Economics

Price and Demand are _________ related to each other.

• Inversely

• Positive

• Both

• None of the above

Who is the father of Economics?

• Paul Samuelson

• Alfred Marshall

• Lionel Robbins

• Adam Smith

Macro Economics is also known as

• Income and Employment Theory

• Price Theory

• Only Income theory

• None of the above

What are the central problems of an economy?

• What to Produce?

• How to Produce?

• For whom to Produce?

• All of the above

What are the techniques of production related to “how to produce” ?

• Labour Intensive

• Capital Intensive

• Labour & Capital Intensive

Demand Schedule is a ________ which shows the different quantities of commodity at different prices during a particular period of time.

• Tabular representation

• Graphical representation

• Mathematical representation

• All of the above

According to the law of demand, a rise in the price of a good:

• 1. Increases the quantity of that good available

• 1. Reduces the quantity of that product desired.

• 1. Affects the quantity of that good available.

  
  

• All of the above

What are the assumptions of Law of Demand?

• Income remains unchanged

• Changes in consumer’s expectations

• Change in price of Related goods

• Change in Taste & Preferences

Goods for which demand goes down when income goes up are called

• Inferior Goods

• Normal Goods

• Public Goods

• Private Goods

The demand curve is always

• Upward Sloping

• Downward Sloping

• Irregular

• All of the above