GK
BUSINESS ECONOMICS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
(A) There is similarity between Robbins’s definition and Samuelson’s definition(B) Samuelson’s definition is not only dynamic in content; it is also wider in scope.Of these
|
|
A is true, but B is false
|
|
|
A is false, but B is true
|
|
|
Both A and B are true
|
|
|
Both A and B are false
|
Explanation:
Detailed explanation-1: -Both Marshall’s and Robbin’s definition signify the same meaning in terms of human satisfaction. Marshall states about wealth utilization for promoting maximum welfare and Robbins states about utilizing scarce means for maximum satisfaction. 4. Both the definitions study human behavior.
Detailed explanation-2: -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” (Robbins, 1935, p. 16).
Detailed explanation-3: -Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses (p. 16).
There is 1 question to complete.