Q31. The Nobel Memorial Prize in Economic Sciences was first awarded in which year?
a) 1901
b) 1968
c) 1969
d) 1970
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Correct Answer: c) 1969
Explanation: The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel was established in 1968 by the Bank of Sweden, and it was first awarded in 1969.
Q32. Who was the first woman to win the Nobel Prize in Economic Sciences?
a) Esther Duflo
b) Elinor Ostrom
c) Claudia Goldin
d) Alice Rivlin
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Correct Answer: b) Elinor Ostrom
Explanation: In 2009, Elinor Ostrom became the first female recipient of the Nobel Prize in Economic Sciences, winning the award along with economist Oliver Williamson for their work on how communities can successfully manage common resources.
Q33. Which institution has the most affiliated laureates in economic sciences as of 2023?
a) Harvard University
b) Massachusetts Institute of Technology
c) University of Chicago
d) Princeton University
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Correct Answer: c) University of Chicago
Explanation: As of 2023, the department of economics with the most affiliated laureates in economic sciences is the University of Chicago, with 16 affiliated laureates.
Q34. The Nobel Memorial Prize in Economic Sciences is awarded by which organization?
a) The Nobel Foundation
b) The Royal Swedish Academy of Sciences
c) Sveriges Riksbank
d) The Swedish Ministry of Education and Research
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Correct Answer: b) The Royal Swedish Academy of Sciences
Explanation: The Nobel Memorial Prize in Economic Sciences is awarded by the Royal Swedish Academy of Sciences.
Q35. Which of the following is NOT a criticism of the Nobel Prize in Economic Sciences?
a) Misuse of the Nobel name
b) Bias towards mainstream economics
c) Limited to research conducted in the United States
d) Accusations of bias against women
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Correct Answer: c) Limited to research conducted in the United States
Explanation: Critics have accused the Nobel Prize in Economic Sciences of misusing the Nobel name and having a bias towards mainstream economics, but there is no specific criticism that it is limited to research conducted in the United States.
Q36. Who was the first non-economist to win the Nobel Prize in Economic Sciences?
a) Daniel Kahneman
b) Herbert A. Simon
c) John Nash
d) Reinhard Selten
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Correct Answer: b) Herbert A. Simon
Explanation: Herbert A. Simon, whose PhD was in political science, became the first non-economist to win the prize in 1978 for his work in the fields of economics and organizational decision making.
Q37. What significant change occurred in the selection process of the Nobel Prize in Economic Sciences in 1995?
a) It was opened to all fields of study
b) It was redefined as a prize in social sciences
c) The prize amount was significantly increased
d) The selection committee was dissolved
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Correct Answer: b) It was redefined as a prize in social sciences
Explanation: In February 1995, following acrimony within the selection committee pertaining to the awarding of the 1994 Prize in Economics to John Forbes Nash, the Prize in Economics was redefined as a prize in social sciences, making it available to researchers in topics such as political science, psychology, and sociology.
Q38. How is the Nobel Prize in Economic Sciences selected?
a) By a public vote
b) By the Swedish Parliament
c) By the Economic Sciences Prize Committee of the Royal Swedish Academy of Sciences
d) By previous laureates only
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Correct Answer: c) By the Economic Sciences Prize Committee of the Royal Swedish Academy of Sciences
Explanation: The Economic Sciences Prize Committee of the Royal Swedish Academy of Sciences screens the nominations and selects the laureates.
Q39. Which of the following statements about the Nobel Prize in Economic Sciences is true?
a) It was one of the original prizes established by Alfred Nobel in his will
b) It is awarded for the greatest benefit to mankind in the preceding year
c) It is funded and awarded by the Nobel Foundation
d) It was established to commemorate the 300th anniversary of Sveriges Riksbank
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Correct Answer: d) It was established to commemorate the 300th anniversary of Sveriges Riksbank
Explanation: The award was established in 1968 by an endowment “in perpetuity” from Sweden’s central bank, Sveriges Riksbank, to commemorate the bank’s 300th anniversary.
Q40. Who was the first recipient(s) of the Nobel Memorial Prize in Economic Sciences?
a) Paul Samuelson
b) Ragnar Frisch and Jan Tinbergen
c) Milton Friedman
d) John Nash
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Correct Answer: b) Ragnar Frisch and Jan Tinbergen
Explanation: The first prize was awarded in 1969 to Ragnar Frisch and Jan Tinbergen.