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Economics History and Terminology Quiz

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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'?

Political 'economy' Signup and view all the answers

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

The ancient Greek term for household management to the national realm as public administration of the affairs of state Signup and view all the answers

What is the primary focus of managerial economics?

Application of economic theories in decision-making Signup and view all the answers

How do managerial economists assist organizations in decision-making?

By applying economic theory to business practice Signup and view all the answers

What is the role of managerial economics in resource allocation?

Optimizing profits and resource allocation Signup and view all the answers

What is the significance of forecasting in managerial decisions?

It involves levels of risk and uncertainty Signup and view all the answers

How do managerial economists define managerial economics?

As the application of economic theory and methodology in business management practice Signup and view all the answers