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Questions and Answers
What is the primary focus of classical economics according to Adam Smith?
What is the primary focus of classical economics according to Adam Smith?
- Management of wealth within families
- Study of human behavior in everyday life
- Production and distribution of wealth (correct)
- Exploration of human welfare through economic science
How did Alfred Marshall define economics in relation to human life?
How did Alfred Marshall define economics in relation to human life?
- Study of human behavior as a relationship between ends and scarce resources
- Consideration of human welfare beyond monetary measurements (correct)
- Focus on management of wealth within families
- Exploration of why some countries are rich while others are poor
According to Lionel Robbins, what is the key aspect in the study of economics?
According to Lionel Robbins, what is the key aspect in the study of economics?
- Understanding human behavior in the context of scarcity (correct)
- Consideration of unlimited wants and satisfactions
- Measurement of human welfare through monetary values
- Exploration of the production and distribution of wealth
In economics, what is meant by 'needs'?
In economics, what is meant by 'needs'?
How does Alfred Marshall describe economics in relation to everyday human activity?
How does Alfred Marshall describe economics in relation to everyday human activity?
What is the significance of scarcity in Lionel Robbins' view of economics?
What is the significance of scarcity in Lionel Robbins' view of economics?
What is the main focus of equity in economics?
What is the main focus of equity in economics?
Which economic goal emphasizes the importance of a strong macroeconomic foundation?
Which economic goal emphasizes the importance of a strong macroeconomic foundation?
What does Positive Economics focus on?
What does Positive Economics focus on?
Which type of economics answers the question 'what should be'?
Which type of economics answers the question 'what should be'?
What does Economic Model use to represent economic theories?
What does Economic Model use to represent economic theories?
Which goal refers to the ability to produce a desired result with the least cost possible?
Which goal refers to the ability to produce a desired result with the least cost possible?
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