Which economist is most associated with monetarism?
Answer
Milton Friedman
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Which economic theory links money supply growth to inflation in the long run?
Answer
Quantity theory of money
Which school of thought argued that land was the source of all wealth?
Answer
Physiocracy
Which theory says countries gain by specializing where they have the lowest opportunity cost?
Answer
Comparative advantage
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Which economic theory links money supply growth to inflation in the long run?
Answer
Quantity theory of money
Which school of thought argued that land was the source of all wealth?
Answer
Physiocracy
Which theory says countries gain by specializing where they have the lowest opportunity cost?
Answer
Comparative advantage
Who published The Wealth of Nations in 1776?
Answer
Adam Smith
Which 1936 book is the founding text of Keynesian macroeconomics?
Answer
The General Theory
What theory states that if one optimal condition is not met, achieving other optimal conditions may not improve welfare?
Answer
Theory of the second best
What macroeconomic theory attributes business cycles to real shocks, such as changes in technology or productivity?
Answer
Real business cycle theory
What theorem predicts that in a majority-rule election, the outcome matches the preference of the median voter?
Answer
Median voter theorem
What branch of economics applies economic analysis to political decision-making?
Answer
Public choice theory