Description : According to Engel’s Law of consumption, the following commodities are likely to have income elasticity of less than one (a) Garments (b) Motor car (c) Cosmetics (d) Wheat and Rice
Last Answer : (d) Wheat and Rice
Description : Engel’s curve illustrates the relationship between (a) Consumption and Utility (b) Production and Productivity (c) Income and Consumption (d) Income and Production
Last Answer : (c) Income and Consumption
Description : Which law states that with constant taste and preferences, the proportion of income spend on food stuff diminishes as income increases? (1) Say's Law (2) Griffin's Law (3) Gresham's Law (4) Engel's Law
Last Answer : (4) Engel's Law Explanation: According to Engel's Law, as disposable income of a consumer increases, the percentage of income spent for food decreases if all other factors remain constant. This ... demand of food is less than 1. A lower Engel coefficient indicates a higher standard of living.
Description : Engel's Law states the relationship between - (1) quantity demanded and price of a commodity (2) quantity demanded and price of substitutes (3) quantity demanded and tastes of the consumers (4) quantity demanded and income of the consumers
Last Answer : (4) quantity demanded and income of the consumers Explanation: Engel's law is an observation in economics stating that as income rises, the proportion of income spent on food falls, even if ... consumers increase their expenditures for food products (in % terms) less than their increases in income.
Description : Which law states that with constant taste and preferences, the proportion of income spend on food stuff diminishes as income increases? (1) Say’s Law (2) Griffin’s Law (3) Gresham’s Law (4) Engel’s Law
Last Answer : Engel’s Law
Description : Engel’s Law states the relationship between (1) quantity demanded and price of a commodity (2) quantity demanded and price of substitutes (3) quantity demanded and tastes of the consumers (4) quantity demanded and income of the consumers
Last Answer : quantity demanded and income of the consumers
Description : discribe the major components of an information system?
Last Answer : 1. IT i.e. hardware and software
Description : What is a term to discribe paintings done with large vigorous brushstrokes?
Last Answer : Expressionism
Description : How to discribe attitudes & lack of understanding that impacts others?
Last Answer : Low emotional intelligence.
Description : What best describes the work of Friedrich Engels?
Last Answer : Need answer
Description : What did Engels observe as he visited an England Industrial city?
Last Answer : What is the answer ?
Description : Who authored the book “The Origin of Family, Private Property and the state? a) Karl Marx b) Frederick Engels c) Kamala Basin d) Sharmila Rege
Last Answer : b) Frederick Engels
Description : Who has written the book “Origins of the Family, Private Property and the State”? (a) Karl Marx (b) John Locke (c) Lenin (d) Fredrich Engels
Last Answer : (d) Fredrich Engels
Description : Who said that the roots of unavoidable authoritarianism are deeply implanted in the human involvementwith science and technology? a. Karl Marx. b. Friedrich Engels. c. Immanuel Kant. d. John Locke.
Last Answer : b. Friedrich Engels.
Description : Who wrote the little essay ‘‘On Authority’’ in 1872? a. Friedrich Engels. b. Karl Marx. c. Rousseau. d. None of the above.
Last Answer : a. Friedrich Engels.
Description : “Communist Manifesto” was written by ………. (a) Marx and Engels (b) Adam Smith (c) Fanon (d) J.S. Mill
Last Answer : (a) Marx and Engels
Description : The term Industrial Revolution was first used in English by........... (a) Frederic Engels (b) Maurice Dobb (c) Arnold Toynbee (d) Frantz Fanon
Last Answer : (c) Arnold Toynbee
Description : The period between 16th to 18th centuries witnessed the reinforcement of feudal obligations............called it as second serfdom (a) Karl Marx (b) Max Webber (c) Maurice Dobb (d) Frederic Engels
Last Answer : (d) Frederic Engels
Description : Gresham's law is related to - (1) Consumption and demand (2) Supply and demand (3) Circulation of money (4) Deficit financing
Last Answer : (3) Circulation of money Explanation: Gresham's law is an observation in economics that "bad money drives out good." More exactly, if coins containing metal of different value have the same value as ... 1558 prompted the economist H.D. Macleod to suggest the term Gresham's law in the 19th century.
Description : The Psychological law of consumption states that - (1) proportionate increase in consumption is less than proportionate increase in income (2) increase in income is equal to increase in consumption (3) ... is greater than increase in income (4) consumption does not change with a change in income
Last Answer : (1) proportionate increase in consumption is less than proportionate increase in income Explanation: According to Keynes' psychological law of consumption, increased aggregate consumption due to increased ... demand of the people are already fulfilled, they start saving the extra additional income.
Description : The functional relationship between income and consumption expenditure is explained by - (1) Consumer' Surplus (2) Law of Demand (3) Law of Supply (4) Keynes's psychological law of consumption
Last Answer : (4) Keynes's psychological law of consumption Explanation: Keynes defined Psychological Law of Consumption in terms of, "The fundamental psychological law, upon which we are entitled to depend with great ... consumption as their income increases but not by as much as the increase in the income."
Description : 'Gresham's Law' in Economics relates to (1) supply and demand (2) circulation of currency (3) consumption of supply (4) distribution of goods and services
Last Answer : (2) circulation of currency Explanation: Gresham's law is an economic principle that states: "When a government compulsorily overvalues one type of money and undervalues another, the undervalued money will leave ... will flood into circulation." It is commonly stated as: "Bad money drives out good."
Description : Fick's law relates to (A) Energy consumption (B) Final particle size (C) Feed size (D) None of these
Last Answer : (A) Energy consumption
Description : Law of diminishing marginal utility is based on the assumption that a. Tastes change over time b. Consumption is continuous c. Different units of goods consumed are homogeneous Of these statements: A.Only a is true B.a and c are true C.b and c are true D.All are true
Last Answer : D.All are true
Description : Decreases in price of a product results in increased consumption of the product as the product becomes cheaper compared to other products. This effect is known as (a) Substitution effect ; (b) Income effect ; (c) Diminishing marginal utility concept; (b) Law of diminishing returns
Last Answer : (a) Substitution effect ;
Description : Gresham’s law is related to (1) Consumption and demand (2) Supply and demand (3) Circulation of money (4) Deficit financing
Last Answer : Circulation of money
Description : The functional relationship between income and consumption expenditure is explained by (1) Consumer’ Surplus (2) Law of Demand (3) Law of Supply (4) Keynes’s psychological law of consumption
Last Answer : Keynes’s psychological law of consumption
Description : The Psychological law of consumption states that (1) proportionate increase in consumption is less than proportionate increase in income (2) increase in income is equal to increase in consumption (3) ... is greater than increase in income (4) consumption does not change with a change in income
Last Answer : proportionate increase in consumption is less than proportionate increase in income