Podcast
Questions and Answers
When economics studies the facts with neutrality, economics is said to be a ______ science.
When economics studies the facts with neutrality, economics is said to be a ______ science.
positive
What is the central focus of economics?
What is the central focus of economics?
- Production of commodities
- Exchange of commodities
- Consumption of commodities
- Scarcity of resources and choices among their alternative uses (correct)
What is the main problem in economics?
What is the main problem in economics?
- The existence of unlimited resources and scarcity of human wants.
- The existence of unlimited human wants and unlimited resources.
- The existence of limited human wants and limited resources.
- The existence of limited resources and unlimited human wants. (correct)
What is the origin of the word "Economics"?
What is the origin of the word "Economics"?
What is the difference between positive and normative economics?
What is the difference between positive and normative economics?
What does economics aim to achieve?
What does economics aim to achieve?
What does economics show?
What does economics show?
Who among the following defined economics as a study of wealth?
Who among the following defined economics as a study of wealth?
But when suggestions are made to change the facts to achieve the desired objectives, economics is said to be a ______ science.
But when suggestions are made to change the facts to achieve the desired objectives, economics is said to be a ______ science.
How does economics become an art?
How does economics become an art?
Thus application of economic policies make economics an ______.
Thus application of economic policies make economics an ______.
What does scarcity induce people to do?
What does scarcity induce people to do?
What are the two types of economics?
What are the two types of economics?
Which economist focused on the distribution of wealth?
Which economist focused on the distribution of wealth?
Can economics be both positive and normative at the same time?
Can economics be both positive and normative at the same time?
What did Alfred Marshall define economics as?
What did Alfred Marshall define economics as?
What is the difference between microeconomics and macroeconomics?
What is the difference between microeconomics and macroeconomics?
What did Lionel Robbins define economics as?
What did Lionel Robbins define economics as?
What does applied economics do?
What does applied economics do?
What are some of the factors studied in applied economics?
What are some of the factors studied in applied economics?
Which definition of economics has been criticized for not considering immaterial things that promote welfare?
Which definition of economics has been criticized for not considering immaterial things that promote welfare?
Which definition of economics has been criticized for not distinguishing between goods conducive to human welfare and those that are not?
Which definition of economics has been criticized for not distinguishing between goods conducive to human welfare and those that are not?
Is economics a science or an art?
Is economics a science or an art?
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