[amp_mcq option1=”J. R. Hicks” option2=”David Ricardo” option3=”A. Marshall” option4=”Adam Smith” correct=”option1″]<\/p>\n
The correct answer is A. J. R. Hicks.<\/p>\n
Hicks was an English economist who is best known for his work on the theory of value and distribution. He was one of the first economists to recognize the importance of time in the determination of price. In his book Value and Capital, he argued that the price of a good is determined by the marginal rate of substitution between that good and other goods, taking into account the time it takes to produce and consume the good.<\/p>\n
Ricardo was an English economist who is best known for his work on the theory of comparative advantage. He argued that countries should specialize in the production of goods in which they have a comparative advantage, and trade with other countries for goods in which they have a comparative disadvantage.<\/p>\n
Marshall was an English economist who is best known for his work on the theory of general equilibrium. He argued that the economy is a system of interrelated markets, and that the equilibrium price in one market will affect the equilibrium prices in other markets.<\/p>\n
Smith was a Scottish economist who is best known for his work on the theory of free markets. He argued that the free market is the best way to organize an economy, and that government intervention should be limited.<\/p>\n","protected":false},"excerpt":{"rendered":"
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