(A) Direct
(B) Inverse
(C) No effect
(D) Can be direct or inverse
Tag: Economics Mcqs With Answers
What does “ceteris paribus” mean?
(A) Other things are simultaneously changing
(B) Other things remaining constant
(C) Price of other goods remaining constant
(D) All are correct
Who gave “ceteris paribus” assumption?
(A) Marshall
(B) Ricardo
(C) Walras
(D) Adam Smith
Demand function is given as Dx = f (Px , P2, Y, T ). What does T stand for:
(A) Tastes
(B) Taxes
(C) Both of the above
(D) None of the above
By effective demand, we mean:
(A) Both ability and willingness to buy a commodity
(B) Desire to own a commodity
(C) Willingness to buy a commodity
(D) Ability to buy a commodity
Demand definition is complete when we have data on:
(A) Price, quantity and time
(B) Income, quantity and time
(C) Price, utility and time
(D) Price, quantity and utility
Who said “Capitalism contain seeds of its own destruction”?
(A) Adam Smith
(B) Karl Marx
(C) Ricardo
(D) Samuelson
Demerits of mixed economy can be seen in:
(A) Inefficiency
(B) Corruption
(C) Fear of nationalism
(D) All of the above