Principles of Economics-Module 1 (12.09.2024)

Who is known as the father of modern economics?

• Alfred Marshall

• John Maynard Keynes

• Adam Smith

• Karl Marx

In which book did Alfred Marshall present the Welfare Definition of economics?

• "The Wealth of Nations"

• "Principles of Economics"

• "An Essay on the Nature and Significance of Economic Science"

• "On Economic Inequality"

According to Lionel Robbins, what is the primary focus of economics?

• Wealth accumulation

• Human capabilities

• Scarcity and resource allocation

• Economic growth

Which economist is known for the Growth Definition of economics?

• Pual M Samuelson

• Adam Smith

• Alfred Marshall

• Amartya Sen

What does Amartya Sen emphasize in his definition of economics?

• Wealth accumulation

• Human capabilities and well-being

• Scarcity and resource allocation

• Technological progress

Which principle states that to get one thing, you have to give up something else?

• Rational people think at the margin

• People respond to incentives

• People face trade-offs

• The cost of something is what you give up to get it

What does the principle "The cost of something is what you give up to get it" refer to?

• Opportunity cost

• Marginal benefit

• Market equilibrium

• Incentive effect

Which principle involves comparing the additional benefits and additional costs of an action?

• People face trade-offs

• Rational people think at the margin

• People respond to incentives

• The cost of something is what you give up to get it

What is the primary benefit of trade between countries according to economic theory?

• Increased taxes

• Economic isolation

• Efficient resource use

• Reduced consumer choice

Which concept suggests that markets are usually an effective way to organize economic activity?

• Market failure

• Government intervention

• Invisible hand

• Trade-offs