Question

Match List-I with List-II:
\begin{tabular{ll} List-I (Author) & List-II (Theory/Definition)
(A) Adam Smith & (I) Economics is that body of knowledge which relates to wealth
(B) J.B. Say & (II) Economics is the practical science of production and distribution of wealth
(C) J.S. Mill & (III) Economics is the science which treats wealth
(D) F.A. Walker & (IV) Economics is an enquiry into nature and causes of wealth

Choose the correct answer from the options given below:

• (A) - (I), (B) - (II), (C) - (III), (D) - (IV)
• (A) - (I), (B) - (II), (C) - (IV), (D) - (III)
• (A) - (II), (B) - (I), (C) - (IV), (D) - (III)
• (A) - (IV), (B) - (III), (C) - (II), (D) - (I)

Hint:

Adam Smith's definition of economics always includes the phrase "enquiry into the nature and causes of wealth" (A - IV).
Matching this first eliminates three options instantly.

Answer 1

The Correct Option is D

Step 1: Understanding the Concept:
Early economic thought focused heavily on wealth-centric definitions of economics.
This question tests the definitions formulated by classical economists.

Step 2: Detailed Explanation:
Let us match the classical authors in List-I with their specific definitions of economics in List-II:
- (A) Adam Smith: Known as the Father of Economics, he defined economics in his landmark 1776 book as "an enquiry into the nature and causes of wealth of nations."
Thus, (A) matches with (IV).
- (B) Jean-Baptiste (J.B.) Say: A French classical economist who succinctly defined economics as "the science which treats of wealth."
Thus, (B) matches with (III).
- (C) John Stuart (J.S.) Mill: He expanded the scope slightly by defining economics as "the practical science of production and distribution of wealth."
Thus, (C) matches with (II).
- (D) Francis Amasa (F.A.) Walker: He defined economics as "that body of knowledge which relates to wealth."
Thus, (D) matches with (I).
This yields the matching sequence: (A)-(IV), (B)-(III), (C)-(II), (D)-(I).

Step 3: Final Answer:
The correct option is 4.