Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
What did the British economist Lionel Robbins describe economics as in 1935?
What did the British economist Lionel Robbins describe economics as in 1935?
- The science of equilibrium
- The science of scarcity (correct)
- The science of abundance
- The science of surplus
What has economics been criticized as, besides being called a dismal science?
What has economics been criticized as, besides being called a dismal science?
- A science of abundance
- A failed science
- A kind of riddle for common people to comprehend (correct)
- A precise and accurate science
What was the outcome that led to economics being called a 'failed science'?
What was the outcome that led to economics being called a 'failed science'?
- Accurate prediction of stock market trends
- Effective management of economic resources
- Failure to predict the US sub-prime crisis of 2008 (correct)
- Success in predicting global economic recessions
What is the primary focus of economics as described in the text?
What is the primary focus of economics as described in the text?
Signup and view all the answers
What term has been used to criticize economics as 'precisely a depressing and poor science'?
What term has been used to criticize economics as 'precisely a depressing and poor science'?
Signup and view all the answers
