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The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
Multiple choice questions lend themselves to the development of objective assessment items, but without author training, questions can be subjective in nature. Because this style of test does not require a teacher to interpret answers, test-takers are graded purely on their selections, creating a lower likelihood of teacher bias in the results. [8]
An economic system is a way of answering these basic questions and different economic systems answer them differently. Many different objectives may be seen as desirable for an economy, like efficiency , growth , liberty and equality .
Furthermore, managerial economics provides the tools and techniques that allow managers to make the optimal decisions for any scenario. Some examples of the types of problems that the tools provided by managerial economics can answer are: The price and quantity of a good or service that a business should produce.
Macroeconomics – branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole, rather than individual markets. Microeconomics – branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of limited resources.
Institutional economics focuses on understanding the role of the evolutionary process and the role of institutions in shaping economic behavior.Its original focus lay in Thorstein Veblen's instinct-oriented dichotomy between technology on the one side and the "ceremonial" sphere of society on the other.
Formalists such as Raymond Firth and Harold K. Schneider asserted that the neoclassical model of economics could be applied to any society if appropriate modifications are made, arguing that its principles have universal validity. Critics of the formalist position question its central assumptions, in particular that the universality of rational ...
Such cheating in the Chicago school system is inferred from detailed analysis of students' answers to multiple-choice questions. Levitt asks, "What would the pattern of answers look like if the teacher cheated?", and hypothesizes that the more difficult questions found at the end of test sections will be answered correctly more frequently than ...