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Question
Who has given scarcity definition of economics?
Options
Adam Smith
Marshall
Robbins
Robertson
Pigou
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Solution
Robbins
Explanation:
The scarcity definition of economics was given by Prof. Robbins. He defined economics as “a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses,” emphasizing choices arising due to resource scarcity and unlimited wants.
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RELATED QUESTIONS
Choose the correct option:
Statements related to Economics:
- Economics is a social science.
- Concept of economics is derived from Greek word ‘Oikonomia’.
- Economics is related to the study of human economic behavior.
- Economics is related to management of the household.
Statements incorrect with reference to Adam Smith's definition:
- Adam Smith is a classical economist.
- Wealth of Nations is authored by Adam Smith.
- Economics is the science of wealth.
- Economics studies common man.
Choose the correct option:
Key points in Lionel Robbins' definition
a) Wants are unlimited
b) Means are limited
c) Wants are not gradable
d) Means have alternative uses.
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Arthshastra : Kautilya : : Wealth of Nations :______________
The basic problem studied in Economics is
Microeconomics is concerned with
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Author of “An Inquiry into the Nature and Causes of Wealth of Nations”
Who is the Father of Economics?
Explain the scarcity definition of Economics and assess it.
Compare and contrast various definitions of Economics.
