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
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Correct Answer: J .A. Schumpeter
Solution : The correct option is J .A. Schumpeter .
Austrian economist Joseph Schumpeter developed the Innovation Theory of Profits. The introduction of innovations, which Schumpeter defined as the introduction of new goods, processes, markets, or organizational structures inside an industry, is how entrepreneurs can make money, in his opinion. According to Schumpeter, these breakthroughs cause what he called "creative destruction," in which new technology and processes replace outdated ones and cause changes and disruptions in markets. He felt that the invention and creative destruction process was what spurred economic expansion and prosperity.
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Question : J. B. Say's Law of Market was not accepted by:
Option 1: Adam Smith
Option 2: Marshall
Option 3: Malthus
Question : The time element in price analysis was introduced by:
Option 1: J. M. Keynes
Option 2: Alfred Marshall
Option 3: J. S. Mill
Option 4: J. R. Hicks
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 3: John Maynard Keynes
Option 4: Arthur Cecil Pigou
Question : Who is called the "Father of Economics"?
Option 1: Max Muller
Option 2: Karl Marx
Option 3: Adam Smith
Option 4: Alfred Marshall
Question : In the 1930s, which of the following theories was propounded by Arthur Holmes about the mantle?
Option 1: Theory of Faunal Succession
Option 2: Slab Pull Theory
Option 3: Convectional Current Theory
Option 4: Theory of Faulting
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