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<p style="margin-top: 0; margin-bottom: 0;">1</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Which of the following is False?</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">2</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Demand refers to the quantities of commodity that the consumers a</span><span style="font-family: 'Cambria';">re able to buy at each possible </span><span style="font-family: 'Cambria';">price during a given period of time, other things being equal.</span></p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Demand Curve slopes downwards to the left.</span></p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">The Law of Demand states an inverse relationship between price and quantity demanded of a</span></p>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">product</span><span style="font-family: 'Cambria';">.</span></p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Demand Schedule is a series of quantities which consumer would like to buy at different prices at</span></p>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">a given point of time</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">2</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Which of the following is False?</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">3</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Demand Curve shows the inverse relationship between price and quantity demanded.</span></p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Demand Curve slopes downwards from left to right mainly because </span><span style="font-family: 'Cambria';">of Income Effect & Substitution </span><span style="font-family: 'Cambria';">Effect.</span></p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Income Effect means change in monetary income due to change in price.</span></p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Substitution Effect means change in demand due to change in relative prices of substitute goods.</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">3</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Which of the following is False?</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">3</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Expansion in Demand means rise in demand in response to fall in </span><span style="font-family: 'Cambria';">the price of a commodity, other </span><span style="font-family: 'Cambria';">things being equal.</span></p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Increase in </span><span style="font-family: 'Cambria';">Demnad</span><span style="font-family: 'Cambria';"> refers to the rise in demand in response to the change in the determinants of</span><span style="font-family: 'Cambria';"> </span><span style="font-family: 'Cambria';">demand other than price.</span></p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Contraction in Demand means fall in demand in response to a ris</span><span style="font-family: 'Cambria';">e in the supply of a commodity, </span><span style="font-family: 'Cambria';">other things being equal.</span></p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Decrease in Demand means fall in demand in response to change in determinants of demand,</span></p>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">other</span><span style="font-family: 'Cambria';"> than the price.</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">4</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Which of the following is False?</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">3</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Expansion in Demand is expressed by the movement from a higher point to a lower point along the</span><span style="font-family: 'Cambria';"> </span><span style="font-family: 'Cambria';">same Demand Curve</span></p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Increase in Demand is expressed by the upward shift of the entire Demand Curve</span></p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Contraction in Demand is expressed by the Movement from a higher point to a lower point on the</span><span style="font-family: 'Cambria';"> </span><span style="font-family: 'Cambria';">same Demand Curve</span></p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Decrease in Demand is expressed by a downward shift of the entire Demand Curve.</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">5</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Effective Demand depends on:</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">4</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Desire</span></p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Means to purchase</span></p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Willingness to use those means for that purchase</span></p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">All of these</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">6</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">__________ and ________ do not directly affect the demand curve</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">3</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">the price of related goods, consumer incomes</span></p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Consumer incomes, tastes</span></p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">the costs of production, bank opening hours</span></p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">the price of related goods, preferences</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">7</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Which of the following is incorrect?</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">4</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Comforts lies between necessaries and luxuries.</span></p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">At higher prices people demand more of certain goods not for their wor</span><span style="font-family: 'Cambria';">th but for their prestige value </span><span style="font-family: 'Cambria';">- This is called </span><span style="font-family: 'Cambria';">veblen</span><span style="font-family: 'Cambria';"> effect.</span></p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Conspicuous goods are also known as </span><span style="font-family: 'Cambria';">veblen</span><span style="font-family: 'Cambria';"> goods/ prestige goods/snob goods.</span></p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">None of these</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">8</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">As the price of Bananas rises:</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">3</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">The quantity demanded for bananas increases</span></p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">The demand curve for bananas shifts to the right</span></p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">The quantity demanded for bananas decreases</span></p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">The demand curve far bananas shifts to the left</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">9</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Which of the following factors or principles is/ are responsible for the operation of law of</span><span style="font-family: 'Cambria'; font-weight: bold;"> </span><span style="font-family: 'Cambria'; font-weight: bold;">demand, or for the downward </span><span style="font-family: 'Cambria'; font-weight: bold;">slop</span><span style="font-family: 'Cambria'; font-weight: bold;"> of the demand curves?</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">4</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">The law of Diminishing marginal utility</span></p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">The law of </span><span style="font-family: 'Cambria';">Equi</span><span style="font-family: 'Cambria';">-marginal utility</span></p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Increased real income</span></p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">All of the above</span></p>
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<p> </p>
<p> </p>
<p> </p>
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<p style="margin-top: 0; margin-bottom: 0;">10</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">A downward movement along the same demand curve indicates</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">1</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Expansion in demand</span></p>
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<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Increase in demand</span></p>
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<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Contraction in demand</span></p>
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<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Decrease in demand</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">11</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Demand is always expressed :</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">2</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Over a period of time</span></p>
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<tr>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">At particular period of time</span></p>
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<tr>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">In terms of short period</span></p>
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<tr>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">I</span><span style="font-family: 'Cambria';">n terms of long period</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">12</p>
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<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Substitution effect is change in demand induced by :</span></p>
