1.      Income of the consumer is___ related to quantity demanded
ANS. Positively

2.      The market where goods and services are exchange is the
ANS. product market

3.      An Essay on Nature and Significance of Economic Science is written by
ANS. Lionel Robbiins

4.      Socialism or communism is normally associated with___ economies
ANS. Controlled

5.      The elasticity of demand for a unitary elastic product is always
ANS. -1

6.      A bodily shift of the supply curve to the right denotes
ANS. an increase in supply

7.      the mechanism of a ___economy is based on free market and free prices
ANS. Capitalist

8.      the difference between selling price and cost price is
ANS. Profit

9.      A downward movement along the same demand curve denotes
ANS. a decrease in quantity demanded

10.  The wealth of nations was written in
ANS. 1776.