A simplified representation of a real situation is called:

Related MCQs

• Increase in real National Income (NI) means increase in:
• The functional relationship between inputs and outputs is called
• Net addition to total cost is called:
• When there are only few sellers of the commodity, the market is called:
• The cost of next best alternative is called
• GNP measured in terms of current market prices is called:
• “Supply creates its own demand” is called:
• The branch of Economics that deals with economic aggregate is called:
• The proportion between total income and total consumption is called:
• The proportion between incremental income and incremental consumption is called: