"Economics is a science under which study of interactions of human behavior as an alternative and inadequate income is studied." Who is this statement?
Robins
The quoted line is a translation of the scarcity definition: economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.
This definition was given by Lionel Robbins in 'An Essay on the Nature and Significance of Economic Science' (1932). 'Robins' in the option is Robbins.
Adam Smith gave the wealth definition, Alfred Marshall the welfare definition (study of mankind in the ordinary business of life), and Karl Marx analysed economics in terms of class and capital, not scarcity.
Hence, the answer is Robins (Lionel Robbins).
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Important Questions from Microeconomics
Which of the following statement is correct?
I. Indifference curves are sloping from left to right.
II. Higher indifference curve gives a higher level of utility.
If in a production process, all inputs are tripled, which of the following statements follows?
I. If the output is tripled, then decreasing returns to scale apply.
II. When the output is doubled, constant returns to scale apply.
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When it is not possible to make someone good without harming someone, then such a situation is called
According to Ricardo what condition is necessary to make possible international trade between two countries?
Match List I with List II:
List- I
Shape of revenue curve of the firm
List – II
Market structure
A.
Kinked revenue-curve (I)
Monopolistic competition B.
Infinitely elastic straight line curve (II)
Perfect competition C.
Relatively less elastic curve (III)
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Relatively high elastic curve (IV)
Monopoly.
Choose the correct answer from the options given below -
