040 - E.37:Economic Theories

Who is often considered the father of modern economics and a major proponent of laissez-faire economic policies?

• John Maynard Keynes

• Adam Smith

• Friedrich Hayek

• Milton Friedman

What concept did Adam Smith advocate for, suggesting that individuals pursuing their own self-interest would benefit society?

• Supply-side economics

• Central planning

• Monetary policy

• The invisible hand

Which economist believed that government intervention is necessary to stabilize the economy during recessions?

• Adam Smith

• Arthur Laffer

• John Maynard Keynes

• Friedrich Hayek

Who emphasized the importance of individual liberty and the role of the free market in allocating resources efficiently?

• Friedrich Hayek

• Milton Friedman

• Arthur Laffer

• John Maynard Keynes

Which economic theory focuses on stimulating growth by reducing barriers to production and investment?

• Supply-Side Economics

• Classical Economics

• The Austrian School

• Demand-Side Economics

Who argued that cutting taxes and regulations can incentivize businesses to invest and create jobs?

• Arthur Laffer

• Adam Smith

• Milton Friedman

• Friedrich Hayek

What do Monetarists believe the government should focus on to promote economic stability?

• Reducing individual liberty

• Implementing central planning

• Increasing government spending

• Controlling the money supply

Which economist is known for the belief that excessive expansion of the money supply leads to inflation?

• Milton Friedman

• Arthur Laffer

• John Maynard Keynes

• Friedrich Hayek