The Nobel Prize in Economic Sciences was instituted in 1968 by
- A.The Nobel Foundation
- B.The central bank of Sweden
- C.The Swedish Academy
- D.The Norwegian parliament
Correct answer
Explanation
The correct answer is B, the central bank of Sweden. Sveriges Riksbank founded the prize in 1968 to mark its three hundredth anniversary, and it was awarded for the first time in 1969. Its formal name is the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, and the Royal Swedish Academy of Sciences selects the laureates.
Option A, the Nobel Foundation, administers the funds left by Nobel and organises the ceremony, but it did not create this prize. Option C, the Swedish Academy, is the body that chooses the Literature laureate. Option D, the Norwegian parliament, appoints the committee that awards the Peace Prize. The point examiners test is that Economics is not one of the five prizes named in Nobel's will, which is why it is described as being in memory of him.
Read the full article: Nobel Prizes: Origin, Categories and Indian Winners
Practice Questions
View allThe Nobel Prizes were instituted under the will of
- A.Alfred Nobel
- B.Andrew Carnegie
- C.Joseph Pulitzer
- D.Cecil Rhodes
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The Swedish chemist who invented dynamite signed his last will in 1895 and left most of his fortune to endow prizes for those who had conferred the greatest benefit on mankind.
Read the full explanation →In which year were the Nobel Prizes awarded for the first time?
- A.1895
- B.1896
- C.1901
- D.1913
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Alfred Nobel's estate had to be settled and the Nobel Foundation established before any prize could be given, so the first awards came five years after his death.
Read the full explanation →The Nobel Peace Prize is presented in which city?
- A.Stockholm
- B.Oslo
- C.Geneva
- D.Copenhagen
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Alfred Nobel's will directed that the Peace Prize be decided by a committee appointed by the Norwegian parliament, while the other prizes were left to Swedish institutions, and the Peace Prize is therefore announced and presented in the Norwegian capital.
Read the full explanation →Who was the first Indian and the first Asian to be awarded a Nobel Prize?
- A.C. V. Raman
- B.Rabindranath Tagore
- C.Mother Teresa
- D.Har Gobind Khorana
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He also wrote the national anthems sung in India and in Bangladesh.
Read the full explanation →C. V. Raman was awarded the Nobel Prize in which category?
- A.Chemistry
- B.Physics
- C.Physiology or Medicine
- D.Economic Sciences
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Chandrasekhara Venkata Raman received the Prize in 1930 for his work on the scattering of light, in which a part of the scattered light changes wavelength, an effect that carries his name and gave chemists a powerful method of studying molecules.
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