What is Economics?

Question 1

It is critical to reduce our ecological footprint, manage shared resources efficiently, and assist emerging countries in creating sustainable consumption practices

Answer 1

SDG 12

Question 2

encourages enterprises to adopt sustainable practices and provides customers with information and tools to help them make sustainable decisions

Answer 2

SDG 12

Question 3

Who said the statement that “economics is the science that studies human behavior as a relationship between ends and scarce means that have alternative uses”

Answer 3

Lionel Robbins

Question 4

Who said the statement “Economics is the study of how individuals and society choose, with or without the use of capital, to use finite productive resources that may have alternate uses, to create certain goods over time, and to allocate them for use, now and in the future to different persons and classes in society”

Answer 4

Paul A. Samuelson

Question 5

smallest society

Answer 5

household

Question 6

This branch of economics defines and discusses aggregate-related economic processes

Answer 6

Macroeconomics

Question 7

This branch of economics is an economic division that examines how individuals and firms make choices about allocating scarce capital

Answer 7

Microeconomics

Question 8

This is a view of economics that focuses on describing, quantifying, and explaining economic developments, expectations, and related phenomena. Relies on objective analysis of the data, relevant facts, and related figures.

Answer 8

Positive Economics

Question 9

This is a view of economics that focuses on political opinions and value assessments, and statements aimed at economic development, investment projects, and scenarios.

Answer 9

Normative Economics

Question 10

This economic writer wrote Wealth of Nations (land, labor, and capital as the main production factors and major contributors.

Answer 10

Adam Smith

Question 11

This economic writer wrote Das Capital and showed the importance of labor theory and what he viewed as capital exploitation.

Answer 11

Karl Max

Question 12

This economic writer concentrated on his theory, neoclassical economy or marginalism. “Principles of Economics” is that the price and output of a good are determined by both supply and demand.

Answer 12

Alfred Marshall

Question 13

This economic writer wrote The General Theories of Work, Interest, and Monetary Affairs, which has opened up contemporary macroeconomics in a distinct field. He was there on the time of Great Depression

Answer 13

John Maynard Keynes

Question 14

Contemporary economics is also known as mathematical economics.

Answer 14

Economics in practice

Question 15

It describes a simplified description of the relationship between two or more variables.

Answer 15

Theory

Question 16

It is used for testing theories.

Answer 16

Models

Question 17

Controlled experiments that are common in physical science are challenging and uncommon in Economics. Economic theories are empirically investigated, primarily by using Econometrics.

Answer 17

Empirical Investigation

Question 18

It is a branch that studies strategic interactions between agents in applied mathematics. To analyze the supply and demand model markets.

Answer 18

Game Theory

Question 19

What are the macroeconomic objectives?

Answer 19

Full Employment, Stability, Economic Growth

Question 20

What are the Microeconomics objectives?

Answer 20

Efficiency and Equity