Miscellaneous Economic MCQs


Who is commonly known as the “Father of Economics”?
A) Karl Marx
B) Adam Smith
C) John Maynard Keynes
D) Alfred Marshall

Which book is considered Adam Smith’s seminal work that laid the foundation for modern economics?
A) “Das Kapital”
B) “The General Theory of Employment, Interest, and Money”
C) “The Wealth of Nations”
D) “Principles of Economics”

Adam Smith’s concept of the “invisible hand” refers to:
A) Government intervention in the economy
B) Self-regulating nature of competitive markets
C) Labor theory of value
D) Redistribution of wealth

According to Adam Smith, what is the primary motivation driving economic activity?
A) Altruism
B) Government regulations
C) Self-interest
D) Social equality

Adam Smith argued that free markets lead to:
A) Excessive government control
B) Inequality and poverty
C) Economic growth and prosperity
D) Monopoly power

Alfred Marshall is best known for his contributions to which branch of economics?
A) Macroeconomics
B) Microeconomics
C) Development economics
D) International economics

Which book did Alfred Marshall author that became a seminal textbook in economics?
A) “The Wealth of Nations”
B) “Principles of Economics”
C) “Das Kapital”
D) “The General Theory of Employment, Interest, and Money”

Marshall’s concept of “consumer surplus” refers to:
A) Difference between total revenue and total cost
B) Extra satisfaction consumers derive from consuming a good compared to what they pay
C) Tax levied on producers to benefit consumers
D) Price elasticity of demand for a product

Alfred Marshall’s supply and demand analysis introduced the concept of:
A) Elasticity of demand
B) Price discrimination
C) Market equilibrium
D) Monopolistic competition

Marshall’s approach to economics emphasized the importance of:
A) Government intervention in markets
B) Quantitative analysis and mathematical models
C) Long-run equilibrium and economic stability
D) Marginal analysis and partial equilibrium

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