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Questions and Answers
What is one tenth of annual produce or earnings, formerly taken as a tax for the support of the Church and clergy?
What is one tenth of annual produce or earnings, formerly taken as a tax for the support of the Church and clergy?
What is the function of advertising according to Veblen?
What is the function of advertising according to Veblen?
What significant theory did Edward H. Chamberlin contribute to economic thought?
What significant theory did Edward H. Chamberlin contribute to economic thought?
Where did Edward H. Chamberlin receive his education?
Where did Edward H. Chamberlin receive his education?
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With which schools of thought was Joan Robinson associated during her career?
With which schools of thought was Joan Robinson associated during her career?
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Which theory did Joan Robinson introduce to the field of economics?
Which theory did Joan Robinson introduce to the field of economics?
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Which economist is known for independently discovering a theory of imperfect competition?
Which economist is known for independently discovering a theory of imperfect competition?
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What is considered the main work of John Maynard Keynes?
What is considered the main work of John Maynard Keynes?
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Who is recognized as the founder of the Austrian School of Economics?
Who is recognized as the founder of the Austrian School of Economics?
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What is the significance of the embodied theory in commodity production?
What is the significance of the embodied theory in commodity production?
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Which economist published 'Elements of Pure Economics'?
Which economist published 'Elements of Pure Economics'?
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What was Friedrich von Wieser's primary contribution to economics?
What was Friedrich von Wieser's primary contribution to economics?
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Who argued for a connection between commercial crises and the solar cycle?
Who argued for a connection between commercial crises and the solar cycle?
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Which of the following terms is often used interchangeably with 'Austrian School'?
Which of the following terms is often used interchangeably with 'Austrian School'?
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What defines a 'good' according to Carl Menger's ideas?
What defines a 'good' according to Carl Menger's ideas?
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Where and when was Friedrich von Wieser born?
Where and when was Friedrich von Wieser born?
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What does the principle of effective demand in Keynesian theory primarily emphasize?
What does the principle of effective demand in Keynesian theory primarily emphasize?
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How is effective demand expressed in an economy?
How is effective demand expressed in an economy?
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What is the market for loanable funds primarily concerned with?
What is the market for loanable funds primarily concerned with?
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Which option correctly describes the term 'marginal propensity to consume'?
Which option correctly describes the term 'marginal propensity to consume'?
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Who is recognized as Friedrich A. von Hayek's major intellectual opponent?
Who is recognized as Friedrich A. von Hayek's major intellectual opponent?
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In which school of thought was Friedrich A. von Hayek educated?
In which school of thought was Friedrich A. von Hayek educated?
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What time period did Adam Smith live and work in?
What time period did Adam Smith live and work in?
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Which economist is associated with the German historical school?
Which economist is associated with the German historical school?
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Who prohibited French workmen from emigrating while inviting workmen from foreign countries?
Who prohibited French workmen from emigrating while inviting workmen from foreign countries?
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Which economist sought to expel foreign merchants from France and support local merchants?
Which economist sought to expel foreign merchants from France and support local merchants?
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Which country’s importation was prohibited by William Stafford?
Which country’s importation was prohibited by William Stafford?
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Which concept is attributed to John Law?
Which concept is attributed to John Law?
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Which term refers to the school of thought in economics that began in the late 18th and early 19th centuries?
Which term refers to the school of thought in economics that began in the late 18th and early 19th centuries?
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What is the main focus of Classical economics?
What is the main focus of Classical economics?
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What did classical economic theory promote for societal structure?
What did classical economic theory promote for societal structure?
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What was Vilfredo Pareto's profession?
What was Vilfredo Pareto's profession?
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Who believed that wages should cover the minimum living costs?
Who believed that wages should cover the minimum living costs?
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What theory is Vilfredo Pareto known for developing?
What theory is Vilfredo Pareto known for developing?
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What defines Pareto Efficiency?
What defines Pareto Efficiency?
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Which school of thought is Alfred Marshall associated with?
Which school of thought is Alfred Marshall associated with?
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What significant concept is Alfred Marshall known for introducing?
What significant concept is Alfred Marshall known for introducing?
