Question

Match the following:

(P) Adam Smith	(i) Scarcity definition
(Q) Marshall	(ii) Growth definition
(R) Robbins	(iii) Wealth definition
(S) Samuelson	(iv) Welfare definition

• A. P-(ii), Q-(iii), R-(iv), S-(i)
• B. P-(i), Q-(iii), R-(ii), S-(iv)
• C. P-(ii), Q-(iv), R-(iii), S-(i)
• D. P-(iii), Q-(iv), R-(i), S-(ii)

Answer 1

The correct option is D P-(iii), Q-(iv), R-(i), S-(ii)

• Adam Smith was a Scottish economist who proposed economics as the science of wealth and focused on wealth creation.
  
• Alfred Marshall was a British economist who suggested that economics is the study of human and social welfare.
  Lionel Robbins was a British economist who established the relationship between scarce resources, having alternative uses and unlimited human wants, requiring allocation of resources optimally.
• Paul A Samuelson was an American economist who focused on the growth of the nation through efficiency in the satisfaction of wants through the use of scarce resources.