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Neoclassical economics: Quiz


Question 1: [1] Neoclassical economics dominates microeconomics, and together with ________ forms the neoclassical synthesis, which dominates mainstream economics today.
CapitalismKeynesian economicsSupply-side economicsJohn Maynard Keynes

Question 2: ________, developed in the 18th and 19th centuries, included a value theory and distribution theory.
David RicardoJohn Stuart MillThomas Robert MalthusClassical economics

Question 3: Anglo-American economists also responded to these problems by turning towards general equilibrium theory, developed on the European continent by Walras and ________.
Keynesian economicsVilfredo ParetoMax WeberAustrian School

Question 4: Regularities in economies are explained by ________, the position that economic phenomena can be explained by aggregating over the behavior of agents.
Methodological individualismFriedrich von HayekIndividualist anarchismCapitalism

Question 5: The term was originally introduced by Thorstein Veblen in 1900, in his Preconceptions of Economic Science, to distinguish marginalists in the tradition of ________ from those in the Austrian School.
Adam SmithAlfred MarshallThomas Robert MalthusJohn Maynard Keynes

Question 6: Neoclassical economics is frequently dated from ________'s Theory of Political Economy (1871), Carl Menger's Principles of Economics (1871), and Leon Walras's Elements of Pure Economics (1874 – 1877).
Austrian SchoolJohn Stuart MillWilliam Stanley JevonsDavid Ricardo

Question 7: Macroeconomics influenced the neoclassical synthesis from the other direction, undermining foundations of classical economic theory such as Say's Law, and assumptions about ________ such as the necessity for a hard-money standard.
Political philosophyIdeologyInternational relationsPolitical economy

Question 8: This was explored in a major debate in the 1960s—the "________"—about the validity of neoclassical economics, with an emphasis on the economic growth, capital, aggregate theory, and the marginal productivity theory of distribution.
Keynesian economicsAustrian SchoolCobb–DouglasCambridge capital controversy

Question 9: Paul Samuelson's ________ (1947) contributed to this increase in formal rigor.
Foundations of Economic AnalysisNeoclassical economicsMathematical economicsComparative statics

Question 10: ________ exist in short period equilibrium for fixed factors, and the rate of profit is not equated across sectors.
David RicardoGeorgismNeoclassical economicsEconomic rent


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