Economics is the study of
A. how society manages its unlimited resources
B. how to reduce our wants until we are satisfied
C. how society manages its scarce resources
D. how to fully satisfy our unlimited wants
Answer: Option C
Solution(By Examveda Team)
Economics is the study of how society manages its scarce resources. Resources are scarce in that we have fewer resources than we wish. Economists study how people make decisions about buying and selling, and saving and investing.The capital that is consumed by an economy or a firm in the production process is known as
A. Capital loss
B. Production cost
C. Dead-weight loss
D. Depreciation
Who propounded the opportunity cost theory of international trade?
A. Ricardo
B. Marshall
C. Heckscher & Ohlin
D. Haberler
Which among the following statement is INCORRECT?
A. On a linear demand curve, all the five forms of elasticity can be depicted
B. If two demand curves are linear and intersecting each other, then, coefficient of elasticity would be same on different demand curves at the point of intersection.
C. If two demand curves are linear and parallel to each other, then, at a particular price, the coefficient of elasticity would be different on different demand curves.
D. The price elasticity of demand is expressed in terms of relaive not absolute changes in Price and Quantity demanded.
A. Increase
B. Decrease
C. Remain the same
D. Become zero
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