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251.	Demand for final consumption arises in
Answer» Both household and government sector Demand for final consumption ARISES in both household and government sector. In the basic TWO- sector circular flow of income MODEL, the economy consists of two sectors: (1) households and (2) firms.

251.

Demand for final consumption arises in

Answer»

Both household and government sector

Demand for final consumption ARISES in both household and government sector. In the basic TWO- sector circular flow of income MODEL, the economy consists of two sectors: (1) households and (2) firms.

Discussion

252.	When the price of a substitute of X commodity falls, the demand for X
Answer» FALLS When the PRICE of a SUBSTITUTE of X commodity falls, the demand for X Falls.

252.

When the price of a substitute of X commodity falls, the demand for X

Answer»

FALLS

When the PRICE of a SUBSTITUTE of X commodity falls, the demand for X Falls.

Discussion

253.	At the point of satiety, marginal utility is
Answer» Positive At the POINT of satiety, MARGINAL utility is positive. Goods where there is a point of satiety. This SITUATION is common in FOOD. To the point of satiety, the marginal utility is positive; after that point, the marginal utility is negative.

253.

At the point of satiety, marginal utility is

Answer»

Positive

At the POINT of satiety, MARGINAL utility is positive. Goods where there is a point of satiety. This SITUATION is common in FOOD. To the point of satiety, the marginal utility is positive; after that point, the marginal utility is negative.

Discussion

254.	For ____ goods, increase in income leads to increase in demand.
Answer» NORMAL For normal GOODS, increase in income LEADS to increase in demand. Rising incomes lead to a rise in the NUMBER of goods DEMANDED by consumers.

254.

For ____ goods, increase in income leads to increase in demand.

Answer»

NORMAL

For normal GOODS, increase in income LEADS to increase in demand. Rising incomes lead to a rise in the NUMBER of goods DEMANDED by consumers.

Discussion

255.	The Critique of Political Economy, the first fruits of Karl Marx's long painstaking research at the British Museum, appeared in
Answer» 1859 The CRITIQUE of Political Economy, the first fruits of Karl Marx's long painstaking RESEARCH at the British MUSEUM, APPEARED in 1859.

255.

The Critique of Political Economy, the first fruits of Karl Marx's long painstaking research at the British Museum, appeared in

Answer»

1859

The CRITIQUE of Political Economy, the first fruits of Karl Marx's long painstaking RESEARCH at the British MUSEUM, APPEARED in 1859.

Discussion

256.	Demand for factors of production is
Answer» DERIVED DEMAND Demand for factors of PRODUCTION is derived demand. The demand for any factor of production, such as LABOR, physical capital or land is a derived demand because it arises not from the INTRINSIC utility provided by the factor but because of the value placed on the production it produces by consumers.

256.

Demand for factors of production is

Answer»

DERIVED DEMAND

Demand for factors of PRODUCTION is derived demand. The demand for any factor of production, such as LABOR, physical capital or land is a derived demand because it arises not from the INTRINSIC utility provided by the factor but because of the value placed on the production it produces by consumers.

Discussion

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