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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?

  • Psychology
  • Sociology
  • Economics (correct)
  • Anthropology

    • What does microeconomics analyze?

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

    • What does macroeconomics analyze?

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

    • What is the distinction 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

    Where can economic analysis be applied?

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

    What was the earlier term for the discipline of economics?

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

    What are the basic elements analyzed in microeconomics?

    <p>Individual agents and markets</p> Signup and view all the answers

    What are the factors analyzed in macroeconomics?

    <p>Employment, inflation, and economic growth</p> Signup and view all the answers

    What is the distinction between economic theory and applied economics?

    <p>Economic theory is based on empirical evidence, while applied economics is based on theoretical models</p> Signup and view all the answers

    What is the distinction between rational economics and behavioural economics?

    <p>Rational economics assumes individuals always make rational decisions, while behavioural economics considers irrational behavior</p> Signup and view all the answers

    Who is credited with being the 'first economist' in ancient Greece?

    <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

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

    <p>Ha-Joon Chang</p> Signup and view all the answers

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

    <p>It would redefine economics as a theory of everything</p> Signup and view all the answers

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

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

    Who were associated with the rise of economic nationalism and modern capitalism in Europe?

    <p>Mercantilists and Physiocrats</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 and Nobel prize winners</p> Signup and view all the answers

    What did the word Oikos refer to in ancient Greece?

    <p>Issues regarding how to manage a household</p> Signup and view all the answers

    What did mercantilism advocate in terms of import and export?

    <p>Importing cheap raw materials and restricting imports</p> Signup and view all the answers

    What did 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 or subsistence for the people</p> Signup and view all the answers

    According to Jean-Baptiste Say, what does economics study?

    <p>The science of production, distribution, and consumption of wealth</p> Signup and view all the answers

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

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

    According to Lionel Robbins, what is the most commonly accepted current definition of economics?

    <p>The study of human behavior as a relationship between ends and scarce means</p> Signup and view all the answers

    What did Alfred Marshall define economics as in his textbook Principles of Economics?

    <p>The study of man in the ordinary business of life</p> Signup and view all the answers

    According to Gary Becker, what approach does he favor in economics?

    <p>The study of maximizing behavior and rational-choice modeling</p> Signup and view all the answers

    What did John Stuart Mill define economics as?

    <p>The study of human behavior as a relationship between ends and scarce means</p> Signup and view all the answers

    What did Adam Smith define political economy as?

    <p>An inquiry into the nature and causes of the wealth of nations</p> Signup and view all the answers

    Why can economics be used to study war?

    <p>Because war has as the goal winning it and uses scarce resources</p> Signup and view all the answers

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