Economics Definitions Quiz

Who is considered the father of economics and what is his definition focused on?

• John Maynard Keynes; economic policies

• Lionel Robbins; human behavior

• Alfred Marshall; human welfare

• Adam Smith; science of wealth

Which economist introduced the concept of welfare in economics?

• David Ricardo

• Lionel Robbins

• Alfred Marshall

• Adam Smith

What key concepts did Alfred Marshall integrate into his economic theories?

• Wealth and capital

• Supply and demand, marginal utility, cost of production

• Inflation and unemployment

• Scarcity and choice

How does Lionel Robbins define economics?

• As the study of wealth

• As the science of human welfare

• As the study of human behavior in relation to ends and scarce means

• As the analysis of market dynamics

What is the title of Lionel Robbins' famous book?

• Principles of Economics

• The Wealth of Nations

• The General Theory of Employment, Interest, and Money

• An Essay on the Nature and Significance of Economic Science