1. The capital that is consumed by an economy or a firm in the production process is known as
2. Who propounded the opportunity cost theory of international trade?
3. Which among the following statement is INCORRECT?
4. If the demand for a good is inelastic, an increase in its price will cause the total expenditure of the consumers of the good to
5. The horizontal demand curve parallel to x-axis implies that the elasticity of demand is
6. An individual demand curve slopes downward to the right because of the
7. Income elasticity of demand is defined as the responsiveness of
8. The supply of a good refers to
9. The cost of one thing in terms of the alternative given up is called
10. Assume that consumer's income and the number of sellers in the market for good X both falls. Based on this information, we can conclude with certaintty that the equilibrium
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