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.