Exam 6: Economic Theory and Methodology: Exploring the Fundamentals of Economics

Which of the following is an example of economic overhead?

Inductive method which also called empirical method was adopted by the:

Knowledge used to combine resources productively is called:

Economic efficiency for the entire economy requires that :

Scientific attempts to describe economic relationships are :

The method consistsin deriving conclusionsfrom general truths, takesfew general principles and applies them draw conclusions.

Who defined economics as: a science which studies human behavior as a relationship between ends and scarce means which have alternative uses:

Theories are:

Milton Friedman restated the :

If the value of a variable varies as a consequence of the variation in the value of some other variable, it is called:

Adam Smith, the father of modern economic theory, defined economics as a subject, which is mainly concerned with the study of nature and causes of generation of

Which of the following concepts are most closely associated with J.M. Keynes?

Macroeconomicsis primarily concerned with aggregates. Which of the following is not a macroeconomic aggregate?

Division of Labour is limited by the extent of:

The problem of scarcity and choice making can be depicted using the tool of curve.

is a term referring to an intellectual controversy over epistemology, research methodology between Carl Menger, and Gustav von Schmoller.

Decisions made in households, firms, and government are the focus of:

introduced the concept of welfare in the study of economics: