How Did the Great Economist John Maynard Keynes Explain His

question 37

Multiple Choice

How did the great economist John Maynard Keynes explain his comment that although economics is an easy subject compared with the higher branches of philosophy or pure science, it is a subject at which few excel?

• A) Most people who study economics are not very bright.
• B) Good economists must possess a rare combination of gifts.
• C) Economics is actually quite boring; hence, people tend to lose interest in it.
• D) Good thinkers become frustrated with economics because it is not logical or relevant.

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Definitions:

Ethical Duty

A moral obligation to act in a manner that is considered to be right or virtuous, often guiding professional conduct and decision-making.

Legal Duty

An obligation recognized by law that requires an individual or entity to conform to a certain standard of conduct.

Maximizing Profits

The process of making the highest possible financial gain from business activities within the confines of the law and ethical practices.

Allocates Scarce Resources

The process of distributing limited resources among varying needs and wants in an efficient and effective manner.