A method which involves reasoning from a few fundamental propositions, the truth of which is assumed is known as

1. Deductive method
2. Inductive method
3. Generalized Method
4. None of These
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Answer: A
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A method involves collection of facts, drawing conclusions from them and testing the conclusions by other facts.

1. Inductive method
2. Deductive method
3. Generalized Method
4. None of These
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Answer: A
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The possibility of a theory being rejected as a result of the new observations or new data is called:

1. Divinatory
2. Falsifiability
3. Truthfulness
4. All of these
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Answer: B
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A group of buyers and sellers of a particular good or service is known as:

1. Economy
2. Market
3. Firm
4. Industry
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Answer: B
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A market in which there are many buyers and sellers so that each has a negligible impact on the market price is called:

1. Competitive market
2. Perfect Market
3. Monopolistic Market
4. None of These
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Answer: A
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The amount of the good that buyers are willing and able to purchase at different prices is called:

1. Demand

2. Quantity Demand

3. Willingness

4. Want

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Answer: A
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A change in any factor affecting demand, other than price, is referred to as :

1. Change in demand
2. Change in quantity
3. Infinite Change in change
4. None of These
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Answer: A
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A table that shows the relationship between the price of a good and the quantity demanded is called

1. Demand schedule
2. demand
3. Purchasing schedule
4. All of these
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Answer: A
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Two goods for which an increase in the price of one leads to an increase in the demand for the other (and vice versa) is called:

1. Substitutes Goods
2. Inferior Goods
3. Economic Goods
4. None of These
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Answer: A
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Two goods for which an increase in the price of one leads to a decrease in the demand for the other is called:

1. Substitutes Goods
2. Inferior Goods
3. Complementary Goods
4. Economic Goods
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Answer: C
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