Economics 101

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

Anthropology

Economics (correct)

Psychology

Sociology

What does microeconomics analyze?

Individual agents and markets (correct)

Factors affecting the economy

The economy as a whole

The outcomes of economic interactions

What does macroeconomics analyze?

The outcomes of economic interactions

Factors affecting the economy

The economy as a whole (correct)

Individual agents and markets

What is the distinction 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 Signup and view all the answers

What was the earlier term for the discipline of economics?

Political economy Signup and view all the answers

What are the basic elements analyzed in microeconomics?

Individual agents and markets Signup and view all the answers

What are the factors analyzed in macroeconomics?

The economy as a whole Signup and view all the answers

What are the distinctions within economics?

Between positive economics and normative economics Signup and view all the answers

What are some subjects to which economic analysis can be applied?

Crime and the environment Signup and view all the answers

Who is credited with being the 'first economist' according to some economic historians?

Hesiod Signup and view all the answers

Which group of thinkers developed the idea of the economy as a circular flow of income and output?

Physiocrats Signup and view all the answers

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

Mercantilism Signup and view all the answers

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

All of the above Signup and view all the answers

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

It focuses on the methodology rather than the subject matter Signup and view all the answers

Who are described as 'coming nearer than any other group to being the 'founders' of scientific economics' by Joseph Schumpeter?

Scholastic writers Signup and view all the answers

What did the mercantilist doctrine call for in terms of trade and manufacturing?

All of the above 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 word 'Oikos' originally refer to in Ancient Greece?

How to manage a household Signup and view all the answers

How do other sciences define themselves in terms of their area of inquiry?

By studying the subject matter Signup and view all the answers

According to Adam Smith, what is the objective of political economy?

To provide a plentiful revenue for the people 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 Lionel Robbins, what is the definition of economics?

The science which studies human behavior as a relationship between ends and scarce means 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

According to Alfred Marshall, what does economics study?

Man in the ordinary business of life Signup and view all the answers

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

Assumptions of maximizing behavior, stable preferences, and market equilibrium Signup and view all the answers

Economics 101

Questions and Answers

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?

Where can economic analysis be applied?

What was the earlier term for the discipline of economics?

What are the basic elements analyzed in microeconomics?

What are the factors analyzed in macroeconomics?

What are the distinctions within economics?

What are some subjects to which economic analysis can be applied?

Who is credited with being the 'first economist' according to some economic historians?

Which group of thinkers developed the idea of the economy as a circular flow of income and output?

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

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

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

Who are described as 'coming nearer than any other group to being the 'founders' of scientific economics' by Joseph Schumpeter?

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 word 'Oikos' originally refer to in Ancient Greece?

How do other sciences define themselves in terms of their area of inquiry?

According to Adam Smith, what is the objective of political economy?

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

According to Lionel Robbins, what is the definition of economics?

What did Jean-Baptiste Say define economics as?

According to Alfred Marshall, what does economics study?

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

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