Question

Writ (T) for True and (F) for False Statements: 1. All desires of human beings are known as ‘Demand’. 2. Demand is inversely related with income of the consumer. 3. Supply is the quantity which actually brought by the seller to sell in the market. 4. The stock of perishable goods are similar to the supply quantity. 5. Demand curve goes upward to the right, to show inverse relationship between price and demand for good. 6. When the price of Giffen good increases, its’ demand also increases. 7. Income demand means relationship between price and demand quantity. 8. Size of population is also a determinant of demand. 9. Individual demand means all quantity demanded by buyers in the market. 10. Means and willingness are necessary factors to be demand. Fill in the Blanks by Suitable word 11. Two major wheels of the economy are …….. and ……. 12…. … …. is the desire from sellers side. 13. The major determinant of demand is … … 14. The situations when law of demand is not applicable is known as its …. ….. 15. Beggar’s desire is not regarded as demand, because he may not have … …. 16. When price of one good affects to the demand for other good, this situation is known as … …. 17. Demand is the effective desire backed by …. ….. and ……….. 18. When price of a good increases, its demand …. ….. but the supply …… ….. 19. Those goods, which can be consumed alternatively are termed as …. …… goods. 20. ….… are those goods, whose demand rises when income the consumer decreases.

Answer 1

Answer:

1. false

Explanation:

All desires of human beings are not considered as demand. The desires of humans are considered demand only when the individual has a desire to purchase a product as well as the willingness and ability to pay for purchasing the product. Thus, the mere desire of humans cannot be considered as demand. this makes the statement false.