Question

State whether the following statements are true or false? Give reasons. (4)

a. Prices in the economy are continuously rising.

(This statement is a Normative statement)

b. Study of Market Demand of Apples is Macro Economics.

c. “Only Scarce resources attract Price”.

d. Guiding principle of Problem ‘How to Produce’ is to use that technique which uses

least amount of scarce factor.​

Answer 1

Answer:

1st: T

2nd:T

3rd: F

4th: F

Explanation:

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