BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The terms ‘microeconomics’ and ‘macroeconomics’ were coined by ____
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Prof. Ragnar Frisch
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Prof. Paul Samuleson
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Prof. Alfred Marshall
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Prof. Lionel Robbins
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Explanation:
Detailed explanation-1: -He coined the term econometrics in 1926 for utilising statistical methods to describe economic systems, as well as the terms microeconomics and macroeconomics in 1933, for describing individual and aggregate economic systems, respectively.
Detailed explanation-2: -If Adam Smith is the father of economics, John Maynard Keynes is the founding father of macroeconomics.
Detailed explanation-3: -Ragnar Frisch, along with Jan Tinbergen, pioneered development of mathematical formulations of economics. He coined the term econometrics for studies in which he used statistical methods to describe economic systems.
There is 1 question to complete.