Explanation: Economics is indeed defined as a behavioral science concerned with the production, distribution, and consumption of goods and services, analyzing the behavior and interactions of economic agents and the functioning of economies.

Explanation: This accurately captures the fundamental distinction between positive economics, which is descriptive and empirical, and normative economics, which involves value judgments and policy recommendations.

Explanation: The term 'economics' actually originates from the Ancient Greek word 'oikonomia,' which combines 'oikos' (house) and 'nomos' (custom or law), meaning 'the management of a household' or state, not from Latin.

Explanation: Lionel Robbins' definition emphasizes scarcity and the allocation of scarce means with alternative uses, not government intervention.

Explanation: Lionel Robbins' definition is precisely that economics studies human behavior as a relationship between ends and scarce means which have alternative uses, highlighting the core issue of scarcity.

Explanation: Positive economics deals with objective, verifiable statements about economic reality ('what is'), whereas normative economics involves subjective value judgments and policy recommendations ('what ought to be').

Explanation: The term 'economics' derives from the Ancient Greek word 'oikonomia,' a compound of 'oikos' (house) and 'nomos' (custom or law), signifying 'the management of a household' or state.

Explanation: Adam Smith indeed defined political economy as a branch of the science of a statesman or legislator, aiming to provide for the people's subsistence and the state's revenue.

Explanation: Jean-Baptiste Say defined economics as the science of production, distribution, and consumption of wealth, not solely production.

Explanation: Adam Smith's seminal work identified land, labor, and capital as the fundamental factors contributing to the wealth of nations.

Explanation: Adam Smith articulated the principle that the degree of specialization and efficiency gained through the division of labor is constrained by the size of the market.

Explanation: Thomas Robert Malthus theorized that population tends to grow geometrically, outpacing the arithmetic growth of food production, leading to potential crises.

Explanation: David Ricardo's primary focus was on the distribution of income among classes and the dynamics of rent, differing from Adam Smith's broader emphasis on production and national wealth.

Explanation: David Ricardo is renowned for articulating and demonstrating the principle of comparative advantage, a cornerstone of international trade theory.

Explanation: John Stuart Mill distinguished between allocative efficiency and distributive fairness, arguing that markets, while potentially efficient, were not necessarily fair in distributing income.

Explanation: Adam Smith's concept of the 'invisible hand' suggests that individuals acting in their own self-interest can inadvertently advance the public interest through market mechanisms.

Explanation: Thomas Robert Malthus theorized that human population exhibits a tendency for geometric growth, surpassing the arithmetic increase in food production, leading to potential resource constraints.

Explanation: David Ricardo is renowned for articulating and demonstrating the principle of comparative advantage, which posits that countries benefit from specializing in the production and export of goods where they possess a lower relative cost.

Explanation: John Stuart Mill distinguished between the market's efficacy in resource allocation and its role in income distribution, arguing that markets did not inherently ensure fairness in distribution.

Explanation: This statement reverses the scopes: microeconomics analyzes individual agents and markets, while macroeconomics studies aggregate economic phenomena.

Explanation: Alfred Marshall's influential definition broadened the scope of economics to encompass 'man in the ordinary business of life,' acknowledging its dual nature as a study of wealth and humanity.

Explanation: The neoclassical school, emerging around the late 19th century, significantly integrated mathematical methods and a scientific approach, drawing parallels with the natural sciences.

Explanation: Neoclassical economics moved away from the classical labor theory of value, instead emphasizing marginal utility on the demand side and cost theory on the supply side.

Explanation: Keynes' 'The General Theory' primarily focused on the determinants of *short-run* economic fluctuations, particularly high unemployment, attributing it to insufficient effective demand, rather than long-run economic growth and stability.

Explanation: The IS-LM model, developed by John Hicks and Alvin Hansen, serves as a formalization of certain Keynesian insights concerning the economy's short-run equilibrium.

Explanation: In the immediate aftermath of World War II, Keynesian economics prevailed as the dominant perspective in the United States and its allied nations, whereas Marxian economics held sway in the Soviet Union and its associated states.

