Multiple Choice
If income effect works in the same direction to that of substitution effect, the good is a:
A) Normal good
B) Inferior good
C) Giffen good
D) Superior Good
Correct Answer:
Verified
Correct Answer:
Verified
Q5: The marginal utility theory is contributed by:<br>A)Marshall<br>B)David
Q6: The Wealth of Nations is the work
Q7: The Scarcity definition of Economics is the
Q8: The ordering of combinations on an indifference
Q9: Introspection is not the basis of :<br>A)Marshallian
Q11: Father of Economics:<br>A)Marshall<br>B)David Ricardo<br>C)Adam Smith<br>D)J.M. Keynes
Q12: Substitution Effect is:<br>A)Always negative<br>B)Always positive<br>C)Seldom negative<br>D)Zero
Q13: Change in demand due to change in
Q14: Indifference Approach is related with:<br>A)Marshall<br>B)J.R. Hicks<br>C)Samuelson<br>D)Sismondi
Q15: If the demand curve is linear and