Question
1. What is the law of demand and the law of supply? Explain them using an appropriate diagram. 2. Distinguish between change in supply and
1. What is the law of demand and the law of supply? Explain them using an appropriate diagram.
2. Distinguish between change in supply and change in quantity supplied. Answer it using an appropriate diagram.
3. Distinguish between real GDP and nominal GDP using a numerical example.
4. Discuss the four phases of the business cycle fluctuations.
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An Inquiry Into The Nature And Causes Of The Wealth Of Nations
Authors: Adam Smith, R H Campbell
1st Edition
0865970068, 9780865970069
