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Worksheets1.1.3 Modern/Robbins' Scarcity Definition of Economics
Total questions: 15
Worksheet time: 10mins
Which Economist has given this definition of economics?
"Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses"
Prof. Lionel Robbins
Paul Samuelson
Adam Smith
J.M. Keynes
Who is the author of this book? What does his definition of economics focus on?
Adam Smith, Wealth
Lionel Robbins, Growth
Lionel Robbins, Scarcity
Paul Samuelson, Scarcity
What term refers to the principle that society has limited resources and therefore cannot produce all the goods & services people wish to have?
inefficiency
inequality
scarcity
market failure
Economics is the study of how society manages its
limited wants and unlimited resources
unlimited wants and unlimited resources
limited wants and limited resources
unlimited wants and limited resources
Which of these is NOT a reason on why we have scarcity?
All resources are limited
People are satisfied with what they have
People want more than our country can produce
Which of these statements is correct?
Scarcity requires people to make choices.
Wealthy people do not experience scarcity.
Scarcity only exists is less-developed countries.
Expensive cars are not considered scarce.
A book "An Essay on the Nature and Significance of Economic Science" written by Lionel Robbins was published in ---------
1930
1931
1932
1933
All the limited resources have ----------------------
Single uses
Alternative uses
According to Scarcity definition of Lionel Robbins, economics is a
Normative science
Positive science
Social Science
Economics as a positive science explains cause and effect relationship between economic variables.
True
False
Not only the scarcity but sometimes high supply of labor and overproduction of goods and services may also creates economic problem.
True
False
