Question:
Match List-I with List-II
\includegraphics[width=0.6\linewidth]{3png}
Choose the correct answer from the options given below:
Match List-I with List-II
\includegraphics[width=0.6\linewidth]{3png}
Choose the correct answer from the options given below:
\includegraphics[width=0.6\linewidth]{3png}
Choose the correct answer from the options given below:
Show Hint
To remember this chronological development:
Smith (1776) \(\rightarrow\) Wealth
Marshall (1890) \(\rightarrow\) Welfare
Robbins (1932) \(\rightarrow\) Scarcity
Samuelson (1948) \(\rightarrow\) Growth
Smith (1776) \(\rightarrow\) Wealth
Marshall (1890) \(\rightarrow\) Welfare
Robbins (1932) \(\rightarrow\) Scarcity
Samuelson (1948) \(\rightarrow\) Growth
Updated On: Aug 5, 2026
- (A) - (I), (B) - (II), (C) - (III), (D) - (IV)
- (A) - (IV), (B) - (I), (C) - (II), (D) - (III)
- (A) - (I), (B) - (II), (C) - (IV), (D) - (III)
- (A) - (III), (B) - (IV), (C) - (I), (D) - (II)
Show Solution
Verified By Collegedunia
The Correct Option is B
Solution and Explanation
Step 1: Understanding the Concept:
This question requires knowledge of the history of economic thought, specifically the four major definitions of economics proposed by seminal economists over time.
Step 3: Detailed Explanation:
Let us match each definition from List-I with the correct economist from List-II:
- (A) Welfare Definition:
Alfred Marshall shifted the focus of economics from money to human welfare.
In his book Principles of Economics (1890), he defined economics as the study of mankind in the ordinary business of life, examining how wealth is used to promote well-being.
Thus, (A) matches with (IV) Alfred Marshall.
- (B) Wealth Definition:
Adam Smith, the father of modern economics, published The Wealth of Nations in 17
He defined economics as an inquiry into the nature and causes of the wealth of nations, viewing it simply as the study of wealth.
Thus, (B) matches with (I) Adam Smith.
- (C) Scarcity Definition:
Lionel Robbins (spelled as "Robinson" in the exam question) published an essay in 193
He defined economics as a science that studies human behavior as a relationship between ends (unlimited wants) and scarce means which have alternative uses.
Thus, (C) matches with (II) Lionel Robinson.
- (D) Growth Definition:
Paul A. Samuelson introduced a modern, dynamic definition of economics.
His definition incorporated resources, time, distribution, and economic growth, showing how society chooses to allocate scarce resources over time.
Thus, (D) matches with (III) P.A. Samuelson.
Combining these matches, we get:
(A) - (IV), (B) - (I), (C) - (II), (D) - (III).
Step 4: Final Answer:
The correct matching sequence corresponds to Option (B).
This question requires knowledge of the history of economic thought, specifically the four major definitions of economics proposed by seminal economists over time.
Step 3: Detailed Explanation:
Let us match each definition from List-I with the correct economist from List-II:
- (A) Welfare Definition:
Alfred Marshall shifted the focus of economics from money to human welfare.
In his book Principles of Economics (1890), he defined economics as the study of mankind in the ordinary business of life, examining how wealth is used to promote well-being.
Thus, (A) matches with (IV) Alfred Marshall.
- (B) Wealth Definition:
Adam Smith, the father of modern economics, published The Wealth of Nations in 17
He defined economics as an inquiry into the nature and causes of the wealth of nations, viewing it simply as the study of wealth.
Thus, (B) matches with (I) Adam Smith.
- (C) Scarcity Definition:
Lionel Robbins (spelled as "Robinson" in the exam question) published an essay in 193
He defined economics as a science that studies human behavior as a relationship between ends (unlimited wants) and scarce means which have alternative uses.
Thus, (C) matches with (II) Lionel Robinson.
- (D) Growth Definition:
Paul A. Samuelson introduced a modern, dynamic definition of economics.
His definition incorporated resources, time, distribution, and economic growth, showing how society chooses to allocate scarce resources over time.
Thus, (D) matches with (III) P.A. Samuelson.
Combining these matches, we get:
(A) - (IV), (B) - (I), (C) - (II), (D) - (III).
Step 4: Final Answer:
The correct matching sequence corresponds to Option (B).
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