Question

____________ defined economics as the study of how people and society end up choosing, with or without the use of money, to employ scarce productive resources that could have alternatives uses, to produce various commodities and distribute them for consumption now or in the future among various persons and groups in society.

• A. Adam Smith
• B. Malthus
• C. Paul Samuelson
• D. JB Say

Answer 1

Answer: (C)

Paul Samuelson

Paul Samuelson defined economics as the study of how people and society end up choosing, with or without the use of money, to employ scarce productive resources that could have alternatives uses, to produce various commodities and distribute them for consumption now or in the future among various persons and groups in society. He gave the growth oriented definition of economics. According to this, economics analyses the cost and benefits of improving patterns of resource allocation.