MANECON-PRELIM-Part 1

The term "economics" originates from the Greek word “OIKONOMIA,” which means:

• Household

• Wealth

• Business

• Money

Who is considered the "Father of Economics" for his book "An Inquiry into the Nature and Causes of the Wealth of Nations"?

• Alfred Marshall

• Lionel Robbins

• Adam Smith

• John Maynard Keynes

Adam Smith’s definition of economics focused on:

• Welfare

• Wealth

• Scarcity

• Employment

The definition of economics by Alfred Marshall shifted the focus from wealth to:

• Human welfare

• Labor productivity

• Profitability

• Scarcity

The scarcity definition of economics was given by:

• Alfred Marshall

• Adam Smith

• Lionel Robbins

• J.M. Keynes

What is the most fundamental economic problem according to Lionel Robbins?

• Inflation

• Scarcity

• Employment

• Trade

What does Keynes’ modern definition of economics focus on?

• The study of income and employment

• The study of wealth

• The study of profit and loss

• The study of human welfare

Who published "Managerial Economics" in 1951, popularizing the subject in the U.S.?

• Alfred Marshall

• Joel Dean

• Lionel Robbins

• Paul Samuelson

What is the primary focus of managerial economics?

• Accounting

• Decision-making

• Financial analysis

• Trade

Who described managerial economics as the integration of economic theory with business practice?

• Adam Smith

• Spencer and Siegleman

• Michael Baye

• Evan J. Douglas