Documents Economics Mcqs

ASSIGNMENT 1 INTRODUCTION TO ECONOMICS (LECT. 1-2) 1 The process by which resources are transformed into useful forms is A. capitalisation. B. consumption. C. allocation.…

Documents Price Change: Income and Substitution Effects

Price Change: Income and Substitution Effects THE IMPACT OF A PRICE CHANGE Economists often separate the impact of a price change into two components: the substitution effect;…