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Questions and Answers

When economics studies the facts with neutrality, economics is said to be a ______ science.

positive

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?

  • 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"?

    <p>Greek words meaning &quot;household management&quot;</p> Signup and view all the answers

    What is the difference between positive and normative economics?

    <p>Positive economics studies facts with neutrality, while normative economics suggests changes to achieve desired objectives.</p> Signup and view all the answers

    What does economics aim to achieve?

    <p>Growth with stability and efficiency.</p> Signup and view all the answers

    What does economics show?

    <p>How to use scarce resources to increase wealth and human welfare</p> Signup and view all the answers

    Who among the following defined economics as a study of wealth?

    <p>Adam Smith</p> Signup and view all the answers

    But when suggestions are made to change the facts to achieve the desired objectives, economics is said to be a ______ science.

    <p>normative</p> Signup and view all the answers

    How does economics become an art?

    <p>Economics becomes an art through the practical application of economic policies.</p> Signup and view all the answers

    Thus application of economic policies make economics an ______.

    <p>art</p> Signup and view all the answers

    What does scarcity induce people to do?

    <p>Make choices among alternatives</p> Signup and view all the answers

    What are the two types of economics?

    <p>Microeconomics and macroeconomics.</p> Signup and view all the answers

    Which economist focused on the distribution of wealth?

    <p>Ricardo</p> Signup and view all the answers

    Can economics be both positive and normative at the same time?

    <p>Yes, economics can be both positive and normative at the same time, depending on the approach taken in studying and suggesting changes to economic facts.</p> Signup and view all the answers

    What did Alfred Marshall define economics as?

    <p>A study of mankind in the ordinary business of life</p> Signup and view all the answers

    What is the difference between microeconomics and macroeconomics?

    <p>Microeconomics studies individual parts of the economy, while macroeconomics studies the economy as a whole</p> Signup and view all the answers

    What did Lionel Robbins define economics as?

    <p>A science studying human behavior as a relationship between ends and scarce means with alternative uses</p> Signup and view all the answers

    What does applied economics do?

    <p>Applies economic principles to real-world situations.</p> Signup and view all the answers

    What are some of the factors studied in applied economics?

    <p>Factors of production, public finance, and monetary and fiscal policies.</p> Signup and view all the answers

    Which definition of economics has been criticized for not considering immaterial things that promote welfare?

    <p>Alfred Marshall's definition</p> Signup and view all the answers

    Which definition of economics has been criticized for not distinguishing between goods conducive to human welfare and those that are not?

    <p>Lionel Robbins' definition</p> Signup and view all the answers

    Is economics a science or an art?

    <p>Both a science and an art.</p> Signup and view all the answers

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