Union leaders are in better position to bargain for higher wages if demand for labour is
A). Elastic
B). Inelastic
C). Very large
D). Permanent
Who is generally regarded as the founder of the 'Classical School'?
A). David Ricardo
B). Adam Smith
C). T.R.Malthus
D). J.S.Mill
A significant property of the Cobb-Douglas production function is that the elasticity of substitution between inputs is
A). Equal to 1
B). More than 1
C). Less than 1
D). 0
Which is not a central problem of an economy?
A). What to produce
B). How to produce
C). How to maximize private profit
D). For whom to produce
Identify the author of "The principles of Political Economy and Taxation"
A). Alfred Marshall
B). J.S.Mill
C). David Ricardo
D). A. Turgot