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The “Law of demand” is based upon:

A. Law of diminishing marginal utility
B. Law of increasing returns ·
C. Principle of decreasing income level’
D. Formula of investment viz a viz profitability

“Giffen’s Paradox” explains the relationship between:

A. Supply and demand
B. Price and demand
C. Supply and price
D. Income and demand

“Equilibrium’means:

A. A state of balance
B. An art of keeping the business profitable
C. Dealing with two competitors simultaneously
D. Maintaining relationship between investment and profit

Macro-economics is also called:

A. Income theory
B. Price theory
C. Business theory
D. Investment theory

Economics is basically:

A. A positive science
B. A normative science
C. Both of them
D. None of them

A “Normative Science” explains:

A. What is?
B. What ought to be?
C. What will be?
D. Investment theory

“Micro” means:

A. A tenth part
B. A thousandth part
C. A hundredth part
D. A millionth part

Economics is also called as

A. An art of possibility
B. A science of choices
C. A game of money
D. A circus of, fortune

Who authored the book titled as “An Enquiry into the Nature and Causes of the Wealth of Nations”?

A. Fa walker
B. J.m. keynes
C. Adam smith
D. Lionel robbins

The training can be stated as a:

A. Form of applied education
B. Refresher course
C. Process of reactivating the employees
D. Plan to groom the staff

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