16 Questions
What does microeconomics primarily analyze in the economy?
Individual agents and markets
Which type of economics advocates 'what ought to be'?
Normative economics
In what areas can economic analysis be applied throughout society?
Health care, education, and social institutions
What does macroeconomics primarily analyze in the economy?
Production, consumption, saving, and investment
Which branch of economics focuses on the behaviour of economic agents and how economies work?
Behavioural economics
What is the distinction between positive economics and normative economics?
Describing 'what is' vs. advocating 'what ought to be'
What was the earlier term for the discipline of economics?
Political economy
According to Adam Smith, what did political economy aim to provide?
A plentiful revenue or subsistence for the people
How did Jean-Baptiste Say define economics?
The science of production, distribution, and consumption of wealth
Who coined the term 'the dismal science' in connection with classical economics?
Thomas Carlyle
According to John Stuart Mill, what does economics trace the laws of?
Phenomena arising from the combined operations of mankind for the production of wealth
According to Alfred Marshall, what is economics a study of?
Wealth and man in ordinary business of life
What did Lionel Robbins describe as the subject matter of economics?
Human behavior as a relationship between means and alternative uses
What is the derivation of the term 'economics'?
Ancient Greek οἰκονομία (oikonomia)
What did Adam Smith define as the twofold objectives of political economy?
To supply the state with revenue for public services and provide subsistence for the people
What did Thomas Carlyle coin as an epithet for classical economics?
The dismal science
Test your knowledge of economics with this quiz that covers the basic elements of the economy, individual agents, markets, and the behavior and interactions of economic agents. Explore concepts from microeconomics to macroeconomics and understand how economies work.
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