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Questions and Answers
Which social science studies the production, distribution, and consumption of goods and services?
Which social science studies the production, distribution, and consumption of goods and services?
- Economics (correct)
- Sociology
- Anthropology
- Psychology
What does microeconomics analyze?
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?
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?
What is the difference between positive economics and normative economics?
Where can economic analysis be applied?
Where can economic analysis be applied?
What was the earlier term for the discipline of economics?
What was the earlier term for the discipline of economics?
What does rational economics focus on?
What does rational economics focus on?
What does behavioral economics focus on?
What does behavioral economics focus on?
What does mainstream economics refer to?
What does mainstream economics refer to?
What does heterodox economics refer to?
What does heterodox economics refer to?
Which term is derived from the Ancient Greek word for 'way to run a household'?
Which term is derived from the Ancient Greek word for 'way to run a household'?
According to Adam Smith, what is the objective of political economy?
According to Adam Smith, what is the objective of political economy?
Who coined the term 'the dismal science' as an epithet for classical economics?
Who coined the term 'the dismal science' as an epithet for classical economics?
According to Lionel Robbins, what is the definition of economics?
According to Lionel Robbins, what is the definition of economics?
What did Alfred Marshall define economics as?
What did Alfred Marshall define economics as?
According to Robbins, why can economics be used to study war?
According to Robbins, why can economics be used to study war?
What criticism has been made about the definition of economics in relation to markets?
What criticism has been made about the definition of economics in relation to markets?
According to Gary Becker, what approach does he favor in economics?
According to Gary Becker, what approach does he favor in economics?
What is the definition of economics according to Jean-Baptiste Say?
What is the definition of economics according to Jean-Baptiste Say?
What is the definition of economics according to John Stuart Mill?
What is the definition of economics according to John Stuart Mill?
Who is credited with being the 'first economist' in ancient times?
Who is credited with being the 'first economist' in ancient times?
Which group of 18th-century French thinkers and writers developed the idea of the economy as a circular flow of income and output?
Which group of 18th-century French thinkers and writers developed the idea of the economy as a circular flow of income and output?
What was the economic doctrine that held that a nation's wealth depended on its accumulation of gold and silver?
What was the economic doctrine that held that a nation's wealth depended on its accumulation of gold and silver?
Who rejected the method-based definition of Robbins and preferred definitions like those of Say?
Who rejected the method-based definition of Robbins and preferred definitions like those of Say?
What did Ha Joon Chang argue about the definition of Robbins and economics?
What did Ha Joon Chang argue about the definition of Robbins and economics?
What did Joseph Schumpeter describe 16th and 17th-century scholastic writers as?
What did Joseph Schumpeter describe 16th and 17th-century scholastic writers as?
What did the word Oikos refer to in ancient Greece?
What did the word Oikos refer to in ancient Greece?
What did the mercantilist doctrine call for in terms of trade and manufacturing?
What did the mercantilist doctrine call for in terms of trade and manufacturing?
What did the Physiocrats believe was the basis of all wealth?
What did the Physiocrats believe was the basis of all wealth?
What did the lack of agreement on definitions in economics textbooks affect, according to the same source?
What did the lack of agreement on definitions in economics textbooks affect, according to the same source?
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