Father of Economics Quiz

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Questions and Answers

In economics, what does 'father' represent?

  • Monopoly
  • Opportunity cost
  • Production (correct)
  • Consumption

Which term is often referred to as the 'father' in economic theory?

  • Consumer
  • Labor
  • Producer (correct)
  • Entrepreneur

What is the name of father in the economy?

  • Scarcity
  • Equilibrium
  • Demand
  • Supply (correct)

What is inflation?

<p>A general increase in prices and fall in the purchasing value of money (C)</p> Signup and view all the answers

What impact does inflation have on consumers?

<p>It erodes the purchasing power of consumers (B)</p> Signup and view all the answers

Which measure is commonly used to track inflation?

<p>Consumer Price Index (CPI) (C)</p> Signup and view all the answers

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