Economics - Study Mode
[#551] Who proposed substitution effect of change in consumer's equilibrium?
Correct Answer
(A) Hicks and Allen
[#552] The following are the two statements regarding concept of profit. Which of the statements being correct or incorrect. Statement I Accounting profit is a surplus of total revenue over and above all paid-out costs, including both manufacturing and overhead expenses. Statement II Economic or pure profit is a residual left after all contractual costs have been met, including the transfer costs of management, insurable risks, depreciation and payments to shareholders sufficient to maintain investment at its current level.
Correct Answer
(A) Both the statements are correct
[#553] Which of the following statement(s) is/are correct?
Correct Answer
(A) Degree of responsiveness of demand to a given change in its price is price elasticity of demand
[#554] According to Malthus, the population of a country grows
Correct Answer
(C) Geometrically
[#555] The meaning of the word 'economic' is most closely connected with the word
Correct Answer
(B) scarce