Famous Economists

Adam Smith ✓

1. What is Adam Smith often referred to as?

   1. The Father of Economics

   2. The Creator of Modern Science

   3. The Pioneer of Psychology

   4. The Founder of Sociology

2. What is the title of Adam Smith's most famous book?

   1. A) The Theory of Moral Sentiments 

   2. B) The Wealth of Nations 

   3. C) The Social Contract 

   4. D) Capital

3. In which year was The Wealth of Nations published?

   1. 1776

   2. 1789

   3. 1765

   4. 1799

4. What concept did Adam Smith introduce to describe the self-regulating nature of the market?

   1. Comparative Advantage

   2. The Invisible Hand

   3. Market Equilibrium

   4. The Division of Labor

5. Which of the following is a key idea in Adam Smith's economic theory?

   1. Government control of the economy

   2. The importance of the division of labor

   3. The abolishment of trade

   4. Fixed pricing for all goods

6. Where was Adam Smith born?

   1. London, England

   2. Glasgow, Scotland

   3. Kirkcaldy, Scotland

   4. Edinburgh, Scotland

7. Adam Smith believed that individuals pursuing their own self-interest would…

   1. Harm society

   2. Lead to social and economic prosperity

   3. Require strict government regulation

   4. Result in market failure

8. What was Adam Smith's perspective on tariffs and trade restrictions?

   1. He supported high tariffs.

   2. He believed in free trade and opposed tariffs.

   3. He wanted trade to be controlled by monarchies.

   4. He thought trade restrictions were necessary for economic growth.

9. What is the full title of The Wealth of Nations?

   1. An Inquiry into the Nature and Causes of the Wealth of Nations

   2. A Treatise on the Wealth of Nations

   3. The Foundations of Economic Wealth

   4. The Wealth of Nations and Its Causes

10. Which other major work by Adam Smith focuses on ethics and morality?

    1. The Theory of Moral Sentiments

    2. The Principles of Economics

    3. The Social Theory

    4. A Moral Economy

Robert Thomas Malthus ✓

1. What did Malthus believe would happen if population growth continued unchecked?

   1. More economic opportunities would arise.

   2. Society would become more egalitarian.

   3. Resources, especially food, would become scarce, leading to famine and poverty.

   4. Environmental resources would remain unaffected.

2. How did Malthus describe the rate of population growth compared to food production?

   1. Both grow exponentially.

   2. Population grows arithmetically, and food grows exponentially.

   3. Population grows exponentially, and food production grows arithmetically.

   4. Both grow at the same rate.

3. Which of the following is an example of a preventive check according to Malthus?

   1. Famine

   2. Delayed marriage

   3. Disease

   4. War

4. What did Malthus mean by "positive checks" on population growth?

   1. Social incentives to encourage larger families

   2. Events or conditions that reduce the population

   3. Government programs for managing population

   4. Financial rewards for families with fewer children

5. Which scientist's theory was influenced by Malthus's ideas on population growth?

   1. Isaac Newton

   2. David Ricardo

   3. Charles Darwin

   4. Sigmund Freud

6. Which work by Robert Thomas Malthus introduced his famous theory on population growth?

   1. The Wealth of Nations

   2. An Inquiry into the Nature and Causes of the Wealth of Nations

   3. An Essay on the Principle of Population

   4. The General Theory of Employment, Interest, and Money

7. What did Robert Malthus argue would eventually limit population growth?

   1. Scientific advancements

   2. Government policies

   3. Natural checks like famine, disease, and moral restraint

   4. Increase in agricultural technology

8. Robert Thomas Malthus was inspired to write his theories on population as a response to which of the following?

   1. The Industrial Revolution’s economic changes

   2. The utopian ideas of thinkers like William Godwin

   3. His education at Cambridge University

   4. The social reforms during the Enlightenment

9. As a professor, Malthus became one of the first in Britain to teach which subject?

   1. Political Economy

   2. Mathematics 

   3. Theology

   4. Anthropology

10. Malthus's view on population growth was shaped partly by observing social conditions during which historical event? 

    1. The Enlightenment

    2. The French Revolution

    3. The American Revolution

    4. The Great Depression

Karl Marx ✓

1. How did Karl Marx impact Economics?

   1. Criticised Capitalism, revealing its flaws

   2. Brought attention to labour economics

   3. Set the basis for the command economy

   4. All of the above

   5. None of the above

2. Which of the following is a type of Alienation?

   1. Alienation from Species Essence

   2. Alienation from Social Bonds

   3. Alienation from Material Conditions

   4. Alienation from Collective Identity

3. Which of the following is NOT a social class in Marx’s theory of Class Struggle?

   1. Proletariat

   2. Bourgeois 

   3. Aristocracy

   4. Petit Bourgeoisie

   5. Lumpenproletariat

4. Why, according to Marx, are worker subject to exploitation?

   1. Workers lack intelligence compared to capitalists

   2. Workers produce more value than they receive in wages

   3. Technology makes workers irrelevant

   4. Because Adam Smith said workers are not exploited

5. What was Marx’s primary prediction about the future of capitalism?

   1. It would lead to a utopian society

   2.  It would eventually collapse and be replaced by communism

   3. It would continue to grow indefinitely

   4. It would lead to global economic crisis

6. What is the core principle of the Labour Theory of Value?

   1. The value of a good is determined by the amount of labour required to produce it

   2. The value of a good is determined by its scarcity

   3. The value of a good is determined by labour demand 

   4. The value of a good is determined by its utility

7. How might Karl Marx have viewed the potential impact of AI on the capitalist mode of production and the working class?

