(A) 10
(B) 11
(C) 20
(D) 24
Author:
The average age of a family of 24 members is 132 years. If the age of the youngest member is 22 years, the average age of the family at the birth of the youngest member was?
(A) 75
(B) 95
(C) 100
(D) 110
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