Economics - Study Mode
[#1411] Income elasticity of demand with respect to inferior goods will be:
Correct Answer
(C) Negative
[#1412] The Marshallian utility analysis is on the basis of a less valid assumption of
Correct Answer
(B) Given marginal utility of money
[#1413] Match the following theories of profit with their propounders Theory Propounder a. Profit as Rent of Ability 1. F. B. Hawley b. Dynamic Theory of Profit 2. Joseph A. Schumpeter c. Risk Theory of Profit 3. J. B. Clark d. Innovation Theory of Profit 4. F. A. Walker
Correct Answer
(C) a-4, b-3, c-1, d-2
[#1414] The average cost curve of a firm will be
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(D) Rectangular hyperbola
[#1415] The essence of the deductive method which is often employed in economic investigation is
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(B) the development of particular conclusions from a number of accepted general principles