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WorksheetsBusiness Economics
Total questions: 10
Worksheet time: 5mins
Forward planning goes hand in hand with
decision making
capital
stock
sales
The famous book on economics “An Enquiry into the Nature and Cause of Wealth of Nation” was written by
Marshal
Ricardo
Robins
Adam smith
Wealth definition of economics is given by
J B Say
Lionel Robbins
Adam Smith
Alfred Marshall
If the income elasticity of demand is that one, the good is a
Necessity
Luxury
Substitute
Complement
The income elasticity of demand is negative for a
complement good
normal good
superior good
inferior good
What effect is working when the price of a good falls and consumers tend to buy it instead of other goods.
Income effect
Substitution effect
Price effect
complementary effect
Two goods that are used jointly to provide satisfaction are called
Inferior goods
Normal goods
Complementary goods
Substitute goods
Demand curve slopes downwards because of
The law of diminishing marginal utility
The income effect
Substitution effect
All of the above
If the income and substitution effect of a price increase works in the same direction the good whose price has changed is a
Giffen goods
Inferior goods
Normal goods
Superior one of these
Which one is not a property of isoquant
Downward sloping
Convex
Negative slope
Positive slope
