Which British economist developed the concept of the multiplier effect?
Answer
Richard Kahn
80 Economic Theories Trivia Questions with Answers
80 public questions with answers, drawn from the well. How many can you answer?
What does the Gini coefficient measure?
Answer
Income inequality
What consumption theory suggests that people plan their spending based on their lifetime income?
Answer
Life-cycle hypothesis
Which French economist is known for the 'broken window fallacy'?
Answer
Frédéric Bastiat
What is the term for extremely rapid inflation exceeding 50% per month?
Answer
Hyperinflation
What concept depicts the flow of money and goods between households and firms in an economy?
Answer
Circular flow of income
What is the name of the central banking system of the United States?
Answer
Federal Reserve
What economic indicator measures the total value of all finished goods and services produced within a country?
Answer
Gross Domestic Product
Which economist introduced the term 'animal spirits' to describe emotional influences on confidence?
Answer
John Maynard Keynes
What economic theory suggests that voters choose not to become informed due to the cost?
Answer
Rational ignorance theory
Which theory attributes the value of a good to its marginal utility?
Answer
Subjective theory of value
What theorem in economics states that a competitive market yields a Pareto efficient outcome?
Answer
First welfare theorem
What concept in game theory describes a situation where players have an incentive to cheat?
Answer
Prisoner's dilemma
What competition model assumes firms choose output levels simultaneously?
Answer
Cournot competition
What economic theory emphasizes tax cuts for the wealthy to stimulate growth?
Answer
Supply-side economics
Which theory explains how people's choices can be influenced by psychological factors?
Answer
Behavioral economics
Which economist introduced the concept of 'creative destruction'?
Answer
Joseph Schumpeter
What theory holds that individuals form expectations based on all available information?
Answer
Rational expectations theory
What concept describes the next best alternative foregone in a decision?
Answer
Opportunity cost
What economic school advocates for minimal government intervention in markets?
Answer
Classical economics
What is the law that states quantity demanded falls as price rises?
Answer
Law of demand
Which economist developed the theory of comparative advantage?
Answer
David Ricardo
What theory suggests that population growth will outstrip food supply?
Answer
Malthusianism
Which economic theory posits that government intervention can stabilize the economy?
Answer
Keynesian economics
Who is the author of 'The Wealth of Nations'?
Answer
Adam Smith