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Wealth and the World
Social Science · Kerala SSLC (Class 10) · English Medium · 20 questions and answers
Sample questions
- Q: What is Economics?
- A: Economics is the social science that studies how people and societies produce, distribute and consume goods and services to satisfy their wants with limited resources.
- Q: Who is regarded as the 'Father of Economics'?
- A: Adam Smith is regarded as the Father of Economics.
- Q: Name the famous book written by Adam Smith.
- A: Adam Smith wrote 'An Inquiry into the Nature and Causes of the Wealth of Nations', published in 1776.
- Q: What is mercantilism?
- A: Mercantilism was an economic policy that held that a nation's wealth depended on the amount of gold and silver it possessed, and it encouraged more exports than imports.
- Q: Who were the Physiocrats?
- A: The Physiocrats were a group of French economists who believed that all wealth comes from land and agriculture.
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