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Question
Choose the correct pair of statements given in columns I and II below:
| Column I | Column II |
| (a) Science of wealth | (i) Marshall |
| (b) Science Material Welfare | (ii) Adam Smith |
| (c) Science of Scarcity | (iii) Robbins |
| (d) Science of Growth | (iv) Keynes |
Choose the correct alternative:
Options
A - (i)
B - (ii)
C - (iii)
D - (iv)
MCQ
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Solution
C - (iii)
Explanation:
Adam Smith defined economics as the “science of wealth,” focusing on the production and accumulation of wealth. Marshall viewed economics as a “science of material welfare,” emphasizing how economic activities contribute to human well-being. Robbins defined economics as the “science of scarcity,” highlighting the problem of limited resources against unlimited wants. Keynes is known for the growth-oriented view of economics, focusing on economic growth and employment generation.
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