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
A) wealth
B) welfare
C) hipness
D) scarcity
Correct Answer:
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Q2: introduced the concept of welfare in the
Q3: Who defined economics as: a science which
Q4: The problem of scarcity and choice making
Q5: Macroeconomicsis primarily concerned with aggregates. Which of
Q6: Scientific attempts to describe economic relationships are
Q7: The method consistsin deriving conclusionsfrom general truths,
Q8: is a term referring to an intellectual
Q9: Inductive method which also called empirical method
Q10: Decisions made in households, firms, and government
Q11: Knowledge used to combine resources productively is
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