Question

The demand for goods was increasing due to :
(a) acquisition of colonies
(b) expansion of world trade
A. only (a)
B. only (b)
C. both (a) and (b)
D. none of these​

Answer 1

The demand for goods also depends upon the incomes of the people. ... In drawing the demand schedule or the demand curve for a good we take income of the people as given and constant. When as a result of the rise in the income of the people, the demand increases, the whole of the demand curve shifts upward and vice versa.