Evolution of Economic Perspectives Quiz
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Questions and Answers

How did John Stuart Mill define economics?

  • The practical science of production and distribution of wealth (correct)
  • The analysis of financial markets
  • The study of economic policies
  • The theoretical science of wealth accumulation

    • According to Alfred Marshall, what does economics primarily study?

  • The study of political systems
  • The study of mankind in the ordinary business of life (correct)
  • The study of global trade patterns
  • The study of economic ideologies

    • According to Adam Smith, what did he define as 'an inquiry into the nature and causes of the wealth of nation'?

  • Economic theory
  • Wealth management
  • Political economy (correct)
  • Financial governance

    • What term did Adam Smith use to describe the subject that is now known as economics?

    <p>Political economy</p> Signup and view all the answers

    What did J.B. Say emphasize in his definition of economics?

    <p>Distinguishing the su</p> Signup and view all the answers

    What does economics primarily study?

    <p>Human behavior in relation to production, exchange, distribution, and consumption of goods and services</p> Signup and view all the answers

    What is production in economics?

    <p>The creation of wealth in the form of goods and the provision of services</p> Signup and view all the answers

    What does exchange refer to in economics?

    <p>Giving out something in return for another thing</p> Signup and view all the answers

    What does distribution deal with in the strict economic sense?

    <p>Determining the share of national income received by those who supply factors of production</p> Signup and view all the answers

    What does consumption refer to in economics?

    <p>The process of using up resources in order to satisfy human wants</p> Signup and view all the answers

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