Question

Match List-I with List-II. \[ \begin{array}{|c|c|c|l|} \hline \text{List-I} & & \text{List-II} & \\ \hline A. & \text{Adam Smith} & I. & \text{Comparative Advantage Theory} \\ \hline B. & \text{Karl Marx} & II. & \text{Demand-led Growth} \\ \hline C. & \text{John Maynard Keynes} & III. & \text{Free Market Economy} \\ \hline D. & \text{David Ricardo} & IV. & \text{Critique of Capitalism} \\ \hline \end{array} \] Choose the correct answer from the options given below: 

• A. A-IV, B-II, C-I, D-III
• B. A-III, B-IV, C-II, D-I
• C. A-I, B-III, C-IV, D-II
• D. A-II, B-I, C-III, D-IV

Hint:

Remember these famous economists:
• Adam Smith $\rightarrow$ Free Market Economy.
• David Ricardo $\rightarrow$ Comparative Advantage Theory.
• J.M. Keynes $\rightarrow$ Demand-led Growth (Keynesian Economics).
• Karl Marx $\rightarrow$ Critique of Capitalism. These are among the most frequently asked matching questions in Economics examinations.

Answer 1

The Correct Option is B

Concept: Many eminent economists have contributed important theories that laid the foundation of modern economics. Matching economists with their major contributions is essential for understanding the evolution of economic thought.

Step 1: Match each economist with his contribution.
• Adam Smith is known as the Father of Economics. In his book The Wealth of Nations (1776), he advocated the idea of a Free Market Economy guided by the "Invisible Hand."
• Karl Marx is famous for his Critique of Capitalism. Through works such as Das Kapital, he analysed exploitation of labour, class struggle and the contradictions of capitalism.
• John Maynard Keynes introduced the concept of Demand-led Growth. According to Keynesian Economics, aggregate demand determines output and employment, especially during economic recessions.
• David Ricardo formulated the Theory of Comparative Advantage, explaining how countries gain from international trade by specializing in goods they can produce relatively efficiently.

Step 2: Prepare the correct matching. \[ \begin{array}{|c|c|} \hline List-I & List-II \hline A.\ \text{Adam Smith} & III.\ \text{Free Market Economy} \hline B.\ \text{Karl Marx} & IV.\ \text{Critique of Capitalism} \hline C.\ \text{John Maynard Keynes} & II.\ \text{Demand-led Growth} \hline D.\ \text{David Ricardo} & I.\ \text{Comparative Advantage Theory} \hline \end{array} \] Thus, \[ \boxed{A-III,\;B-IV,\;C-II,\;D-I} \] Hence, the correct answer is \[ \boxed{(B)\;A\text{-}III,\;B\text{-}IV,\;C\text{-}II,\;D\text{-}I} \]