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Economics Fundamentals Quiz
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Economics Fundamentals Quiz

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@MatchlessNephrite9427

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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

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