30 Questions
Which social science studies the production, distribution, and consumption of goods and services?
Economics
What does microeconomics analyze?
The behavior of individuals in the economy
What does macroeconomics analyze?
The behavior of the economy as a whole
What is the difference between positive economics and normative economics?
Positive economics describes what is, while normative economics advocates what ought to be.
Where can economic analysis be applied?
Various fields including business, finance, cybersecurity, health care, engineering, and government
What was the earlier term for the discipline of economics?
Political economy
What does rational economics focus on?
The behavior of individuals in the economy
What does behavioral economics focus on?
The behavior of individuals in the economy
What does mainstream economics refer to?
Positive economics
What does heterodox economics refer to?
Mainstream economics
Which term is derived from the Ancient Greek word for 'way to run a household'?
Economy
According to Adam Smith, what is the objective of political economy?
To provide a plentiful revenue or subsistence for the people
Who coined the term 'the dismal science' as an epithet for classical economics?
Thomas Carlyle
According to Lionel Robbins, what is the definition of economics?
The science which studies human behavior as a relationship between ends and scarce means
What did Alfred Marshall define economics as?
A study of man in the ordinary business of life
According to Robbins, why can economics be used to study war?
War has a sought after end and uses scarce resources
What criticism has been made about the definition of economics in relation to markets?
It fails to limit its subject matter to analysis of markets
According to Gary Becker, what approach does he favor in economics?
Assumptions of maximizing behavior, stable preferences, and market equilibrium
What is the definition of economics according to Jean-Baptiste Say?
The science of production, distribution, and consumption of wealth
What is the definition of economics according to John Stuart Mill?
The science which traces the laws of such of the phenomena of society as arise from the combined operations of mankind for the production of wealth
Who is credited with being the 'first economist' in ancient times?
Hesiod
Which group of 18th-century French thinkers and writers developed the idea of the economy as a circular flow of income and output?
Physiocrats
What was the economic doctrine that held that a nation's wealth depended on its accumulation of gold and silver?
Mercantilism
Who rejected the method-based definition of Robbins and preferred definitions like those of Say?
All of the above
What did Ha Joon Chang argue about the definition of Robbins and economics?
It makes economics very peculiar because all other sciences define themselves in terms of methodology.
What did Joseph Schumpeter describe 16th and 17th-century scholastic writers as?
The 'founders' of scientific economics
What did the word Oikos refer to in ancient Greece?
Issues regarding how to manage a household
What did the mercantilist doctrine call for in terms of trade and manufacturing?
Importing cheap raw materials and imposing protective tariffs on foreign manufactured goods
What did the Physiocrats believe was the basis of all wealth?
Agricultural production
What did the lack of agreement on definitions in economics textbooks affect, according to the same source?
The subject-matter that the texts treat
Test your knowledge of economics with this quiz! Explore the fundamental concepts of production, distribution, and consumption of goods and services. Dive into microeconomics and understand the behaviors and interactions of economic agents and markets. Challenge yourself and see how well you understand the workings of economies.
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