Match the following List I (Theory of Business Cycle) with List II (Economist): List I List II a.…
The matching is a-2, b-4, c-1, d-3. Schumpeter's approach emphasizes innovation, Hawtrey's emphasizes monetary and credit changes, and Prescott is associated with real…
Choose your answer
Match the following List I (Theory of Business Cycle) with List II (Economist):
| List I | List II |
| a. Innovation Theory | 1. Edward Prescott |
| b. Pure Monetary Theory | 2. Joseph Schumpeter |
| c. Real Business Cycle (RBC) Theory | 3. John Maynard Keynes |
| d. Trade Cycle Theory (based on Aggregate Demand) | 4. R.G. Hawtrey |
Answer and explanation
Correct answer D
The matching is a-2, b-4, c-1, d-3. Schumpeter's approach emphasizes innovation, Hawtrey's emphasizes monetary and credit changes, and Prescott is associated with real business-cycle theory. Keynesian trade-cycle analysis emphasizes changes in aggregate demand.
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Kerala SET (LBS Centre)