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CA Foundation Economics Study Material

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Questions and Answers

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?

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?

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?

<p>Focuses on consumer's equilibrium through utility maximization</p> Signup and view all the answers

What does the Law of supply state?

<p>As the price of a good increases, the quantity supplied increases, all other things being equal</p> Signup and view all the answers

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.