Increase in the demand for wages due to industrial development is an example of
Income demand
Cross demand
Derived demand
Competitive demand
Increase in the price of ink will ________ the demand of pen.
Increase
Decrease
Keep constant
No effect
A complement is a good
Of lower quality than another
Used in conjunction with another good
Used instead of another good
Of higher quality than another
The law of demand implies that demand curves
Slope Up
Slope Down
Shift up whenever the price rises
Shift down whenever the price rises
When demand decreases
Price falls and Quantity decreases
Price falls and Quantity increases
Price rises and Quantity decreases
Price rises and Quantity increases
Change in the demand of apples due to increase in the price is ________ of demand.
Contraction
Extension
Which of the following will shift the supply curve for good X left ward?
A situation in which quantity demanded exceeds quantity supplied
An increase in the cost of machinery used to produce X
A technological improvement in the production X
A decrease in the wages of workers employed to produce X
What kind of relationship exist between price of a good and demand of its complementary good?
Direct
Inverse
Can be direct or inverse
The father of modern economics is :
Prof. Ragnar
Adam Smith
Kenneth Boulding
Prof.Walker
If the price of a good changes but everything else influencing suppliers planned sales remains constant , there is a
New supply curve
Movement along the old demand curve
Movement along the supply curve
Rotation of the old supply curve around the old price
