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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?

Political economy (A) Signup and view all the answers

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

Distinguishing the su (D) Signup and view all the answers

What does economics primarily study?

Human behavior in relation to production, exchange, distribution, and consumption of goods and services (C) Signup and view all the answers

What is production in economics?

The creation of wealth in the form of goods and the provision of services (B) Signup and view all the answers

What does exchange refer to in economics?

Giving out something in return for another thing (D) Signup and view all the answers

What does distribution deal with in the strict economic sense?

Determining the share of national income received by those who supply factors of production (A) Signup and view all the answers

What does consumption refer to in economics?

The process of using up resources in order to satisfy human wants (A) Signup and view all the answers