ANSWERS
1. c) Homogeneous product
2. c) Marginal utility falls as more is consumed
3. a) Interest rate
4. a) Microeconomics
5. a) Price stability
6. a) Marginal Rate of Transformation
7. c) Education
Read More: Test No. 130
8. b) Nominal GDP
9. c) Responsiveness of quantity demanded to a change in price
10. b) Cost-push inflation
11. a) Inflation and unemployment
12. a) Income distribution
13. c) Consumption will rise but by less than the rise in income
14. d) Adam Smith
15. d) Production technology
16. a) Monopoly
17. c) Savings
18. c) Upward sloping
19. a) Holding all else constant
20. c) Capital