Quiz on Economics for Competitive Exams
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Welcome to DataFlair’s Quiz on Economics. This is an interesting quiz on Marshallian and Walrasian approaches to price determination and the alternative distribution theories of Kaldor, Ricardo, and Kalecki.
Before you start this online Economics Quiz, do not forget to check other parts of Economics Quizzes from the series of 12 quizzes.
- Economics Quiz – 2
- Economics Quiz – 3
- Economics Quiz – 4
These are important topics for competitive exams like UPSC. So let us take the quiz with full attention till the end and check our knowledge on the same.
Summary
These two are one of the most important topics in the economics optional paper of the UPSC exam. Though the Walrasian approach to price determination was not initially accepted by the economists soon, it started to leave its mark.
Where the Marshallian theory came up in the late eighteen hundreds, the Walrasian theory came up one year before the Marshaliian theory, that is, 1889.
Before the Marshaillian approach, there existed two more approaches named the Jewel utility theory of pricing and the Ricardian cost theory of pricing.
Pricing is one of the most important concepts that one needs to understand in order to attempt the real market-based questions.
The questions that one might get on the D day will be more of real-life situations and even case studies, but to attempt them successfully, it is foremost important to be strong on the basics. The basic concepts and the readings help one assess the ground situation more effectively and efficiently.
We wish you luck and confidence for the exam day.
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