Explanation: Monetarism, prominently associated with Milton Friedman, asserted that monetary policy and fluctuations in the money supply were principal causes of economic instability.

Explanation: New classical economists, notably Robert Lucas, introduced the concept of rational expectations, which fundamentally questioned the effectiveness of traditional Keynesian stabilization policies.

Explanation: Contrary to this statement, New Keynesian economics *adopts* rational expectations but emphasizes market imperfections, particularly price and wage rigidities, as explanations for macroeconomic phenomena.

Explanation: The new neoclassical synthesis indeed combines the rational expectations framework of new classical economics with the New Keynesian emphasis on market imperfections, such as price and wage rigidities, to explain macroeconomic phenomena.

Explanation: The 2008 financial crisis prompted an *increased* focus within macroeconomic research on integrating the financial system into economic models, alongside greater attention to behavioral economics and agent heterogeneity.

Explanation: The neoclassical school integrated mathematical methods and a scientific approach, drawing inspiration from the natural sciences, marking a significant shift in economic analysis.

Explanation: Neoclassical economics superseded the classical labor theory of value with a marginal utility theory on the demand side and a more comprehensive cost theory on the supply side, establishing supply and demand as joint determinants.

Explanation: Keynes' 'The General Theory' primarily focused on the determinants of short-run economic fluctuations, particularly high unemployment, attributing it to insufficient 'effective demand'.

Explanation: The IS-LM model, developed by John Hicks and Alvin Hansen, serves as a formalization of certain Keynesian insights concerning the economy's short-run equilibrium.

Explanation: Milton Friedman is recognized as the leading intellectual figure of Monetarism, which asserted that monetary policy and fluctuations in the money supply were principal causes of economic instability.

Explanation: New classical economists, notably Robert Lucas, introduced the concept of rational expectations, which fundamentally questioned the effectiveness of traditional Keynesian stabilization policies.

Explanation: New Keynesian economics integrates rational expectations with an emphasis on market imperfections, specifically price and wage rigidities, as explanations for macroeconomic phenomena.

Explanation: The new neoclassical synthesis integrates the rational expectations and optimizing framework of new classical theory with the New Keynesian emphasis on nominal rigidities and market imperfections.

Explanation: In microeconomics, production is understood as a *flow* concept, measured as a rate of output per period, rather than a stock representing accumulated assets.

Explanation: This statement accurately defines Pareto efficiency, a key concept in welfare economics for assessing resource allocation.

Explanation: The Production-Possibility Frontier (PPF) illustrates scarcity and trade-offs through its *downward-sloping* curve, indicating that producing more of one good necessitates producing less of another, thereby representing opportunity cost.

Explanation: The law of demand posits that, ceteris paribus, an increase in the price of a product leads to a decrease in the quantity demanded, and conversely.

Explanation: The law of supply states that, ceteris paribus, as the price of a good increases, the quantity supplied by producers generally *increases*, reflecting the increased profitability associated with higher prices.

Explanation: Market equilibrium is defined as the state where the quantity supplied precisely equals the quantity demanded, resulting in no market surplus or shortage.

Explanation: Ronald Coase's theory suggests that firms are organized for production when the costs of using the market mechanism (transaction costs) surpass the costs of internal organization.

Explanation: Information economics primarily addresses problems arising from *information asymmetries*, where one party in a transaction possesses superior relevant information compared to the other.

Explanation: Externalities represent a form of *market failure*, occurring when the market price of a good or service does not fully account for the external costs or benefits imposed on third parties.

Explanation: Welfare economics employs microeconomic principles to assess the efficiency and equity of resource allocation, aiming to understand and potentially improve societal well-being.

Explanation: The Coase theorem, a foundational concept in law and economics, suggests that externalities can be efficiently resolved through private bargaining when property rights are clearly defined and transaction costs are negligible.

