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Consider the following statements
1. The word economics is derived from Latin words ‘Oikos” and ‘Nomos”.
2. British economist J.M.Keynes called economics a science of scarcity.
Which of the above given statements is/are incorrect?
1. The word economics is derived from Latin words ‘Oikos” and ‘Nomos”.
2. British economist J.M.Keynes called economics a science of scarcity.
Which of the above given statements is/are incorrect?
- a)1 Only
- b)Both
- c)2 Only
- d)Neither
Correct answer is option 'C'. Can you explain this answer?
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Verified Answer
Consider the following statements1. The word economics is derived from...
Incorrect statement is 2 only.
Lionel Robbins called economics a science of scarcity not J.M.Keynes. In his landmark essay on the nature of economics, Lionel Robbins defined economics as. “the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses”
Lionel Robbins called economics a science of scarcity not J.M.Keynes. In his landmark essay on the nature of economics, Lionel Robbins defined economics as. “the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses”
Most Upvoted Answer
Consider the following statements1. The word economics is derived from...
"oikos" meaning "household" and "nomos" meaning "management or law".
2. Economics is the study of how society uses its limited resources to produce and distribute goods and services.
3. The two main branches of economics are microeconomics, which studies individual economic behavior, and macroeconomics, which studies the behavior of the economy as a whole.
4. The principles of supply and demand are fundamental to economics, with prices being determined by the interaction of these two forces.
5. Economic systems can be classified into three main types: market economies, command economies, and mixed economies.
All of these statements are true.
2. Economics is the study of how society uses its limited resources to produce and distribute goods and services.
3. The two main branches of economics are microeconomics, which studies individual economic behavior, and macroeconomics, which studies the behavior of the economy as a whole.
4. The principles of supply and demand are fundamental to economics, with prices being determined by the interaction of these two forces.
5. Economic systems can be classified into three main types: market economies, command economies, and mixed economies.
All of these statements are true.
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Community Answer
Consider the following statements1. The word economics is derived from...
Economics is drived from greek word oiko nomia which means household management
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Consider the following statements1. The word economics is derived from Latin words ‘Oikos” and ‘Nomos”.2. British economist J.M.Keynes called economics a science of scarcity.Which of the above given statements is/are incorrect?a)1 Onlyb)Bothc)2 Onlyd)NeitherCorrect answer is option 'C'. Can you explain this answer?
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Consider the following statements1. The word economics is derived from Latin words ‘Oikos” and ‘Nomos”.2. British economist J.M.Keynes called economics a science of scarcity.Which of the above given statements is/are incorrect?a)1 Onlyb)Bothc)2 Onlyd)NeitherCorrect answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements1. The word economics is derived from Latin words ‘Oikos” and ‘Nomos”.2. British economist J.M.Keynes called economics a science of scarcity.Which of the above given statements is/are incorrect?a)1 Onlyb)Bothc)2 Onlyd)NeitherCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements1. The word economics is derived from Latin words ‘Oikos” and ‘Nomos”.2. British economist J.M.Keynes called economics a science of scarcity.Which of the above given statements is/are incorrect?a)1 Onlyb)Bothc)2 Onlyd)NeitherCorrect answer is option 'C'. Can you explain this answer?.
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