B.A./B.Sc. (Part-III) Examination 2020 Economics Paper III PDF

## **B.A./B.Sc. (Part-III) Examination, 2020** ### **ECONOMICS** ### **Paper : III** ### **(History of Economic Thought)** **Time: Two Hours /** **[Maximum Marks : 70** **Note:** Attempt all questions. Each question carries equal marks. ### **Part I** 1. Who is regarded as the founder of the cla...

## **B.A./B.Sc. (Part-III) Examination, 2020** ### **ECONOMICS** ### **Paper : III** ### **(History of Economic Thought)** **Time: Two Hours /** **[Maximum Marks : 70** **Note:** Attempt all questions. Each question carries equal marks. ### **Part I** 1. Who is regarded as the founder of the classical school? - (A) David Ricardo - (B) J.S. Mill - (C) T.R. Malthus - (D) Adam Smith 2. Who established first the Cambridge School of Economics in 1903? - (A) Keynes - (B) Pigou - (C) Marshall - (D) Hicks 3. Who gave the slogan "Back to the villages"? - (A) Mahatma Gandhi - (B) Adam Smith - (C) I. Fisher - (D) Jawahar Lal Nehru 4. The classical economist believed that if the quantity of money doubled: - (A) A output would double - (B) Prices would fall - (C) Prices would double - (D) Prices would remain constant 5. Who gave the wantlessness definition of economics? - (A) Adam Smith - (B) J.K. Mehta - (C) Alfred Marshall - (D) David Ricardo 6. Which theory is related to Mahatma Gandhi's economic thought? - (A) Bread Labour - (B) Marginal Utility - (C) Both (A) and (B) - (D) None of these 7. From the following, which economist is not related to physiocracy? - (A) Rechard Cantilon - (B) Robert Turgot - (C) Francis Quesnay - (D) J.B. Say 8. The fundamental principle of 'Ahimsa' is advocated by which Indian? - (A) M.G. Ranade - (B) Amartya Sen - (C) Mahatma Gandhi - (D) J.K. Mehta 9. Mercantilists objected to which? - (A) Decrease Imports - (B) Increase Exports - (C) Free Trade - (D) All of the above 10. The Ricardian theory of comparative advantage related to: - (A) Short-run outcome - (B) Long-run outcome - (C) Intermediate outcome - (D) All of the above 11. Book 'The essay on the Principle of Population' was written by: - (A) The World Bank - (B) Julian Simon - (C) Thomas Robert Malthus - (D) Abraham Lincoln 12. Antonio Serra belongs to which school of economic thought? - (A) Mercantilist School - (B) Neo-classical School - (C) Classical School - (D) Physiocratic School 13. Who gave wage fund theory? - (A) J.S. Mill - (B) David Ricardo - (C) Pigou - (D) Karl Marx 14. According to Marx, socialism takes place because of conflict between: - (A) Caste - (B) Class - (C) Colour - (D) Region 15. The book 'Economic History of India' was written by: - (A) Gopal Krishna Gokhale - (B) Ramesh Chandra Dutta - (C) Mahatma Gandhi - (D) Jawahar Lal Nehru 16. Who developed the idea of specialization of labour? - (A) Ricardo - (B) Veblen - (C) Adam Smith - (D) Karl Marx 17. From the following, who is known as the father of scientific socialism? - (A) Karl Marx - (B) Vilfredo Pareto - (C) J.B. Clark - (D) R.C. Dutta 18. Match the economists with their school: | | Economist | School | |---|---|---| | a | Leon Walras | Institutional School | | b | Bohm Bawerk | Associative School | | c | Thorstein Veblen | Austrain School | | d | Robert Owen | Mathematical School | 19. That economist who is famous for his population theory? - (A) J.R. Hicks - (B) T.R. Malthus - (C) R. Roden - (D) None of these 20. The meaning of the term 'Oikonomia': - (A) Unlimited wants - (B) Acquisition of wealth - (C) Other things remaining the same - (D) Household management 21. According to Marx, what leads to capital accumulation? - (A) Purchase of Improved Machines - (B) Surplus Capital - (C) Surplus Labour - (D) Surplus Saving 22. The book 'Wealth of Nations' was published in which year? - (A) 1776 - (B) 1932 - (C) 1890 - (D) 1790 23. Mercantilism held that: - (A) Silver alone was the mainstay of national wealth. - (B) Gold alone was the mainstay of national wealth. - (C) Silver and gold both were the mainstay of national wealth. - (D) Silver and gold were not important for the national wealth of a country. 