Exam 9: Economics and Economic Theory

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

_________ introduced the concept of welfare in the study of economics:

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

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

Economic efficiency for the entire economy requires that :

Personal Income includes:

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

GDP Deflator is also called as:

Disposable Income does not include:

Scientific attempts to describe economic relationships are :

Theories are:

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

Knowledge used to combine resources productively is called:

Division of Labour is limited by the extent of:

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

The ________ method consists in deriving conclusions from general truths, takes few general principles and applies them draw conclusions.

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

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

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 ______

Imputed value of good is added to the GDP because: