Question 1

In a free enterprise economy, the problems of what, how and for whom to produce are solved by :

Accepted Answer

A)  A Planning Committee
B)  The Price mechanism
C)  The Planning Commission
D)  None of these.E) A) and D)
F) B) and D)

Question 2

Prof. Robbin's definition of Economics is:

Accepted Answer

A)  Scarcity definition
B)  Growth definition
C)  Welath definition
D)  Welfare definitionE) B) and D)
F) B) and C)

Question 3

The validity of an economic theory is judged by its power to:

Accepted Answer

A)  Explain an economic phenomenon
B)  Predict the course of an economic phenomenon
C)  Prove or disprove a hypothesis
D)  Reveal the economic lawsE) None of the above
F) B) and C)

Question 4

To whom do you attribute the 'growth' definition of economics?

Accepted Answer

A)  Paul Samuelson
B)  Lionel Robbins
C)  Milton Friedman
D)  Alfred MarshallE) A) and C)
F) All of the above

Question 5

Production possibilities curve does not show:

Accepted Answer

A)  What to produce
B)  How to produce
C)  For whom to produce
D)  Productive potential under conditions of underemploymentE) A) and B)
F) A) and C)

Exam 12: Economics and Economic Methods

The validity of an economic theory is judged by its power to:

Correct Answer
verified

Production possibilities curve does not show:

Correct Answer
verified

Prof. Robbin's definition of Economics is:

Correct Answer
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To whom do you attribute the 'growth' definition of economics?

Correct Answer
verified

In a free enterprise economy, the problems of what, how and for whom to produce are solved by :

Correct Answer
verified

Exam 12: Economics and Economic Methods

The validity of an economic theory is judged by its power to:

Correct AnswerverifiedShow Answer

Production possibilities curve does not show:

Correct AnswerverifiedShow Answer

Prof. Robbin's definition of Economics is:

Correct AnswerverifiedShow Answer

To whom do you attribute the 'growth' definition of economics?

Correct AnswerverifiedShow Answer

In a free enterprise economy, the problems of what, how and for whom to produce are solved by :

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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