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The Contribution of Indian Mathematicians to Economic Theory

Description: This quiz aims to assess your knowledge about the contributions of Indian mathematicians to economic theory.
Number of Questions: 15
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Tags: indian mathematics economic theory indian mathematicians economics
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Who is considered one of the earliest Indian mathematicians to make significant contributions to economic theory?

  1. Aryabhata

  2. Bhaskara II

  3. Brahmagupta

  4. Panini


Correct Option: A
Explanation:

Aryabhata, who lived in the 5th century CE, is credited with developing the concept of the 'rule of three', which is a method for solving proportion problems. This concept has applications in various economic theories.

Which Indian mathematician is known for his work on the concept of 'economic surplus'?

  1. Chanakya

  2. Bhaskara II

  3. Brahmagupta

  4. Kautilya


Correct Option: D
Explanation:

Kautilya, also known as Chanakya, wrote the treatise 'Arthashastra' in the 4th century BCE, which discusses various economic concepts, including the idea of 'economic surplus', which refers to the excess of production over consumption.

Which Indian mathematician developed the concept of 'game theory'?

  1. Aryabhata

  2. Bhaskara II

  3. Brahmagupta

  4. Srinivasa Ramanujan


Correct Option: D
Explanation:

Srinivasa Ramanujan, who lived in the early 20th century, made significant contributions to game theory, a branch of mathematics that deals with strategic decision-making in situations involving multiple players.

Which Indian mathematician is known for his work on the concept of 'social choice theory'?

  1. Amartya Sen

  2. Jagdish Bhagwati

  3. Manmohan Singh

  4. Raghuram Rajan


Correct Option: A
Explanation:

Amartya Sen, a Nobel laureate in economics, has made significant contributions to social choice theory, which deals with the aggregation of individual preferences into a collective decision.

Which Indian mathematician developed the concept of 'Nash equilibrium'?

  1. John Nash

  2. Jagdish Bhagwati

  3. Manmohan Singh

  4. Raghuram Rajan


Correct Option: A
Explanation:

John Nash, an American mathematician, developed the concept of 'Nash equilibrium', which is a solution concept in game theory where no player has an incentive to change their strategy given the strategies of the other players.

Which Indian mathematician is known for his work on the concept of 'rational expectations'?

  1. Jagdish Bhagwati

  2. Manmohan Singh

  3. Raghuram Rajan

  4. Abhijit Banerjee


Correct Option: C
Explanation:

Raghuram Rajan, a former governor of the Reserve Bank of India, has made significant contributions to the theory of 'rational expectations', which assumes that economic agents form expectations about the future based on all available information.

Which Indian mathematician is known for his work on the concept of 'behavioral economics'?

  1. Jagdish Bhagwati

  2. Manmohan Singh

  3. Abhijit Banerjee

  4. Esther Duflo


Correct Option: C
Explanation:

Abhijit Banerjee, a Nobel laureate in economics, has made significant contributions to behavioral economics, which studies the influence of psychological, social, and cognitive factors on economic decision-making.

Which Indian mathematician is known for his work on the concept of 'mechanism design'?

  1. Jagdish Bhagwati

  2. Manmohan Singh

  3. Abhijit Banerjee

  4. Pradeep Dubey


Correct Option: D
Explanation:

Pradeep Dubey, an Indian-American mathematician, has made significant contributions to mechanism design, which is a branch of game theory that deals with the design of mechanisms that incentivize participants to behave in a socially desirable manner.

Which Indian mathematician is known for his work on the concept of 'information economics'?

  1. Jagdish Bhagwati

  2. Manmohan Singh

  3. Abhijit Banerjee

  4. Vijay Krishna


Correct Option: D
Explanation:

Vijay Krishna, an Indian-American mathematician, has made significant contributions to information economics, which studies the role of information in economic decision-making.

Which Indian mathematician is known for his work on the concept of 'contract theory'?

  1. Jagdish Bhagwati

  2. Manmohan Singh

  3. Abhijit Banerjee

  4. Dilip Abreu


Correct Option: D
Explanation:

Dilip Abreu, an Indian-American mathematician, has made significant contributions to contract theory, which studies the design and enforcement of contracts between economic agents.

Which Indian mathematician is known for his work on the concept of 'auction theory'?

  1. Jagdish Bhagwati

  2. Manmohan Singh

  3. Abhijit Banerjee

  4. Vijay Krishna


Correct Option: D
Explanation:

Vijay Krishna, an Indian-American mathematician, has made significant contributions to auction theory, which studies the design and implementation of auctions for allocating goods and services.

Which Indian mathematician is known for his work on the concept of 'matching theory'?

  1. Jagdish Bhagwati

  2. Manmohan Singh

  3. Abhijit Banerjee

  4. Alvin Roth


Correct Option: D
Explanation:

Alvin Roth, an American mathematician, has made significant contributions to matching theory, which studies the allocation of indivisible goods or services to multiple agents.

Which Indian mathematician is known for his work on the concept of 'fair division'?

  1. Jagdish Bhagwati

  2. Manmohan Singh

  3. Abhijit Banerjee

  4. Sujoy Chakravarty


Correct Option: D
Explanation:

Sujoy Chakravarty, an Indian mathematician, has made significant contributions to fair division, which studies the allocation of goods and services among multiple agents in a fair and equitable manner.

Which Indian mathematician is known for his work on the concept of 'cooperative game theory'?

  1. Jagdish Bhagwati

  2. Manmohan Singh

  3. Abhijit Banerjee

  4. Pradeep Dubey


Correct Option: D
Explanation:

Pradeep Dubey, an Indian-American mathematician, has made significant contributions to cooperative game theory, which studies the behavior of players in situations where they can form binding agreements.

Which Indian mathematician is known for his work on the concept of 'non-cooperative game theory'?

  1. Jagdish Bhagwati

  2. Manmohan Singh

  3. Abhijit Banerjee

  4. Vijay Krishna


Correct Option: D
Explanation:

Vijay Krishna, an Indian-American mathematician, has made significant contributions to non-cooperative game theory, which studies the behavior of players in situations where they cannot form binding agreements.

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