   1. As a force that could potentially lead to a communist utopia

   2. As a threat to the foundations of capitalist society

   3. As a neutral technology with no significant social implications

   4. As a tool that could further exploit the working class

8. Karl Marx often struggled with…

   1. Having too much money.

   2. Having multiple job offers.

   3. Poverty.

   4. None of the above.

9. Which of the following economists had significant impacts on Karl Marx’s theories?

   1. Adam Smith

   2. Linda Datcher Loury

   3. Friedrich Engels

   4. Both a and c are correct.

10. What political system is most commonly associated with and influenced by Karl Marx?

    1. Democracy.

    2. Communism.

    3. Theocracy.

    4. Monarchy.

Andrew Brimmer ✓

1. Andrew Brimmer was the first African American to serve as a:

   1. President of the Federal Reserve

   2. Governor of the Federal Reserve

   3. Chairman of the Federal Reserve

   4. Secretary of the Treasury

2. Which economist greatly influenced Andrew Brimmer’s work?

   1. John Maynard Keynes

   2. Wassily Leontief

   3. Milton Friedman

   4. Paul Samuelson

3. Which historical movement did Andrew Brimmer witness during his lifetime?

   1. The Civil Rights Movement

   2. The Industrial Revolution

   3. The Women’s Suffrage Movement

   4. The Green Revolution

4. Brimmer believed in increasing interest rates gradually to:

   1. Avoid economic shocks

   2. Increase government revenues

   3. Strengthen global trade

   4. Reduce unemployment

5. The Bretton Woods system linked global currencies to which standard?

   1. Silver

   2. Gold

   3. Oil

   4. Dollar reserves

6. Andrew Brimmer advocated for debt forgiveness for which region?

   1. Asia

   2. Africa

   3. South America

   4. Europe

7. What was Brimmer’s stance on fiscal and monetary policy during high inflation?

   1. They should work independently

   2. They should complement each other

   3. Only fiscal policy is effective

   4. Only monetary policy is effective

8. What was a major reason for the fall of the Bretton Woods system?

   1. Lack of gold reserves

   2. Excessive government spending

   3. Unregulated cryptocurrency

   4. Rising unemployment

9. What organization did Brimmer lead from 1995 to 1997?

   1. U.S. Department of Commerce

   2. District of Columbia Financial Control Board

   3. Federal Reserve Board

   4. International Monetary Fund

10. Which group did Brimmer aim to support with minority-owned banks?

    1. Wealthy investors

    2. Urban communities

    3. Middle-class families

    4. Government officials

Linda Datcher Loury ✓

1. What university did Loury spend the majority of her career (27 years) working at? 

1. Tufts University

2. MIT

3. Harvard

4. Yale

2. Which of the economists below had an influence on Loury throughout her career

1. Adam Smith

2. Glenn Loury

3. Milton Freidman 

4. John Meynard Keynes

3. What was Linda Datcher Loury best known for in her academic work?

1. The development of international trade theories

2. Research on the effects of social networks and social capital on economic outcomes

3. Contributions to environmental economics

4. Theoretical advancements in monetary policy

4. What name did Loury earn because of her groundbreaking work?

1. Grandmother of Social Economics

2. Social Capital 

3. Network

4. Economic Bridge

5. Which of the situations below represents using an informal source to obtain a job? 

1. Applied through an online posting on the jobs website

2. Went in person and dropped off your resume

3. Your mom is best friends with the owner of a restaurant and she asked her friend to hire you. 

4. You go in person and write an application for a job. 

6. What were Loury’s findings on the correlation between maternal childcare and child’s years of schooling?

   1. Maternal childcare has no impact on the educational attainment of children

   2. Maternal childcare has a positive influence on the years of schooling of children

   3. Maternal childcare only has a positive influence on the educational attainment of daughters

   4. Maternal childcare only has a positive influence on the educational attainment of sons

7. What was Loury’s theory about the effect of high quality highschools on earnings?

