Podcast
Questions and Answers
What is the central focus of economics?
What is the central focus of economics?
- Scarcity of resources and choices among their alternative uses (correct)
- Production, exchange, and consumption of commodities
- Decision making behaviors of individuals
- Unlimited human wants and the availability of resources
Why does scarcity lead to making choices among alternatives?
Why does scarcity lead to making choices among alternatives?
- To increase wealth and human welfare
- To compare the alternatives for choosing the best
- To satisfy numerous human wants with limited resources
- Due to the limited or scarce resources available (correct)
What are the two major factors responsible for the emergence of economic problems?
What are the two major factors responsible for the emergence of economic problems?
- Scarcity of resources and unlimited human wants (correct)
- Satisfaction of human wants and availability of resources
- National income and production of commodities
- Public finance and international trade
In economics, what do individuals need to do in order to satisfy numerous human wants?
In economics, what do individuals need to do in order to satisfy numerous human wants?
What does the science of economics mainly center on?
What does the science of economics mainly center on?
Apart from individual decision making behaviors, what macro variables does economics cover?
Apart from individual decision making behaviors, what macro variables does economics cover?
According to Adam Smith's definition, economics is primarily the science of:
According to Adam Smith's definition, economics is primarily the science of:
Why did Ruskin and Carlyle criticize economics as a 'dismal science'?
Why did Ruskin and Carlyle criticize economics as a 'dismal science'?
According to Alfred Marshall, what does economics primarily study?
According to Alfred Marshall, what does economics primarily study?
What did Marshall's definition of economics criticize about traditional views?
What did Marshall's definition of economics criticize about traditional views?
According to Adam Smith, how are individuals led to promote the interests of society?
According to Adam Smith, how are individuals led to promote the interests of society?
Why did the emphasis in economics shift from wealth to welfare according to the text?
Why did the emphasis in economics shift from wealth to welfare according to the text?
Flashcards are hidden until you start studying
