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Questions and Answers
What does the Law of demand state?
What does the Law of demand state?
- As the price of a good decreases, the quantity demanded decreases, all other things being equal
- As the price of a good increases, the quantity demanded decreases, all other things being equal (correct)
- As the price of a good increases, the quantity demanded increases, all other things being equal
- As the price of a good decreases, the quantity demanded increases, all other things being equal
What is the meaning of elasticity of demand?
What is the meaning of elasticity of demand?
- It measures the responsiveness of income to a change in demand
- It measures the responsiveness of quantity supplied to a change in price
- It measures the responsiveness of quantity demanded to a change in price (correct)
- It measures the responsiveness of price to a change in quantity demanded
What is the central problem of an economy?
What is the central problem of an economy?
- Achieving full employment
- Minimizing costs for businesses
- Allocation of resources among competing ends (correct)
- Maximizing profits for businesses
What does the Theory of consumer’s behavior –Marshallian approach focus on?
What does the Theory of consumer’s behavior –Marshallian approach focus on?
What does the Law of supply state?
What does the Law of supply state?
Flashcards
Law of Demand
Law of Demand
The relationship between the price of a good and the quantity consumers are willing to buy.
Elasticity of Demand
Elasticity of Demand
How much the quantity demanded changes in response to a change in price.
Central Economic Problem
Central Economic Problem
Deciding how to use limited resources to satisfy unlimited wants.
Theory of Consumer Behavior
Theory of Consumer Behavior
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Law of Supply
Law of Supply
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Study Notes
CA Foundation Economics Study Material
- The study material is thoroughly revised and updated to provide high-quality learning.
- It is designed to help students achieve desired results and score well in the CA Foundation Economics exam.
Key Features
- Exhaustive theoretical explanations of all chapters, including diagrams and numerical formulae.
- Coverage of all Institute of Chartered Accountants of India (ICAI) module MCQs with solutions.
- Additional classwork MCQs for practice in each chapter.
- Chapter-wise homework MCQs, exclusively covering all topics of each chapter.
- One mock paper with solutions for practice.
- Two model test papers, each with 60 questions and solutions, providing over 500+ MCQs in total.
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Description
Explore the thoroughly revised & updated study material of CA Foundation Economics to excel in your academic pursuits. This book is designed to provide exhaustive theoretical explanations and enhance your understanding of economic concepts, empowering you to achieve exceptional results in your studies.
