Who defined Economics as a 'science which studies human behaviour as a relationship betweeen ends and means which have alternative uses'?
A. L. Robbins
B. Alfred Marshall
C. Joan Robinson
D. Paul A. Samuelson
Answer: Option A
Solution(By Examveda Team)
L. Robbins defined economics: "Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses."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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