Exam 6: Economic Theory and Methodology: Exploring the Fundamentals of Economics

The problem of scarcity and choice making can be depicted using the tool of curve.

Which of the following concepts are most closely associated with J.M. Keynes?

Inductive method which also called empirical method was adopted by the:

Theories are:

If the value of a variable varies as a consequence of the variation in the value of some other variable, it is called:

The method consistsin deriving conclusionsfrom general truths, takesfew general principles and applies them draw conclusions.

Who defined economics as: a science which studies human behavior as a relationship between ends and scarce means which have alternative uses:

Macroeconomicsis primarily concerned with aggregates. Which of the following is not a macroeconomic aggregate?

is a term referring to an intellectual controversy over epistemology, research methodology between Carl Menger, and Gustav von Schmoller.

introduced the concept of welfare in the study of economics:

Division of Labour is limited by the extent of:

Economic efficiency for the entire economy requires that :

Milton Friedman restated the :

Scientific attempts to describe economic relationships are :

Adam Smith, the father of modern economic theory, defined economics as a subject, which is mainly concerned with the study of nature and causes of generation of

Which of the following is an example of economic overhead?

Knowledge used to combine resources productively is called:

Decisions made in households, firms, and government are the focus of: