Economics 101
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Questions and Answers

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

  • Economics (correct)
  • Sociology
  • Anthropology
  • Psychology

    • What does microeconomics analyze?

  • The behavior of individuals in the economy (correct)
  • The behavior of the economy as a whole
  • The relationship between saving and investment
  • The impact of public policies on the economy

    • What does macroeconomics analyze?

  • The relationship between saving and investment
  • The behavior of the economy as a whole (correct)
  • The behavior of individuals in the economy
  • The impact of public policies on the economy

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

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

    Where can economic analysis be applied?

    <p>Various fields including business, finance, cybersecurity, health care, engineering, and government</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 does rational economics focus on?

    <p>The behavior of individuals in the economy</p> Signup and view all the answers

    What does behavioral economics focus on?

    <p>The behavior of individuals in the economy</p> Signup and view all the answers

    What does mainstream economics refer to?

    <p>Positive economics</p> Signup and view all the answers

    What does heterodox economics refer to?

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

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

    <p>Economy</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

    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 definition of economics?

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

    What did Alfred Marshall define economics as?

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

    According to Robbins, why can economics be used to study war?

    <p>War has a sought after end and uses scarce resources</p> Signup and view all the answers

    What criticism has been made about the definition of economics in relation to markets?

    <p>It fails to limit its subject matter to analysis of markets</p> Signup and view all the answers

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

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

    What is the definition of economics according to Jean-Baptiste Say?

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

    What is the definition of economics according to John Stuart Mill?

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

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

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

    Which group of 18th-century French thinkers and writers developed the idea of the economy as a circular flow of income and output?

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

    What was the economic doctrine that 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

    What did Ha Joon Chang argue about the definition of Robbins and economics?

    <p>It makes economics very peculiar because all other sciences define themselves in terms of methodology.</p> Signup and view all the answers

    What did Joseph Schumpeter describe 16th and 17th-century scholastic writers as?

    <p>The 'founders' of scientific economics</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 the mercantilist doctrine call for in terms of trade and manufacturing?

    <p>Importing cheap raw materials and imposing protective tariffs on foreign manufactured goods</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

    What did the lack of agreement on definitions in economics textbooks affect, according to the same source?

    <p>The subject-matter that the texts treat</p> Signup and view all the answers

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