[amp_mcq option1=””Economics is the subject concerned with the discovery of the nature and causes of the wealth of nations”” option2=””Economics is the study of the ordinary business of human life”” option3=””Economics is the science of finite”” option4=””Economics is the study of the allocation of scarce resources and the determination of employment, income and economy development”” correct=”option4″]<\/p>\n
The correct answer is D.<\/p>\n
Robbins’ definition of economics is “the science of human behavior as a relationship between ends and scarce means which have alternative uses.” This means that economics is the study of how people make choices when they have limited resources.<\/p>\n
Option A is incorrect because it is a definition of economics given by Adam Smith.<\/p>\n
Option B is incorrect because it is too broad. Economics is not just the study of the ordinary business of human life. It is also the study of how people make choices when they have limited resources.<\/p>\n
Option C is incorrect because it is not a definition of economics.<\/p>\n
I hope this helps! Let me know if you have any other questions.<\/p>\n","protected":false},"excerpt":{"rendered":"
[amp_mcq option1=””Economics is the subject concerned with the discovery of the nature and causes of the wealth of nations”” option2=””Economics is the study of the ordinary business of human life”” option3=””Economics is the science of finite”” option4=””Economics is the study of the allocation of scarce resources and the determination of employment, income and economy development”” … <\/p>\n