Growth definition by Samuelson has
An element of time in its
Touches about economic growth and welfare concepts
Talks about the problem of scarcity of resources
All the above
Economics is a science of " scarcity and choice", this definition was presented by
Adam Smith
Prof : Marshall
Prof : Robbin's
Prof : Samuelson
Economics is the study of
Production technology
Consumption decision
How society decides what, how and far whom to produce
The best way to run society
Micro economics is also called
Economic theory
Price theory
Demand theory
Supply theory
Problem of allocation of resources includes
What to produce
How to produce
For whom to produce
" Wealth of Nation " is written by
Alfred Marshall
Lionel Robbins
Samuelson
Scarcity of resources
Alternative use of resources
Inflation is
A decrease in the over all price level
An increase in the over all price level
An increase in the over all level of economic activity
A decrease in the over all level of economic activity
Micro economics is concerned with
The economy as a whole
The electronics industry
The study of individual economic behaviour
The interactions within the entire economy
Normative economics is based on
Cause and effect of facts
Ethics
Value judgments
Both A and C
