Economics General knowledge Questions
DIRECTIONS : Objective Question on Science.
1. | _____ is foundation for law of demand. | ||
---|---|---|---|
A. Gossen’s law | |||
B. Law of supply | |||
C. Law of diminishing marginal utility | |||
D. Law of equi-marginal utility |
2. | Law of demand establishes _____ | ||
---|---|---|---|
A. Positive relationship between price and quantity | |||
B. Inverse relationship between price and quantity | |||
C. Both | |||
D. None |
3. | _____ introduced the concept of elasticity of demand. | ||
---|---|---|---|
A. Ferguson | |||
B. Alfred Marshall | |||
C. Adam Smith | |||
D. Keynes |
4. | _____ arise due to too much concentration and localization of industries. | ||
---|---|---|---|
A. Internal diseconomies | |||
B. External diseconomies | |||
C. External economies | |||
D. Internal economies |
5. | _____ is the main factor affecting demand and supply. | ||
---|---|---|---|
A. Consumption | |||
B. Investment | |||
C. Equilibrium | |||
D. Price |