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<td>
<p style="margin-top: 0; margin-bottom: 0;">3</p>
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<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Demand of substitute goods</span></p>
</td>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Change in price of goods concerned</span></p>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Change in price of related goods</span></p>
</td>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Change in preference of the consumes</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">13</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Increase in price of the desktop computer leads to increase in demand for laptop ,</span></p>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">therefore desktops and laptop are examples of :</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">2</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Related goods</span></p>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Substitute goods</span></p>
</td>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Complimentary goods</span></p>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Both (a) and (b)</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">14</p>
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<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">All inferior goods are </span><span style="font-family: 'Cambria'; font-weight: bold;">giffen</span><span style="font-family: 'Cambria'; font-weight: bold;"> goods. This statement is :</span></p>
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<p style="margin-top: 0; margin-bottom: 0;">3</p>
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<tr>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Partly true</span></p>
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<tr>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">partly false</span></p>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">totally false</span></p>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">totally true</span></p>
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<p> </p>
<p> </p>
<p> </p>
<p> </p>
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<p style="margin-top: 0; margin-bottom: 0;">15</p>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Market demand curve for a commodity is</span></p>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
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<tr>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">The demand curve of an individual as expressed in the market</span></p>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Obtained by adding together the demand curves of all the individuals in the market</span></p>
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<tr>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Non-existent</span></p>
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<tr>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">None of the above.</span></p>
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<p> </p>
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<p style="margin-top: 0; margin-bottom: 0;">16</p>
</td>
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<tr>
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<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Situation where an increase in price of commodity may increase the quantity demanded may be due to</span></p>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-size: 12pt;">4</span></p>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Normal law of demand</span></p>
</td>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Expectations of further rise in prices</span></p>
</td>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Poor quality of the product</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Both (b) and (c).</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">17</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">A market demand curve for shoes indicates how many pairs of shoes</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Are likely to be sold at each possible price of shoes</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Must be bought in order to achieve parity</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Government will demand at each possible price</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Are lying as closing stock in various shows factors.</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">18</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Market demand curve for a commodity shows the relationship between the price and</span></p>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">the commodity purchased in the market by</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Individual consumer </span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">All the consumers</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Consumer of one particular community </span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">None of the above</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">19</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Market demand curve, normally, would</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Be a horizontal straight line</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Slope downwards</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Be a vertical straight line</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Slope upwards</span></p>
</td>
</tr>
</table>
<p> </p>
<p> </p>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">20</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">In case of expansion of demand, the quantity demanded-</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Increase</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Decreases</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Become Zero</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Become Cons tact</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">21</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Rise in quantity demanded of a product as a result of reduction in prices is known as</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">3</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Change in demand</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Contraction of demand</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Expansion of demand</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Alteration of demand</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">22</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Expansion and contraction of demand for a product occurs as a result of changes in</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Price of commodity</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Factors other than price</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Both (a) and (b)</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Neither (a) nor (b)</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">23</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Increase in Income levels of buyers leads to</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Increase in demand</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Decrease in demand</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Expansion of demand</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">contraction of demand</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">24</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">If the demand for petrol remains the same even after the increase in petrol prices, it</span></p>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">means petrol is a ______</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Normal good</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Necessity</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Luxury good</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Inferior good</span></p>
</td>
</tr>
</table>
<p> </p>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">25</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">The law of demand is :</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">A qualitative statement</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">A quantitative statement</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Both a qualitative and a quantitative statement</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Neither a quantitative nor a qualitative statement.</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">26</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">All of the following are determinants of demand except :</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Tastes and preferences</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Quantity supplied</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Income</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Price of related goods.</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">27</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Demand is a :</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Flow concept</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Stock concept</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Neither a flow nor a stock concept</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Partially a flow concept.</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">28</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">The law of demand assumes that the following is constant :</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Price of related goods</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Income of the consumer</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Tastes and preferences</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">All of the above</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">29</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">In a demand schedule, quantity demanded</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">3</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Varies directly with price</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Varies proportionately with price</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Varies inversely with price</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Is Independent of price</span></p>