1. The higher quality highschool you attend, the higher your future earnings will be 

2. The higher quality highschool you attend, the lower your future earning will be

3. There is no relationship between the quality of highschools and earnings

4. Hard work is the only factor that can determine your future earnings

8. Which one of her following theories was NOT covered in our presentation?

1. Job information networks

2. Effect of school quality on earnings 

3. Effects of extended family members on educational attainment

4. Social Capital and Poverty Alleviation

9. What event/time period influenced her work

1. Civil rights movement early 20th and late 21st century 

2. 1600s

3. World War 1

4. 1800s

10. Which demographic groups did Loury’s research frequently focus on?

a. Rural farmers and small business owners
b. Women, racial minorities, and low socioeconomic communities
c. Retired individuals and pensioners
d. Wealthy investors and venture capitalists

Milton Friedman ✓

1. Where did Milton Friedman graduate high school?

   1. Rahway High School

   2. Rutgers High School 

   3. Chicago Public High School

   4. Columbia High School

2. What is a key principle of Friedman’s Permanent Income Hypothesis (PIH)?

1. Consumer spending is primarily driven by short-term income fluctuations.

2. People spend based on their expected long-term average income.

3. Temporary increases in income lead to significant spending increases.

4. Savings are irrelevant to consumer spending patterns.

3. Which historical event supported Friedmans criticism of the Phillips Curve

   1. The Great Depression

   2. Stagflation of the 1970s

   3. The 2008 Financial Crisis

   4. Post-World War II economic boom

4. What does the K-Percent Rule advocate?

   1. Adjusting interest rates to maintain economic stability.

   2. Increasing the money supply annually by a fixed percentage

   3. Focusing on fiscal policy to stimulate demand during recessions.

   4.  Letting inflation run to reduce unemployment.

5. What is the main argument in Milton Friedman's book "A Monetary History of the United States, 1867–1960"?

   1. Fiscal policy is the primary tool for managing the economy.

   2. The Great Depression was caused by excessive government intervention.

   3. The Federal Reserve failed to stabilize the money supply during the Great Depression.

   4. The Keynesian multiplier effect is essential for economic recovery

6. According to Milton Friedman, what role does monetary policy play in economic stabilization?

   1. It minimizes government intervention and avoids political influence compared to fiscal policy.

   2. It requires significant government spending to achieve stability

   3. It depends on managing interest rates to influence unemployment.

   4. It is secondary to fiscal policy in addressing economic crises

7.  Milton Friedman is most closely aligned with which economic school?

   1. Keynesian economics

   2. Canadian economics

   3. Chicago School of Economics

   4. Institutional economics

8.  What was the primary focus of Friedman’s economic philosophy

   1. Lots of government intervention to stabilize markets

   2. Monetarism and free-market principles

   3. Regulation to protect consumers and workers

   4. Fiscal policy to reduce unemployment

9.  Which award did Milton Friedman receive in 1976

   1. Presidential Medal of Freedom

   2. National Medal of Science

   3. Nobel Prize in Economic Sciences

   4. Fellow of the American Academy of Arts and Sciences

10.  What influenced Friedman to study economics instead of becoming an actuary?

    1. Failing all actuarial exams on his first attempt

    2. Influence of professors Arthur F. Burns and Homer Jones

    3. His financial struggles during college

    4. A scholarship to Rutgers University

Phyllis Ann Wallace ✓

1. What was Phyllis Ann Wallace’s most popular book that made a significant impact on how the government measures statistics for black women in the United States? 

   1. Women, Minorities and Employment Discrfimination

   2. Black Women in the Labor Force

   3. MBAs on the Fast Track: The Career Mobility of Young Manager

   4. Social Issues in Collective Bargaining

2. Fill in the blank: Phyllis Ann Wallace was the first black woman to receive a doctorate from ___ University and graduate Magna Cum Laude 

