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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Correct Answer: Adam Smith
Solution : The correct answer is Adam Smith.
The "Father of Economics" is Adam Smith. He was a Scottish economist. Smith's most famous work, The Wealth of Nations, was published in 1776. Smith argued in his book that the free market is a substantial way to organise economic activity. He felt that people are inherently selfish and that selfishness leads to economic progress and wealth. Smith's theories had a significant impact on economic thought and policy. His views are still strongly disputed today but are believed to be the basis of contemporary economics.
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Question : Who propounded the Innovation theory of profits ?
Option 1: J .A. Schumpeter
Option 2: P .A. Samuelson
Option 3: Alfred Marshall
Option 4: David Ricardo
Question : J. B. Say's Law of Market was not accepted by:
Option 1: Adam Smith
Option 2: Marshall
Option 3: Malthus
Question : The development process under capitalism has been described as "creative destruction" by:
Option 1: Joseph Schumpeter
Option 3: Norwood Russell Hanson
Option 4: J. S. Mill
Question : Who said that " the power of population is infinitely greater than the power in the earth to produce subsistence" ?
Option 1: A. Lewis
Option 2: A. Marshall
Option 3: Simon - Kuznets
Option 4: Malthus
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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