Pop Quiz

Scarcity is central to economic theory.

• True

• False

The word ‘Economics’ was derived from the French words.

• True

• False

Microeconomics deals with the economy as a whole.

• True

• False

Economics is divided into two categories–microeconomics and macroeconomics.

• True

• False

An Enquiry into the Nature and Causes of Wealth of Nations

• Adam Smith

• Alfred Marshall

• Lionel Robbins

“Economics is not only a study of wealth, but also a study of man.”

• Adam Smith

• Alfred Marshall

• Lionel Robbins

The term ‘Micro’ and ‘Macro’ economics have been coined by

• Adam Smith

• Ragnar Frisch

• J.M.Keynes

The early economists have defined economics as a science of wealth.

• Alfred Marshall

• J.B.Say

• Adam Smith

Looking at the individual unit—the household, the firm, the industry.

• Microeconomics

• Macroeconomics

• Both of them

The study of economics teaches us a way of thinking and helps us make decisions.

• To Understand Society

• To Learn a Way of Thinking

• To Understand Global Affairs