True or false Demand and want are indentical terms.
Answers
Answer:
1. Adam Smith is known as the 'Father of Economics'. (True)
2. Microeconomics studies the theory of firm. –True
3. Microeconomics deals with allocation of resources. – True
4. Microeconomics theory assumes full employment. – True
5. National Income is studied under Macroeconomics—True
6. Scarcity of resources arises only in poor countries— False
7. The subject matter of economics is divided into microeconomics and macroeconomics – True
8. Utility and usefulness are not different. - False
9. Utility is a subjective concept—True
10. Making pots from clay is an example of form utility. True
11. Utility depends upon intensity of want. – True
12. Utility is the basis of demand. – True
13. MU and TU are equal at the initial stage.
14. The law of DMU explains the economic behaviour of a rational consumer. – True
15. Negative MU denotes more satisfaction. – False.
16. When the marginal utility is maximum, the total utility will be zero— False
17. The marginal utility derived from the consumption of extra unit of commodity—True
18. As consumption increases the marginal utility also increases—False
19. Desire means demand - False
20. Demand means a want or desire—False