Notable Economists – India and World

11. Who is known for the concept of “creative destruction” in economics?
a) Joseph Schumpeter
b) Karl Marx
c) John Kenneth Galbraith
d) Milton Friedman

12. Who is considered the founder of modern microeconomics?
a) Paul Krugman
b) John Maynard Keynes
c) Vilfredo Pareto
d) Friedrich Hayek

13. Which economist is known for the theory of “liquidity preference”?
a) John Maynard Keynes
b) Adam Smith
c) Friedrich Hayek
d) Paul Samuelson

14. Who is known for the concept of “marginal utility” in economics?
a) Ludwig von Mises
b) Vilfredo Pareto
c) John Stuart Mill
d) Jeremy Bentham

15. Who developed the theory of “perfect competition” in economics?
a) Alfred Marshall
b) Joseph Schumpeter
c) John Maynard Keynes
d) Thomas Malthus