Economics 101

Who is credited with being the 'first economist' by several economic historians?

Thomas Aquinas

Xenophon

Aristotle

Hesiod (correct)

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

James M. Buchanan

Ronald Coase

Ha-Joon Chang

All of the above (correct)

Who described 16th and 17th century scholastic writers as 'coming nearer than any other group to being the 'founders' of scientific economics'?

Luis de Molina

Juan de Lugo

Joseph Schumpeter (correct)

Tomás de Mercado

What did mercantilism hold as the basis of a nation's wealth?

Gold and silver accumulation Signup and view all the answers

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

Agricultural production Signup and view all the answers

What did the mercantilist policy promote at the expense of agriculture?

Manufacturing and trade Signup and view all the answers

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

Economy Signup and view all the answers

Who defined political economy as 'an inquiry into the nature and causes of the wealth of nations'?

Adam Smith Signup and view all the answers

According to Alfred Marshall, what does economics study?

Production, distribution, and consumption of wealth Signup and view all the answers

Who developed the definition of economics as 'the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses'?

Lionel Robbins Signup and view all the answers

According to Robbins, what is the influence of scarcity on human behavior?

It focuses attention on a particular aspect of behavior Signup and view all the answers

What did Gary Becker describe as the approach he favored in economics?

Maximizing behavior, stable preferences, and market equilibrium Signup and view all the answers

What did Jean-Baptiste Say define economics as?

The science of production, distribution, and consumption of wealth Signup and view all the answers

Who coined the term 'the dismal science' as an epithet for classical economics?

Thomas Carlyle Signup and view all the answers

According to John Stuart Mill, what does economics study?

Phenomena of society arising from the combined operations of mankind for the production of wealth Signup and view all the answers

What did Adam Smith define political economy as?

An inquiry into the nature and causes of the wealth of nations Signup and view all the answers

What does economics study?

The production, distribution, and consumption of goods and services Signup and view all the answers

What does microeconomics analyze?

The interactions between economic agents Signup and view all the answers

What does macroeconomics analyze?

The economy as a system Signup and view all the answers

What is the difference between positive economics and normative economics?

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

Where can economic analysis be applied?

Throughout society, including various fields Signup and view all the answers

What are the two broad distinctions within economics?

Positive economics and normative economics Signup and view all the answers

What did the earlier term for economics, 'political economy', refer to?

The study of the wealth of nations Signup and view all the answers

What is the term commonly used to refer to the discipline since the late 19th century?

Economics Signup and view all the answers

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

Agriculture Signup and view all the answers

What is the ultimate goal of economic analysis?

To understand the behaviour of economic agents Signup and view all the answers

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

Economics Signup and view all the answers

What does microeconomics analyze?

The behavior of markets and individual agents Signup and view all the answers

What does macroeconomics analyze?

The behavior of economic systems Signup and view all the answers

What is the distinction between positive economics and normative economics?

Positive economics describes "what is", while normative economics advocates "what ought to be". Signup and view all the answers

Which field can economic analysis be applied to?

Multiple fields including business, finance, cybersecurity, health care, engineering, and government Signup and view all the answers

What was the earlier term for economics?

Political economy Signup and view all the answers

What does mainstream economics refer to?

Economic theory Signup and view all the answers

Which branch of economics focuses on the behavior and interactions of economic agents?

Behavioral economics Signup and view all the answers

What does economic growth refer to?

An increase in the overall output of goods and services in an economy Signup and view all the answers

What does applied economics focus on?

The practical application of economic principles Signup and view all the answers

Economics 101

Questions and Answers

Who is credited with being the 'first economist' by several economic historians?

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

Who described 16th and 17th century scholastic writers as 'coming nearer than any other group to being the 'founders' of scientific economics'?

What did mercantilism hold as the basis of a nation's wealth?

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

What did the mercantilist policy promote at the expense of agriculture?

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

Who defined political economy as 'an inquiry into the nature and causes of the wealth of nations'?

According to Alfred Marshall, what does economics study?

Who developed the definition of economics as 'the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses'?

According to Robbins, what is the influence of scarcity on human behavior?

What did Gary Becker describe as the approach he favored in economics?

What did Jean-Baptiste Say define economics as?

Who coined the term 'the dismal science' as an epithet for classical economics?

According to John Stuart Mill, what does economics study?

What did Adam Smith define political economy as?

What does economics study?

What does microeconomics analyze?

What does macroeconomics analyze?

What is the difference between positive economics and normative economics?

Where can economic analysis be applied?

What are the two broad distinctions within economics?

What did the earlier term for economics, 'political economy', refer to?

What is the term commonly used to refer to the discipline since the late 19th century?

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

What is the ultimate goal of economic analysis?

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

What does microeconomics analyze?

What does macroeconomics analyze?

What is the distinction between positive economics and normative economics?

Which field can economic analysis be applied to?

What was the earlier term for economics?

What does mainstream economics refer to?

Which branch of economics focuses on the behavior and interactions of economic agents?

What does economic growth refer to?

What does applied economics focus on?

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