CA Foundation P4 · Chapter 1 · Question 11 of 15
Economics defined as 'the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses' was given by:
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) Lionel Robbins
Explanation
This scarcity definition was given by Lionel Robbins. Adam Smith is associated with the wealth definition, Alfred Marshall with the welfare definition, and Keynes with macroeconomic analysis of income and employment.
More Nature and Scope of Business Economics MCQs
- Q13A production possibility curve is usually concave (bowed out) to the origin because:
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- Q15In a free market economy, the problem of 'for whom to produce' is solved mainly by:
- Q1Business Economics is best described as:
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