Question

Paul Samuelson has included the problems of growth and development. This statement is ____________.

• A. absolutely incorrect
• B. partly correct and Partly incorrect
• C. absolutely correct
• D. none of the above

Answer 1

Answer: (C)

absolutely correct

Paul Samuelson has included the problems of growth and development. This statement is absolutely correct. He defined economics as “the study of how men and society choose, with or without the use of money, to employ scarce productive resources which could have alternative uses, to produce various commodities over time, and distribute them for consumption, now and in the future among various people and groups of society”. Since the definition contains the element of time, it takes into consideration growth and development.