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Questions and Answers
Who referred to 'Economics is a Science which deals with wealth'?
Who referred to 'Economics is a Science which deals with wealth'?
- Adam Smith (correct)
- Alfred Marshal
- J.B. Say
- A.C. Pigou
Exploitation and inequality are minimal under:
Exploitation and inequality are minimal under:
- The consumer is not capable of ranking all combinations
- Capitalism (correct)
- Mixed economy
- None of the above
Which of the following is a cause of an economic problem?
Which of the following is a cause of an economic problem?
- Unlimited wants (correct)
- Alternative uses
- Socialism
- Payment of rent on building
In a perfectly competitive firm, MC curve above AVC is the _____ Curve of the firm.
In a perfectly competitive firm, MC curve above AVC is the _____ Curve of the firm.
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Which of the following is a variable cost?
Which of the following is a variable cost?
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Study Notes
Definition of Economics
- Economics is referred to as "a Science which deals with wealth" by Adam Smith.
Types of Economic Systems
- Exploitation and inequality are minimal under a Socialist economic system.
Economic Problems
- One of the causes of an economic problem is Scarcity.
Firm's Cost Curves
- In a perfectly competitive firm, the MC curve above AVC is the Supply Curve of the firm.
Cost Classification
- Wages of labour are a variable cost.
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