Definition of Economics

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  • Q1

    The wealth definition of economics is propounded by _________.

    Marks:1
    Answer:

    Adam Smith

    Explanation:

    Adam Smith is regarded as the father of Economics. He defined Economics as “A science which enquires into the nature and causes of wealth of nations.”

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  • Q2

    ____ is regarded as the father of Economics.

    Marks:1
    Answer:

    Adam Smith

    Explanation:

    Adam Smith is regarded as the father of Economics. He defined Economics as “A science which enquires into the nature and causes of wealth of nations.”

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  • Q3

    All are the definitions of economics except ___________.

    Marks:1
    Answer:

    Abundance Definition

    Explanation:

    Various definitions of economics can be broadly grouped under four heads:

    ·         Wealth Definition

    ·         Welfare Definition

    ·         Scarcity Definition

    ·         Growth-oriented Definition

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  • Q4

    All are classical economist except _________.

    Marks:1
    Answer:

    Amartya Sen

    Explanation:

    Economics emerged as a separate discipline in the writings of classical economists i.e. Adam Smith, Ricardo and Alfred Marshal.

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  • Q5

    ____________ is regarded as the first economist.

    Marks:1
    Answer:

    Aristotle

    Explanation:

    Aristotle, the famous Greek philosopher is regarded by some writers as the first economist. He defined economics as the science of management of family and state.

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