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Economics 101
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Economics 101

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@FoolproofTopaz

Questions and Answers

Which social science studies the production, distribution, and consumption of goods and services?

  • Anthropology
  • Economics (correct)
  • Psychology
  • Sociology

    • What does microeconomics analyze?

  • The factors affecting the economy
  • The economy as a system
  • The behavior of economic agents (correct)
  • The outcomes of economic interactions

    • What does macroeconomics analyze?

  • The outcomes of economic interactions
  • The behavior of economic agents
  • The factors affecting the economy
  • The economy as a system (correct)

    • What is the difference between positive economics and normative economics?

    <p>Positive economics describes 'what is', while normative economics describes 'what ought to be'</p> Signup and view all the answers

    What is applied economics?

    <p>The application of economic theory to real-world problems</p> Signup and view all the answers

    Which subject can economic analysis be applied to?

    <p>All of the above</p> Signup and view all the answers

    What was the earlier term for economics?

    <p>Political economy</p> Signup and view all the answers

    What are some broad distinctions within economics?

    <p>Mainstream and heterodox economics</p> Signup and view all the answers

    What are some subjects that economic analysis can be applied to?

    <p>All of the above</p> Signup and view all the answers

    What does economics focus on?

    <p>The behavior and interactions of economic agents</p> Signup and view all the answers

    Who is credited with being the 'first economist' according to economic historians?

    <p>Hesiod</p> Signup and view all the answers

    Which group of thinkers developed the idea of the economy as a circular flow of income and output?

    <p>Physiocrats</p> Signup and view all the answers

    Which economic doctrine held that a nation's wealth depended on its accumulation of gold and silver?

    <p>Mercantilism</p> Signup and view all the answers

    Who rejected the method-based definition of Robbins and preferred definitions like those of Say?

    <p>All of the above</p> Signup and view all the answers

    According to Ha-Joon Chang, why would the definition of Robbins make economics very peculiar?

    <p>It is not based on the subject matter</p> Signup and view all the answers

    Which group of writers is described as 'coming nearer than any other group to being the 'founders' of scientific economics' by Joseph Schumpeter?

    <p>Scholastic writers</p> Signup and view all the answers

    What did the mercantilist doctrine advocate in terms of trade and manufacturing?

    <p>All of the above</p> Signup and view all the answers

    How do other sciences define themselves in terms of their area of inquiry or object of inquiry?

    <p>By studying living organisms in many different ways</p> Signup and view all the answers

    Who is credited with being the source of the word 'economy'?

    <p>Xenophon</p> Signup and view all the answers

    What did the physiocrats believe was the basis of all wealth?

    <p>Agricultural production</p> Signup and view all the answers

    Which term is derived from the Ancient Greek word for 'way to run a household'?

    <p>Oikonomia</p> Signup and view all the answers

    According to Adam Smith, what is the objective of political economy?

    <p>To provide a plentiful revenue for the people</p> Signup and view all the answers

    Who defined economics as the science of production, distribution, and consumption of wealth?

    <p>Jean-Baptiste Say</p> Signup and view all the answers

    Who referred to classical economics as 'the dismal science'?

    <p>Thomas Carlyle</p> Signup and view all the answers

    According to Lionel Robbins, what is economics the science of?

    <p>Human behavior as a relationship between ends and scarce means</p> Signup and view all the answers

    What did Lionel Robbins say about the definition of economics?

    <p>It should focus on a particular aspect of behavior influenced by scarcity</p> Signup and view all the answers

    What did Gary Becker favor in his approach to economics?

    <p>Maximizing behavior, stable preferences, and market equilibrium</p> Signup and view all the answers

    What did the economic theory of maximizing behavior and rational-choice modeling expand the domain of economics to?

    <p>Areas previously treated in other fields</p> Signup and view all the answers

    What did Lionel Robbins say about the subject matter of economics in the 1960s?

    <p>It should be broadened to include maximizing behavior and rational-choice modeling</p> Signup and view all the answers

    What criticism was made about Lionel Robbins' definition of economics?

    <p>It was overly broad and failed to limit its subject matter to analysis of markets</p> Signup and view all the answers

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