1. is the author of the innovation theory. Joseph Schumpeter 2. Known as the "father of modern economics". Keynes 3. He proposed that increase in rent and value of land should be taken by the government in the form of tax. Henry George 4. Laissez faire is a French term, and it was introduced by the Physiocrats 5. In , the famous book Wealth of Nations of Adam Smith was published. 1776 II. 1. He was well-educated in the classics, mathematics and philosophy, and he became a professor of moral philosophy at Glasgow University. He explains how wealth of the nation is created and distributed. For many years, such book became the bible of economics. C A. Plato B. Aristotle C. Adam Smith D. Keynes 2. Another great Greek philosopher, likewise stressed the value of management of agriculture. A A. Aristotle B. Plato C. David Ricardo D. Xenophon 3. Feudalism reached its peak during the Middle Ages in A. Japan B. Europe C. France D. England 4. The real founder of the classical school of economics was .B .B A. Karl Marx B. Adam Smith C. David Ricardo D. Malthus 5. He said that the rate of population growth is higher than the rate of food production. B A. Jean Sismondi B. Malthus C. Friedrich List D. Henry George III. 1. The book Progress and Poverty made its American author Henry George famous. T 2. Friedrich List was a German professor of economics and political science. He also did not agree with the ideas of the classical economists about production, free trade, and free competition. T 3. Jean Sismondi, a noted Italian writer, disagreed in many ways with Adam Smith. He stated that wealth should not be measured in terms of material things but in terms of human welfare. T 4. Karl Marx, one of the famous classical economists, developed the theory or law of comparative advantage. F 5. The Industrial Revolution which started during the later part of 1800's developed in an environment of laissez faire. F IV. 1-3 Enumerate some growth models The Ricardian growth model. The Harrod-Domar model. The Kaldor model. 4-5 What is the title of the Chapter 2.