Definition of Economics

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  • Q1

    Amongst the following which of the following is a feature of growth?

    Marks:1
    Answer:

    Dynamism

    Explanation:

    Dynamism is a feature of Growth. Economics is considered with determining the pattern of employment of scarce resources to produce goods overtime. Thus, the dynamic problem of production has been brought within the purview of economics.

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  • Q2

    Which of the following economists considered economics as science of choice making?

    Marks:1
    Answer:

    Lionel Robbins

    Explanation:

    Lionel Robbins considered economics as Science of choice making. According to him “economics is the science which studies human behaviour as a relationship between ends and scarce means which have their alternative uses”.

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  • Q3

    Which one is a feature of Scarcity definition of economics from the following given options?

    Marks:1
    Answer:

    Unlimited Human Wants

    Explanation:

    Scarcity of resources in relation to unlimited human wants leads to the problem of making a choice which creates economic problem. Lionel Robbins considered economics as Science of choice making. According to him (scarcity definition of economics) “economics is the science which studies human behaviour as a relationship between ends and scarce means which have their alternative uses”.

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  • Q4

    Amongst the following given options which one is not a feature of economics as wealth.

    Marks:1
    Answer:

    Study of Ordinary Business of Life

    Explanation:

    Study of Ordinary Business of Life is a feature of Welfare definition of economics. It means every person acts mainly to earn and collect wealth and spends those earnings to get the maximum enjoyment. Marshall called this activity ‘the ordinary business of life’.

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  • Q5

    Adam Smith considered economics as -

    Marks:1
    Answer:

    Science of Wealth

    Explanation:

    Adam Smith defined economics as, “A science which enquires into the nature and causes of wealth of nations.”

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