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Economics Fundamentals Quiz

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Questions and Answers

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?

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'?

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?

<p>Production, distribution, and consumption of goods and services</p> Signup and view all the answers

What term has been used to criticize economics as 'precisely a depressing and poor science'?

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

Economics Fundamentals Quiz

Choose a study mode

Podcast

Questions and Answers

What did the British economist Lionel Robbins describe economics as in 1935?

What has economics been criticized as, besides being called a dismal science?

What was the outcome that led to economics being called a 'failed science'?

What is the primary focus of economics as described in the text?

What term has been used to criticize economics as 'precisely a depressing and poor science'?

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