Economics History and Terminology Quiz

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Who wrote the first book in English with 'political economy' in the title?

  • J.B. Say
  • Malthus
  • Mister James Stuart (correct)
  • Thomas Carlyle

What did Thomas Carlyle coin as an epithet for classical economics?

  • The science of production, distribution, and consumption of wealth
  • The art of providing for all the wants of a family
  • The dismal science (correct)
  • The national realm as public administration of the affairs of state

What did J.B. Say define as the science of production, distribution, and consumption of wealth?

  • Political economy
  • Economics (correct)
  • Public credit
  • Population, agriculture, trade, industry, money, coins, interest, circulation, banks, exchange, and taxes

What was the earlier term for 'economics'?

<p>Political 'economy' (A)</p> Signup and view all the answers

What did the French Mercantilist usage of économie politique extend economy from?

<p>The ancient Greek term for household management to the national realm as public administration of the affairs of state (D)</p> Signup and view all the answers

What is the primary focus of managerial economics?

<p>Application of economic theories in decision-making (B)</p> Signup and view all the answers

How do managerial economists assist organizations in decision-making?

<p>By applying economic theory to business practice (A)</p> Signup and view all the answers

What is the role of managerial economics in resource allocation?

<p>Optimizing profits and resource allocation (D)</p> Signup and view all the answers

What is the significance of forecasting in managerial decisions?

<p>It involves levels of risk and uncertainty (C)</p> Signup and view all the answers

How do managerial economists define managerial economics?

<p>As the application of economic theory and methodology in business management practice (A)</p> Signup and view all the answers

Flashcards are hidden until you start studying

More Like This

Use Quizgecko on...
Browser
Open
Browser
Browser