Economics - Study Mode

[#236] The cost of one thing in terms of the alternative given up is called
Correct Answer

(D) Opportunity cost

Explanation

Solution: The cost of one thing in terms of the alternative given up is called Opportunity cost. Opportunity cost is an economics term that refers to the value of what you have to give up in order to choose something else.

[#237] Assume that consumer's income and the number of sellers in the market for good X both falls. Based on this information, we can conclude with certaintty that the equilibrium
Correct Answer

(C) Quantity will decrease

Explanation

Solution: We can conclude with certaintty that the equilibrium quantity will decrease.

[#238] A negative income elasticity of demand for a commodity indicates that as income falls the amount of the commodity purchased
Correct Answer

(A) rises

[#239] A model of game theory of oligopoly is known as
Correct Answer

(A) Prisoner dilemma

[#240] Name the first person to get nobel prize in economics-
Correct Answer

(A) Ragner Frisch and Jan-Tinbergen