ECO121
Socialism or communism is normally associated with economies
Answer: controlled
The wealth of nations was written in
Answer: 1776
An Essay on Nature and Significance of Economic Science is written by
Answer: lionel robbiins
The techniques we can utilize to measure consumer behavior include utility theory and
Answer: indifference curves
A bodily shift of the supply curve to the right denotes
Answer: an increase in supply
A good that can replace another good in consumption is called
Answer: substitute good
Income of the consumer is quantity demanded related to
Answer: positively
A downward movement along the same demand curve denotes
Answer: a decrease in quantity demanded
When the percentage change in quantity demanded is less than the percentage change in price, we have
Answer: fairly inelastic demand
The elasticity of demand for a unitary elastic product is always
Answer: -1
the mechanism of a economy is based on free market and free prices
Answer: capitalist
Household supplies work to the firm in exchange for the payment of
Answer: labour
The market where goods and services are exchange is the
Answer: product market
We use to measure utility
Answer: utils
The following are examples of Command Economies except
Answer: usa
the difference between selling price and cost price is
Answer: profit
The means in which people find the right way to achieve their objectives is known as
Answer: rationality
The Upper Price Limit is also called price
Answer: ceiling
An economy where basic economic decisions are made by the invisible hand of demand and supply is called
Answer: market
The basic economic problems includes the following except
Answer: where to produce
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