The father of modern economics is :
Prof. Ragnar
Adam Smith
Kenneth Boulding
Prof.Walker
Increase in the demand for wages due to industrial development is an example of
Income demand
Cross demand
Derived demand
Competitive demand
In the above figure which movement reflects a decrease in demand?
From a to e
From a to b
From a to d
The law of demand implies that demand curves
Slope Up
Slope Down
Shift up whenever the price rises
Shift down whenever the price rises
What kind of relationship exist between income and demand of inferior good?
Direct
Inverse
No effect
Can be direct or inverse
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
In the above figure, if D2 is the original demand curve for a normal good which price and quantity will result if incomes fall?
Point a , with price P2 and quantity Q2
Point b, with price P1 and quantity Q1
Point C, with price P3 and quantity Q3
Point d, with price P1 and quantity Q3
A decline in the price of a good cause producers to reduce the quantity of the good they are willing to produce. This fact illustrates.
The law of demand
The law of supply
A change in supply
The nature of an inferior good
The law of demand is given by
Prof. Marshall
Prof. Walker
J.B. Say
Each point on the demand curve reflects
All the wants of a given household
The highest price consumers are willing to pay for an additional unit of a good
The highest price sellers will accept for all units over time
The lowest cost technology available to produce a good
