Question

Introductory Microeconomics (ECG 1.4)
Totol Marks: 70
Durotion: 3 hours
Choose the correct answer from the following:
a. Alfred Marshall's definition of Economics is known as
Wealth Definition
3) Wellare Definition
cilj Scarcity Definition
Visrowth definition
b. Under price Mechanism the price of the product is determined by
Demand for the product
un Supply of the product
m) Demand and Supply of the Product (lv) seler of the Product
c. When the change in quantity demanded is more than proportionate
to the change in price, it is called
til Unlt elasticity of demand
on Relatively inelastic demand
quill Perfectly inelastic demand
fivi Relatively elasild demand
Id
d. When income effect is negative, the commodity under consideration is
iInferior goods
fit) Luxury goods
(i) Necessary goods
divi none of these
e. An example of demand determined price is
pl Price of Land (Rent)
(i) Price of Labour (wages)
ful] Price of capital (interest)
tov] Remuneration of entrepreneurs (profit)​

Answer 1

Answer:

a)wealth definition, demand and supply of the product, relatively inelastic demand, luxury good, price of capital