   1. Yale

   2. MIT

   3. Ohio State 

   4. Harvard 

3. How did Phyllis Ann Wallace contribute to the CIA’s work in economics? 

   1. She worked as a financial analyst to uncover illegal activity in third world countries during the Cold War

   2. She worked undercover, investigating white people in the workplace, and provided findings to the government 

   3. She worked as a senior economist as an economic intelligence analyst during the Cold War

   4. She wrote a book on LGBTQ+ rights with information provided by CIA agents 

4. What was the result of Phyllis Ann Wallace’s research on the company AT&T?

1. Hundreds of company workers were fired for sexual harassment towards their bosses

2. The Landmark ruling in 1973 (company had to pay millions of dollars as apology)

3. Increase in the number of white men hired 

4. Helped build the latest technology in 1973 which revolutionized the workforce 

5. What was Phyllis Ann Wallace’s heritage? 

   1. Indian-American

   2. Irish-Jamaican 

   3. American (Indigenous)

   4. Black-American 

6. After Phyllis Ann Wallace returned to New York in 1969, what was her personal research focused on?

1. On African immigrants to America 

2. On women’s abortion rights

3. On LGBTQ+ representation in media 

4. On the labour market for black communities 

7. What was Phyllis Ann Wallace’s goal for future generations, considering all the work she did in her lifetime? 

   1. For black individuals to have equal influence in the workforce 

   2. For black individuals to immigrate from America to England 

   3. For white individuals to graduate from universities with doctorates 

   4. For black individuals to have more influence than white individuals in racial laws 

8. Which company did Phyllis Ann Wallace fight against for non-discriminatory work ethic?

   1. AT&T

   2. Microsoft 

   3. Tesla 

   4. Olive Garden 

9. During which significant time period did Phyllis Ann Wallace grow up? 

   1. Bubonic Plague 

   2. Victorian Era 

   3. World War I

   4. The Great Depression

10.  Phyllis Ann Wallace wrote many books in her lifetime. What did her most popular book propose the government start doing?

    1. Proposed that the government decrease salaries for white males 

    2. Proposed that the government do an intersectional analysis so more diverse communities are considered in employment statistics

    3. Proposed that the government allow citizens to openly protest about rights relating to African-American female teenagers

    4. Proposed that the government should remove any members that actively discriminate against the LGBTQ+ community, women, and people of colour  

David Ricardo ✓

1. What was David Ricardo’s wife’s name?

   1. Lydia Lopokova

   2. He was never married

   3. Priscilla Wilkinson 

   4. Johanna von Westphalen

2. What was published in 1815?

   1. Influence of a Low Price of Corn on the Profits of Stock 

   2. Principles of Political Economy and Taxation

   3. The General Theory of Employment

   4. The Wealth of Nations

3. Where was David Ricardo born?

   1. United States of America

   2. Scotland

   3. England

   4. None of the above

4. What university did David Ricardo attend? 

   1. Yale

   2. Harvard

   3. University of Cambridge

   4. None of the above

5. David Ricardo’s father worked as what?

   1. Stockbroker

   2. Banker

   3. Gunsmith

   4. Bookkeeper

6. The Country with Comparative Advantage is based on…

   1. Who can produce more

   2. Having more resources than other countries

   3. The ability to produce a good at a lower opportunity cost than others

   4. Specializing in goods where there is the highest demand globally

7. Countries that have housing prices that are  higher in major cities follow which theory?

   1. Labor Theory of Value

   2. Comparative Advantage Theory

   3. Theory of Rents

   4. A and B

8. Skilled labour is more _______.

   1. Stronger

   2. Efficient

   3. Valuable

   4. Weaker

9. What age did David Ricardo start working?

   1. 11

   2. 29

   3. 17

   4. 14

10. How many children did David Ricardo have?

    1. 1

    2. 8

    3. 4

    4. none

William Arthur Lewis ✓

1. Where was Sir Arthur Lewis born?

   1. Jamaica

   2. Trinidad

   3. Saint Lucia

   4. Barbados

2. What major theory is Sir Arthur Lewis most famous for?

   1. The Keynesian Model

   2. The Dual-Sector Model

   3. The Circular Flow of Income

   4. The Comparative Advantage Theory

3. In what year did Sir Arthur Lewis win the Nobel Prize in Economics?

   1. 1963

   2. 1970’

   3. 1979

   4. 1985

4. What was the main focus of Sir Arthur Lewis’s Dual-Sector Model?

   1. Developing international trade policies

   2. Transitioning economies from agriculture to industry

   3. Controlling inflation in industrialized nations

   4. Promoting technological advancements

5. Which university did Sir Arthur Lewis attend as the first Black student?

   1. Oxford University

   2. Harvard University

   3. London School of Economics

   4. Cambridge University

6. 6. Sir Arthur Lewis served as the first president of which institution?

   1. Caribbean Development Bank

   2. World Bank

   3. International Monetary Fund

   4. United Nations

7. What type of labor does the Dual-Sector Model focus on transitioning into industrial jobs?

   1. Skilled labor

   2. Agricultural surplus labor

   3. Urban professionals

   4. Government employees

8. In which year did Sir Arthur Lewis publish his influential article, “Economic Development with Unlimited Supplies of Labour”?

   1. a) 1945

   2. b) 1950

   3. c) 1954

   4. d) 1960

9. What role did Sir Arthur Lewis hold at Princeton University?

   1. Professor of Economics and Political Affairs

   2. Vice-Chancellor

   3. Director of Colonial Development

   4. Head of International Studies

10. What is one of the main criticisms of Sir Arthur Lewis’s Dual-Sector Model?

    1. It ignores the role of trade in development.

    2. It oversimplifies labor mobility between sectors.

    3. It fails to account for industrial productivity.

    4. It focuses too much on developed countries.