The Principles of Political Economy and Taxation (1817) which deals with the classical theory of development was written by: _________?

A. Ricardo
B. Adam smith
C. J.s. mill
D. Malthus

The labour theory of value which formed one of the feature of theory of development offered by Racardo was: ____________?

A. His original idea
B. Borrowed from adam smith
C. Borrowed from marx
D. None of the above

Which one of the following criticism levelled against the classical theory of development is not correct?

A. It underestimated the possibility of technological progress
B. It failed to adequately analyze the problem of maintaining aggregate demand
C. It attached too much importance to the role of technology in development
D. None of the above

Which one of the following features has been wrongly listed as one of the ingredient of Marxian theory of development?

A. Class-struggle
B. Theory of surplus value
C. Centralisation of capital
D. None of the above

The neo-classical thinkers:

A. Reiterated their faith in the people that wages are determined by supply and demand
B. Asserted that the wages are determined by the productivity of the last worker employed
C. Asserted that the wages of workers had consistently increased
D. None of the above

The new-classical writers believed that economic development benefits:

A. All the major income groups
B. Only the capitalists
C. Only the workers
D. None of the above

The chief defect of the neo-Classical theory of development is: __________?

A. It attaches too much importance to factors like political stability and attitude of the people
B. It completely ignores factors like political stability and attitudes of people
C. It refused to consider development as a gradual and continuous process
D. It completely ignores the importance of interest as a factor in establishing equilibrium between supply of savings and demand for capital

Schumpeter held that significant advances in national production occur by disharmonious leaps and spurts. This idea was:

A. His original contribution
B. Borrowed by him from marx
C. Borrowed by schumpeter from neo-classical thinkers
D. None of the above

According to Schumpeter the entrepreneurs contribute to development by: ____________?

A. Quickly catering to the tastes of the consumers
B. Bringing about changes in the tastes of consumers
C. Providing the existing goods at the lowest price
D. All the above actions

Which one of the following has been wrongly listed as a defect of Schumpeter’s theory?

A. He wrongly asserts that capitalism is crumbling and socialism is likely to replace it
B. His theory is defective in so far as it tries to present the spirit of enterprise as a phenomenon common to all social organisations
C. His assumption that all innovations are financed by borrowings is not correct because banks generally provide only short-term loans
D. None of the above