24. Arrange the following in order in which they appeared use the code given? - (i) Imperialism - (ii) Mercantilism - (iii) Capitalism - (iv) Feudalism 25. Arrange these according to time: - (i) Global Financial Crisis - (ii) Globalization - (iii) Great Depression - (iv) Gold Standard Mechanism 26. The book 'The principle of Economics' was written by: - (A) Marshall - (B) Walras - (C) Robbinson - (D) Hicks 27. Which international trade theory is propounded by J.S. Mill? - (A) Law of Demand - (B) Opportunity cost theory - (C) Principle of reciprocal demand - (D) Absolute cost theory 28. From the following, what was the base of International trade theory of Adam Smith? - (A) Factor-Price Theory - (B) Theory of Money - (C) Labour-Price Theory - (D) Both (A) and (B) 29. Who was the profounder of natural rate of Interest? - (A) Wickshell - (B) Domer - (C) Keynes - (D) Piguo 30. Who put forward the Drain theory of wealth? - (A) J.K. Mehta - (B) Dada Bhai Naoroji - (C) R.C. Dutta - (D) M.G. Ranade 31. What is the meaning of the term 'Laissez Faire'? - (A) Government Control - (B) Other things remaining the same - (C) Inverse relationship - (D) Free Economy 32. Quesnay belongs to which school of economic thought? - (A) Physiocratic - (B) Mercantilist - (C) Neo-Classical School - (D) Classical School 33. In which definition of economics alternative use of resources is the main content? - (A) Wealth definition - (B) Welfare definition - (C) Scarcity definition - (D) Growth definition 34. The difference between potential price and actual price is known as: - (A) Equilibrium - (B) Consumer Retention - (C) Consumer Surplus - (D) None of these 35. "Economics is what economist do" who said this? - (A) A.C. Piguo - (B) Jacob Viner - (C) L. Robbins - (D) Boulding 36. Who wrote the book 'Poverty and Un-British Rule in India'? - (A) Kautilya - (B) R.C. Dutta - (C) Dada Bhai Naoroji - (D) None of these 37. Welfare definition of economics is given by: - (A) Adam Smith - (B) J.K. Mehta - (C) Samuelson - (D) Marshall 38. Which economist is not related to nationalist approach? - (A) Friedrich list - (B) Adam Muller - (C) Wilhelm Roscher - (D) Jacob Newton 39. General Equilibrium model was developed by which economist? - (A) Malthus - (B) Ricardo - (C) Marshall - (D) Walras 40. The famous Diamond-Water paradox is related to: - (A) Ricardo - (B) Adam Smith - (C) Hicks - (D) Keynes 41. The concept of Industrial Reserve Army was introduced by which? - (A) Tugot - (B) Joan Robinson - (C) Karl Marx - (D) J.S. Mill 42. Who is known as the father of modern Indian economics? - (A) Adam Smith - (B) Raja Ram Mohan Roy - (C) Mahatma Gandhi - (D) M.G. Ranade 43. Want satisfying capacity of a commodity is called: - (A) Utility - (B) Demand - (C) Equilibrium - (D) Supply 44. Match the following: | | Economist | Theory | |---|---|---| | a | Francis Quesnay | Principle of Reciprocal Demand | | b | Gustev Cassel | Tableau Economique | | c | J.S. Mill | Representative firm | | d | Marshall | Purchasing Power Parity | 45. "Supply creates its