Fundamentals of Economics

Find the twin teams of economics

• Scarcity and Efficiency

• Supply and demand

When price increases, demand for a product will (a)  

When price of a product increases and the demand has no chance due to price increase then type of elasticity of demand is (a)  

Price and supply has (a)   relationship

Marginal cost is, cost incurred during (a)   unit of production

Total cost=

• Marginal cost+avarage cost

• Fixed cost + variable cost

• Total cost+ marginal cost

List the components of 3 sector Economy

(a)  

When inflation increases bank will_____ the interest rate of deposits

• Increase

• Decrease

_________ is the controlling authority of inflation

• Central Bank

• Central Government