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Basics of Economics Flashcards | StudBud

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Basics of Economics

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Questions 5

Answers

1
Who is the father of Economics?
Adam Smith
J.M. Keynes
Alfred Marshal
A.C. Pigou
2
Which of the following is the relation that the law of demand defines?
Income and price of a commodity
Income and quantity demanded
Price and quantity of a commodity
Quantity demanded and quantity supplied
3
Scarcity is the main economic problem faced by the society
False
True
4
Demand Curve is downward slopping
False
True
5
What do you mean by the demand of a commodity?
Desire for the commodity
Quantity that consumers are able and willing to buy at various prices durin
Quantity demanded of that commodity
Need for the commodity