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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?
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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'?
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