Business Economics

Forward planning goes hand in hand with

• decision making

• capital 

• stock

• sales

The famous book on economics “An Enquiry into the Nature and Cause of Wealth of     Nation” was written by 

• Marshal

• Ricardo

• Robins

• Adam smith

Wealth definition of economics is given by  

• J B Say  

• Lionel Robbins  

• Adam Smith

• Alfred Marshall

If the income elasticity of demand is that one, the good is a

• Necessity

• Luxury

• Substitute

• Complement

The income elasticity of demand is negative for a

• complement good

• normal good

• superior good

• inferior good

What effect is working when the price of a good falls and consumers tend to buy it instead of other goods.

• Income effect

• Substitution effect

• Price effect

• complementary effect

Two goods that are used jointly to provide satisfaction are called

• Inferior goods

• Normal goods

• Complementary goods

• Substitute goods

Demand curve slopes downwards because of

• The law of diminishing marginal utility

• The income effect

• Substitution effect

• All of the above

If the income and substitution effect of a price increase works in the same direction the good whose price has changed is a

• Giffen goods

• Inferior goods

• Normal goods

• Superior one of these

Which one is not a property of isoquant

• Downward sloping

• Convex

• Negative slope

• Positive slope