10 Questions
Which branch of knowledge does Crowther relate to the invention of money?
Science
What is the main reason behind the invention of money according to Crowther?
To facilitate trade and exchange of goods
Why is double counting avoided when calculating national income?
To prevent overestimation of the total value of goods and services produced
What is the main difference between value-in-use and value-in-exchange?
Value-in-use is subjective while value-in-exchange is objective
How do human wants change as per seasons and preferences?
They vary based on climatic conditions and individual tastes
'Economics is the science of wealth' is a statement incorrectly attributed to:
Adam Smith
'Wealth of Nations' is authored by:
John Stuart Mill
'Economics studies common man' is a statement attributed to:
John Maynard Keynes
In macroeconomics, what are some basic concepts that are typically studied?
Overall economy-wide phenomena like inflation, unemployment, and national income
Why are final goods and services included in national income calculations?
To avoid double counting and accurately measure total production value
Explore the fundamental concepts of Micro and Macro Economics, coined by Sir Ragnar Frisch in 1933. Delve into Alfred Marshall's definition and the distinctions between Microeconomics and Macroeconomics.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
