which of the following?
Option 1: Amartya Kumar Sen
Option 2: Milton Friedman
Option 4: James Duesenberry
Question : Who introduced the concept "Stored Program"?
Option 1: John Von Neumann
Option 2: Charles Babbage
Option 3: Blaise Pascal
Option 4: John Mauchly
Question : Who is called the "Father of Economics"?
Option 1: Max Muller
Option 2: Karl Marx
Option 3: Adam Smith
Option 4: Alfred Marshall
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