Economics is a science of " scarcity and choice", this definition was presented by
Adam Smith
Prof : Marshall
Prof : Robbin's
Prof : Samuelson
Positive economics is based on
Cause and effect of facts
Ethics
Value judgements
All of the above
Aggregate supply is the total amount
Of a labour supplied by all house holds
Of goods and services produced in an economy
Produced by the government
Of products produced by a given industry
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
Scarcity problem arises because our resources are
Unlimited
Limited
Sufficient
Vast
Human wants or desires are
Resource and Allocated
Scarce
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
An Enquiry in to the Nature and causes of wealth of Nations" is the book of economist
Marshall
Robbins
Samuelson
Micro economics is also called
Economic theory
Price theory
Demand theory
Supply theory
Normative economics is based on
Value judgments
Both A and C