own demand" - whose statement is this? - (A) J.S. Mill - (B) Sismondi - (C) J.B. Say - (D) Keynes 46. Who is the author of the book 'Das Capital'? - (A) Karl Marx - (B) Fisher - (C) Rostow - (D) None of these 47. Economist Karl Menger was related to which school? - (A) Austrain School - (B) Nationalist - (C) Socialism - (D) Mercantilism 48. Economist Friedrich list advocated: - (A) Free Trade - (B) Protection to infant industry - (C) Both (A) and (B) - (D) None of these 49. The concept of 'Equilibrium Firm' is given by which economist? - (A) Adam Smith - (B) Keynes - (C) Piguo - (D) Marshall 50. Who have given first the importance of time element in the theory of value? - (A) Wickshell - (B) Karl Marx - (C) Jevons - (D) Marshall 51. In classical economics primary factors of production refers to: - (A) Land and Capital - (B) Labour and Capital - (C) Labour and Land - (D) Labour and Enterprise 52. Name the economist who is famous for his experimental socialistic communities? - (A) Robert Owen - (B) Saint Simon - (C) Karl Marx - (D) David Ricardo 53. Who was the first Indian to estimate the national income of the country? - (A) J.K. Mehta - (B) Amartya Sen - (C) Dada Bhai Naoroji - (D) R.C. Dutta 54. Who is in the favour of cottage industry for development in India? - (A) Adam Smith - (B) Karl Marx - (C) Mahatma Gandhi - (D) Jawaharlal Nehru 55. Want satisfying capacity of a commodity is called: - (A) Utility - (B) Demand - (C) Consumer Surplus - (D) Equilibrium 56. What is the correct form of equation in the Fisher's Quantity theory of Money? - (A) P = MV + M'V' - (B) T = M'V' + MV - (C) PT = M'M + VV' - (D) PT = MV + M'V' 57. Who is the father of economics? - (A) David Recardo - (B) Alfred Marshall - (C) Adam Smith - (D) J.S. Mill 58. The Roman writer who wrote the book 'Natural History'? - (A) Pliny - (B) Quesnay - (C) Serra - (D) None of these 59. According to Ricardo, 'Rent is not part of cost but it is a ...'. - (A) Surplus - (B) Loss - (C) Interest - (D) Wage 60. Classical economist connected the demand of money with: - (A) To store - (B) To exchange - (C) Both (A) and (B) - (D) None of these 61. Find the book from the following which was written by Jevons? - (A) The theory of political economy - (B) Discovery of India - (C) Das Capital - (D) A Suitable Boy 62. When was the 'general theory of employment interest and money' published? - (A) 1932 - (B) 1936 - (C) 1817 - (D) 1920 63. In the Malthusian population theory, the population increase in: - (A) Mathematical progression - (B) Geometrical progression - (C) Both (A) and (B) - (D) None of these 64. Adam Smith Advocated in his theories: - (A) Free Trade - (B) Custom Duty - (C) Quantitative Restriction - (D) Protection 65. Which economist is belong to the physiocracy? - (A) Sir Josiah Child - (B) Saint Simon - (C) Mitchell - (D) Robert Turgot 66. In which year, Indian economist Amartya Sen got Nobel Prize? - (A) 1998 - (B) 1990 - (C) 1999 - (D) 1997 67. Which of the following is also called as Gossen's first law? - (A) Law of substitution - (B) Law of equimarginal utility - (C) Law of diminishing utility - (D) Law of indifference 68. Who wrote the book 'Arthashastra'? - (A) Gandhiji - (B) Kautilya - (C) A.K. Sen - (D) M.S. Swaminathan 69. Who is propounded the wage theory of Profit? - (A) J.B. Clark - (B) J.B. Say - (C) Irving Fisher - (D) F.W. Toussing 70. Who among the following economist was the first to mention effective demand as a determinant of the level of economic activity? - (A) D. Ricardo - (B) T.R. Malthus - (C) J.M. Keynes - (D) Toussing