A. Law of diminishing return
B. Say’ law
C. Law of diminishing marginal utility
D. Say’ law
Related Mcqs:
- A line which shows different combinations of two products a consumer can purchase with a specific money income, given the products price?
A. Indifference curve
B. Lorenz curve
C. Budget line
D. Say’s law - The responsiveness of the quantity demand of a commodity to change in the consumer’s income, measured by the proportionate change in quantity divided by the proportionate change in income ?
A. Elasticity of demand
B. Import substitution
C. Income elasticity of demand
D. None - Total money income received by the individual or recipients of income is called____________________?
A. Gross income
B. Net income
C. Personal income
D. None of above - Excess utility over price derived by the consumers because of negative sloping demand curve ?
A. Producer surplus
B. Consumer surplus
C. Marginal utility
D. Demand surplus - A payment of money or goods & services by a govt. to a household or firm for which the payer receives no good or service directly in return______________?
A. Tax
B. Tariff
C. Transfer payment
D. Subsidy - A schedule showing the amounts households plan to spend for consumer goods at different levels of disposable income is called________________?
A. Income schedule
B. Saving schedule
C. Consumption schedule
D. None - All seem fully employed but in reality much of their time is spent in unproductive activities?
A. Disguised underemployment
B. Underemployment
C. Closed underemployment
D. None - A market in which money of one nation can be used to purchase the money of other nation is called____________________?
A. Money market
B. International market
C. Foreign exchange market
D. All of these - Commodities whose demand varies directly with money income are called______________________?
A. Superior or normal goods
B. Complementary goods
C. Substitutes
D. None - Using part of income/saving for more income is called_________________?
A. Investment
B. Busyness
C. Consumption
D. Entrepreneurship
