Who is the father of economics?
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Adam Smith
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Lionel Robbins
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Alfred Marshall
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David Lewis
How many major factors of production are there?
What is the study of scarcity and choice?
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Sociology
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Politics
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Economics
Which is the active factor of production?
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Organisation
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Capital
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Labour
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Land
What is the total market value of goods and services called?
Which term refers to a decrease in the value of money?
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Deflation
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Stagnation
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Inflation
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Depreciation
Which of the following type of firm is a price taker?
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Monopoly
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Monopolistic Competition
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Oligopoly
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Perfectly Competitive
What is the unit of utility?
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Utils
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Pounds
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Liters
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Dollars
what does homogeneous products refers
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Unique
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Identical
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Exclusive
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Differentiated