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Which book by Alfred Marshall achieved notable success as a textbook?
Which book by Alfred Marshall achieved notable success as a textbook?
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When was 'Principles of Economics' by Alfred Marshall first published?
When was 'Principles of Economics' by Alfred Marshall first published?
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What does the term 'Marshallian scissors' refer to?
What does the term 'Marshallian scissors' refer to?
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What is considered a potential threat to women's rights as human beings according to Fourier?
What is considered a potential threat to women's rights as human beings according to Fourier?
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Who is known for the idea that demand drives supply in economic theory?
Who is known for the idea that demand drives supply in economic theory?
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Which school of economic thought does the term 'utility' primarily belong to?
Which school of economic thought does the term 'utility' primarily belong to?
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Which economist is attributed with the creation of the 'Economic Table'?
Which economist is attributed with the creation of the 'Economic Table'?
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What type of tax did the Physocrats consider essential for economic stability?
What type of tax did the Physocrats consider essential for economic stability?
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According to Adam Smith, what constitutes the wealth of a nation?
According to Adam Smith, what constitutes the wealth of a nation?
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What was John Maynard Keynes's main belief regarding state intervention in the economy?
What was John Maynard Keynes's main belief regarding state intervention in the economy?
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According to W. Petty, what is considered the 'mother' of wealth?
According to W. Petty, what is considered the 'mother' of wealth?
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Study Notes
Economic Theories and Figures
- Physiocrats: Identified three classes of the economy: productive, sterile, proprietor
- Quesnay's "zig-zag" depiction: Depicts income flows between economic sectors; presented in an economic table
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Islamic Finance Methods:
- Mudarabah: Two parties pool resources, share profits/losses; one party provides capital, the other expertise
- Musharaka: A form of financing that operates as a mutual fund; one party provides capital and the other party provides entrepreneurial skill
- Murabaha: Financier acts as purchasing agent for borrower; goods are then sold to the borrower at a mark-up price
- Ijara wa iktina: A financing method where the financier acts as a purchasing agent for the borrower, and then sells the goods to the borrower with a fixed mark-up on the purchase price
Comparative Advantage and Mercantilism
- Comparative Advantage: Theory created by David Ricardo regarding international trade
- French Mercantilism: Known as Colbertisme
- German Mercantilism: Known as Cameralism
Economic Schools
- Neoclassic: Investigated the "Dutch puzzle"
- Mercantilism: A school of thought; characterized by government intervention in the economy
- Austrian School of Economics: Founded by Carl Menger
Important Economists
- Adam Smith: Lived from 1723-1790; known for the theory of Comparative Advantage
- David Ricardo: Created the theory of comparative advantage, and also considered a key figure in classical economics
- Alfred Marshall: Neoclassical economist; associated with the development of marginalism in economics
- Joan Robinson: Economist associated with the Cambridge school, Neo-Ricardian and Post Keynesian schools; introduced imperfect competition to economics
- John Maynard Keynes: Known for the General Theory of Employment, Interest, and Money, which significantly influenced modern macroeconomic theory
- Edward Chamberlin: Developed a theory of monopolistic competition
- Friedrich Hayek: Associated with the Austrian School of Economics
- M. Friedman: Associated with Monetarism
- Vilfredo Pareto: Known for his concept of Pareto Efficiency
- W. Stafford: associated with Monetarism
- W. Petty: One of the key thinkers that contributed to early economics, thought to have been one, if not the first, to have considered Labour as the source of wealth creation
Other Notable Concepts and Figures
- Pareto Efficiency: An economic state where resources are efficiently utilized, and no one can be made better off without making someone else worse off
- Marginal Propensity to Consume: The fraction of a change in income that is consumed.
- Marshallian Scissors: Concept used to illustrate how demand and supply interact to determine price and quantity.
- General Equilibrium Theory: Developed by Leon Walras
- Economic Table: Created by F. Quesnay; depicts flow of income in an economy
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Description
Explore key concepts of economic theories including Physiocrats, Islamic finance methods, and David Ricardo's concept of comparative advantage. This quiz covers the foundational figures and terms that shape economic understanding. Test your knowledge of how these theories influence modern economics.
