What is the definition of economics?

Exploring Economics and Key Thinkers

Quiz
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Other
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11th Grade
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Hard
madiha zeeshan
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economics is the study of animal behavior.
Economics is the exploration of outer space.
Economics is the analysis of historical events.
Economics is the study of resource allocation and decision-making.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who is known as the father of economics?
Adam Smith
John Maynard Keynes
David Ricardo
Milton Friedman
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main idea of Adam Smith's 'Invisible Hand'?
The 'Invisible Hand' advocates for government control of the economy.
The 'Invisible Hand' describes how self-interested actions in a free market can lead to positive societal outcomes.
The 'Invisible Hand' promotes the idea of monopolies benefiting society.
The 'Invisible Hand' suggests that altruism is the key to market success.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How did Alfred Marshall contribute to the field of economics?
He invented the concept of fiscal policy.
He was known for his work in international trade.
He focused solely on macroeconomic policies.
Alfred Marshall contributed to economics by developing microeconomic theory, introducing key concepts like price elasticity, consumer surplus, and supply and demand.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between microeconomics and macroeconomics?
Microeconomics deals with inflation rates, while macroeconomics examines supply and demand.
Microeconomics focuses on government policies, while macroeconomics focuses on individual choices.
Microeconomics analyzes global trade, while macroeconomics studies local markets.
Microeconomics studies individual economic units, while macroeconomics studies the economy as a whole.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the key assumptions of classical economics?
Key assumptions of classical economics include rational behavior, market efficiency, supply and demand pricing, competition, full employment tendency, and perfect information.
Government control of all markets
Consumer irrationality in decision-making
Limited information availability in markets
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How did Lionel Robbins define economics?
Economics is the study of financial markets and investments.
Economics is the science that studies human behavior as a relationship between ends and scarce means which have alternative uses.
Economics is the science of managing personal finances and budgets.
Economics focuses solely on the production of goods and services.
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