Economics Fundamentals Quiz
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Questions and Answers

Which economist is considered the father of modern economics?

  • Karl Marx
  • Alfred Marshall
  • John Maynard Keynes
  • Adam Smith (correct)
  • Which term is used to describe the core economic activities of production, distribution, and consumption?

  • Maximizing behavior
  • Wealth (correct)
  • Political Economy
  • Optimizing behavior
  • Who is credited with the neo-classical definition of economics as the study of mankind in the ordinary business of life?

  • John Maynard Keynes
  • Karl Marx
  • Adam Smith
  • Alfred Marshall (correct)
  • Which economist is associated with the classical definition of economics as the study of the nature and causes of a nation’s wealth?

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

    What is the term used to describe the study of activities related to human beings and their material welfare in the context of economics?

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

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