Question : J. B. Say's Law of Market was not accepted by:
Option 1: Adam Smith
Option 2: Marshall
Option 3: Malthus
Option 4: David Ricardo
Correct Answer: Marshall
Solution : The correct option is Marshall.
J. B. Say's Law of Markets, often summarised as supply creates its demand, asserts that the production of goods and services leads to the generation of income, which subsequently fuels demand for other goods and services. Essentially, the act of creating something also provides consumers with the means to buy other products and services.
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Question : Which law states that with constant taste and preference, the proportion of income spent on food stuff diminishes as income increases?
Option 1: Say's Law
Option 2: Griffin's Law
Option 3: Gresham's Law
Option 4: Engel's Law
Question : Which law was developed in the 1600s to describe that any force applied to a confined fluid is transmitted equally in all directions, regardless of the shape of the container?
Option 1: Magnus's law
Option 2: Graham's law
Option 3: Pascal's law
Option 4: Torricelli's law
Question : The law of demand is based on:
Option 1: Manufacturer's preference
Option 2: Seller's preference
Option 3: Supplier's preference
Option 4: Consumer's preference
Question : The Newton's First law is also called as:
Option 1: Law of moments
Option 2: Law of interia
Option 3: Law of energy
Option 4: law of momentum
Question : Newton's first law is also known as:
Option 1: Law of friction
Option 2: Law of momentum
Option 3: Law of inertia
Option 4: Law of motion
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