Economics cannot be considered a perfect science because

Related MCQs

• Economics cannot be given the status of science because
• The field of economics that is now called Macroeconomics grew out of the era of the Great Depression, which saw the economy experience a prolonged downturn and persistent high unemployment. Classical economics could not explain these problems because its models assumed all of the following EXCEPT
• Who defined economics as “ Science which deals with wealth”
• A goods can be considered inferior goods in economics if increase in disposal income of the consumer causes
• A goods can be considered a normal goods in economics if increase in disposal income of the consumer causes
• Goods which are perfect substitute of each other will have rate of substitution
• Goods which are perfect substitute of each other will have elasticity of substitution…...
• Goods which are not perfect substitute of each other but have to be consumed in a fixed ratio will have rate of substitution
• Tea and Coffee are perfect substitute of each other, given the price of Tea and Coffee being `100 and `200 per Kg. a consumer is prepared to buy 3 Kg. of each. If the price of tea remain same and the price of Coffee rises to `400 per kg. the demand for Tea goes to 6 Kg. and that of Coffee falls to 1Kg. The elasticity of substitution between Tea and Coffee is
• Cross elasticity of a nearly perfect substitute products will be