Consumer sovereignty means that buyers ultimately determine which goods and services remain in production. In unrestricted markets, those with income or wealth are able to use their purchasing power to motivate producers. So ultimately it means how the consumers want to spend their incomes.

Correct Option: A

Consumer sovereignty means that buyers ultimately determine which goods and services remain in production. In unrestricted markets, those with income or wealth are able to use their purchasing power to motivate producers. So ultimately it means how the consumers want to spend their incomes.

The basic causal relationship between the price level and the value of money is that as the price level goes up, the value of money goes down. The "value of money" refers to what a unit of money can buy whereas the "price level" refers to the average of all of the prices of goods and services in a given economy.

Correct Option: B

The basic causal relationship between the price level and the value of money is that as the price level goes up, the value of money goes down. The "value of money" refers to what a unit of money can buy whereas the "price level" refers to the average of all of the prices of goods and services in a given economy.

The four basic laws of supply and demand are: (a) If demand increases and supply remains unchanged, a shortage occurs, leading to a higher price; (b) If demand decreases and supply remains unchanged, a surplus occurs, leading to a lower price; (c) If demand remains unchanged and supply increases, a surplus occurs, leading to a lower price; and (d) If demand remains unchanged and supply decreases, a shortage occurs, leading to a higher price.

Correct Option: B

The four basic laws of supply and demand are: (a) If demand increases and supply remains unchanged, a shortage occurs, leading to a higher price; (b) If demand decreases and supply remains unchanged, a surplus occurs, leading to a lower price; (c) If demand remains unchanged and supply increases, a surplus occurs, leading to a lower price; and (d) If demand remains unchanged and supply decreases, a shortage occurs, leading to a higher price.

It was Adam Smith who conceptualized Economics as a science of wealth. Elaborating upon the scope and fundamental conceptualizations of the new science, he then called political economy as "an inquiry into the nature and causes of the wealth of nations.”

Correct Option: C

It was Adam Smith who conceptualized Economics as a science of wealth. Elaborating upon the scope and fundamental conceptualizations of the new science, he then called political economy as "an inquiry into the nature and causes of the wealth of nations.”

Selling cost is total cost of marketing, advertising, and selling a product. It differs from the production cost which is incurred to produce goods.

Correct Option: B

Selling cost is total cost of marketing, advertising, and selling a product. It differs from the production cost which is incurred to produce goods.