Question

Writ (T) for True and (F) for False Statements: 10 X 1 = 10
1. Positive economics address questions about what is in the economy.
2. The Ceteris Paribus assumption allows economists to examine many variables that are all changing at the same time.
3. A forest is an example of a renewable resource that can be depleted if timber is cut faster than trees can mature.
4. A capital good is a good used only to produce more capital goods.
5. An innovation is an applied technology that permits a larger output to be produced with a given amount of resources.
6. Alfred Marshall is known as father of Economics.
7. ‘Wealth of Nation’ is the name of book published by Adam Smith.
8. Macro Economics the study of economic activities as a whole.
9. Lionel Robbins gave scarcity definition of economics in 1932.
10. Cardinal approach tells utility measured by number.

Answer 1

Answer:

true

false

false

true

false

true

true

false

false

true