Explanation: Production, in microeconomics, is defined as the process of transforming inputs, such as labor and capital, into outputs, which are goods and services.

Explanation: The Production-Possibility Frontier (PPF) illustrates scarcity by delineating the maximum attainable combinations of two goods an economy can produce with its available resources and technology.

Explanation: The law of demand posits that, ceteris paribus, an increase in the price of a product leads to a decrease in the quantity demanded, and conversely.

Explanation: Market equilibrium is achieved at the price where the quantity supplied precisely equals the quantity demanded, corresponding to the intersection of the supply and demand curves.

Explanation: Ronald Coase posited that firms emerge when the costs associated with market transactions surpass the costs of internal organization and coordination.

Explanation: Information asymmetries, where one party has more information than another, are a classic example of market failure, leading to inefficient outcomes.

Explanation: Marxian economics centers on the labor theory of value and the concept of surplus value, which Karl Marx argued represented the exploitation of labor by capital.

Explanation: The Austrian School of economics is characterized by its advocacy for minimal government intervention, emphasizing individual action, property rights, and free markets.

Explanation: Ecological economics, which studies the interplay between economies and ecosystems, often diverges from mainstream economics by questioning the substitutability between natural capital and human-made capital.

Explanation: Feminist Economics critically examines economic systems and policies to promote gender equality and improve the well-being of marginalized groups, challenging traditional analyses that overlook gender dynamics.

Explanation: Growth economics systematically studies the determinants of long-term economic growth, including capital accumulation, labor force expansion, and technological progress.

Explanation: Public economics focuses on the economic activities of the public sector, including taxation, government spending, and their effects on efficiency and distribution, rather than exclusively on international trade and exchange rates.

Explanation: International economics analyzes the motivations for and consequences of international trade, including the impact of trade policies, capital flows, and exchange rates on national economies.

Explanation: Labor economics investigates the functioning of labor markets, including the determination of wages, employment levels, and the factors affecting labor supply and demand.

Explanation: Development economics primarily focuses on the economic aspects of development, poverty, and growth in *low-income* countries, often incorporating social and political factors.

Explanation: Political economy examines the intricate interplay between economic factors and political decision-making, analyzing how economic interests shape policy and how political structures affect economic outcomes.

Explanation: Energy economics incorporates concepts from *thermodynamics*, such as entropy, to analyze the relationship between energy, economic activity, and environmental limits, rather than concepts from biology like evolution.

Explanation: Economic sociology investigates economic activities by considering the influence of social structures, norms, institutions, and cultural factors on economic behavior and outcomes.

Explanation: Marxian economics centers on the concept of surplus value, which Karl Marx argued represented the exploitation of labor by capital, as workers receive less than the value they create.

Explanation: Growth economics investigates the factors that account for economic growth, defined as the sustained increase in output per capita over time.

Explanation: Ecological economics investigates the interactions between human economies and the ecosystems in which they are situated, often diverging from mainstream principles regarding natural capital.

Explanation: Feminist Economics strives to produce economic research and policy analysis that is both inclusive and gender-aware, aiming to advance gender equality and enhance the well-being of marginalized groups.

Explanation: Professional economists typically utilize quantitative tools such as calculus, linear algebra, statistics, game theory, and econometrics. While philosophical underpinnings exist, direct analysis from philosophy and literature is not a common methodological tool.

Explanation: RePEc is a significant online repository and database that facilitates access to a wide array of economic research, including working papers and published articles, making it an essential resource for the academic community.

Explanation: Authority control databases provide standardized identifiers for entities, thereby ensuring consistency and enabling the cross-linking of related information across various platforms and library catalogs, including Wikipedia.

Explanation: Professional economists typically utilize quantitative tools such as calculus, linear algebra, statistics, game theory, and econometrics. Direct analysis from philosophy and literature is not a common methodological tool.

Explanation: RePEc (Research Papers in Economics) functions as a major online archive and database, offering access to an extensive collection of economic research papers, working papers, and journal articles, serving as an indispensable resource for economists globally.