Understanding Economic Concepts Quiz
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Questions and Answers

According to Robbins, what is the basis of his definition of Economics?

  • Production
  • Utility
  • Scarcity (correct)
  • Demand

    • What does Robbins' definition of Economics emphasize?

  • Allocation of scarce resources (correct)
  • Regulation of demand
  • Maximization of utility
  • Creation of wealth

    • What does the statement 'Human wants are unlimited' imply?

  • Wants can be easily satisfied
  • People have limited desires
  • There is no end to the desires of people (correct)
  • Human needs are fixed

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