Match List-I with List-II. List-IList-II A. Economics of Idea I. Adam Smith B. Learning by doing II.…
Paul Romer’s endogenous growth theory centres on nonrival ideas (A-IV); Arrow developed learning by doing (B-III); Keynes used animal spirits for investment confidence…
Choose your answer
Match List-I with List-II.
| List-I | List-II |
|---|---|
| A. Economics of Idea | I. Adam Smith |
| B. Learning by doing | II. John Maynard Keynes |
| C. Animal Spirit | III. K. J. Arrow |
| D. Invisible Hand | IV. Paul Romer |
Answer and explanation
Correct answer B
Paul Romer’s endogenous growth theory centres on nonrival ideas (A-IV); Arrow developed learning by doing (B-III); Keynes used animal spirits for investment confidence (C-II); Smith’s invisible hand is D-I. Thus A-IV,B-III,C-II,D-I. The first swaps both the idea/learning and spirits/hand links; third reverses Romer and Arrow; fourth wrongly puts Smith with ideas and Arrow with the invisible hand. A-III, B-IV, C-I, D-II — Not selected for the specific reasons given above. A-IV, B-III, C-II, D-I — Selected; the independent derivation above supports this complete choice. A-III, B-IV, C-II, D-I — Not selected for the specific reasons given above. A-I, B-IV, C-II, D-III — Not selected for the specific reasons given above.
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UGC NET Economics