Economics - Study Mode

[#1156] What is meant by Autarky in international trade?
Correct Answer

(D) The idea of self sufficiency and no international trade by a country

Explanation

Solution: Autarky in international trade means the idea of self sufficiency and no international trade by a country. A country is said to be in a complete state of autarky if it has a closed economy, which means that it does not engage in international trade with any other country.

[#1157] Normally a demand curve will have the shape
Correct Answer

(C) Downward sloping

Explanation

Solution: Normally a demand curve will have downward sloping shape. The demand curve is downward sloping, indicating the negative relationship between the price of a product and the quantity demanded.

[#1158] Who defined Economics as a 'science which studies human behaviour as a relationship betweeen ends and means which have alternative uses'?
Correct Answer

(A) L. Robbins

Explanation

Solution: L. Robbins defined economics: "Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses."

[#1159] Law of demand shows relation between
Correct Answer

(B) Price and quantity of commodity

Explanation

Solution: Law of demand shows relation between Price and quantity of commodity. Quantity demanded of a commodity is inversely related to the price of the commodity.

[#1160] The stages for the law of variable proportions are
Correct Answer

(B) Three