</td>
</tr>
</table>
<p> </p>
<p> </p>
<p> </p>
<p> </p>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">30</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Which of the following pairs of commodities is an example of substitutes</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Coffee and milk</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Diamond and Cow</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Pen and ink</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Mustard oil and coconut oil</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">31</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">When an individual's income falls (while everything else remains the same), his demand for an inferior goods :</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Increases</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Decreases</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Remains unchanged</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">We cannot say without </span><span style="font-family: 'Cambria';">additonal</span><span style="font-family: 'Cambria';"> information.</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">32</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">An income-demand curve for a "Luxury Commodity" slopes:</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">3</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Upwards to the right from the origin</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Vertically</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Upwards from left to right only beyond a Certain level of consumer's income</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Horizontally.</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Ceteris paribus, a change in the price of a commodity causes the quantity purchased</span></p>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">of its complements to move :</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">In the same direction</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">In the opposite direction</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">In insignificant manner</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Cannot be known</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Contraction of demand is the result of :</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Decrease in the number of consumers</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Increase in the price of the good concerned</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Increase in the prices of other goods</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Decrease in the income of purchasers</span></p>
</td>
</tr>
</table>
<p> </p>
<p> </p>
<p> </p>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">A movement along the demand curve for soft drinks is best described as :</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-weight: bold;">3</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">An increase in demand</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">A decrease in demand</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">A change in quantity demanded</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">A change in demand</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">The second glass of water gives lesser satisfaction to a thirsty boy. this is a clear case of</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">3</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Law of demand</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Law of diminishing returns</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Law of diminishing utility</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Law of supply</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Example of complements can be</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Tea and sugar</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Car and petrol</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Pen and ink</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">All of the above.</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Rise in demand at original price is called :</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Increase in demand</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Decrease in demand</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Expansion in demand</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Contraction in demand</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Law of demand does not hold in case of :</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">3</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Inferior goods</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Normal goods</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Giffen</span><span style="font-family: 'Cambria';"> goods</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">None of above</span></p>
</td>
</tr>
</table>
<p> </p>
<p> </p>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">A fall in the price of a commodity leads to</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">3</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">A shift in demand</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">a fall in demand</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">A rise in consumers real income</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">A fall in the consumers real income</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">A typical demand curve cannot be</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Convex to the origin</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">A straight line parallel to y-axis</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">A straight line parallel to x-axis</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Rising upwards to the right</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">For most consumers apples and oranges are </span><span style="font-family: 'Cambria'; font-weight: bold;">substitutes</span><span style="font-family: 'Cambria'; font-weight: bold;"> goods. Therefore we would</span></p>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">expect a rise in the price of apples to lead to</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">A right ward shift in the demand curve of oranges</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">A left ward shift in the supply curve of apples</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">A downward change in the demand curve of oranges</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">a fall in the price of oranges</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">"Two goods have to be consumed simultaneously are</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Identical</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Complementary</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Substitutes</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">None of these</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">An income demand curve for inferior commodity always slopes</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">3</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Upwards to the right</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">backwards to the left</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">downwards to the right</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Horizontally</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">When the price of a substitute of commodity X falls, the demand for X-</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Rises</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Falls</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';"> Remains </span><span style="font-family: 'Cambria';">Unchange</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Any of the above</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">If the price of coffee suddenly shoots up, ceteris paribus , the demand for Tea is expected to</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">2</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Move rightward along the original demand curve</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Increase</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Remain unaffected</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Decrease</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Market demand curve for a commodity is:-</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Horizontal Summation of an commodity</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Summation of individual demand curve for 3 years</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Demand curve of complementary goods</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Demand curve of supplementary goods.</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Under the law of demand ceteris paribus is</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Price of other goods</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Disposal Income</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Tastes and Preferences</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">All of three</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Sugar and coffee are ________ goods</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Complementary</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Perfect substitute of each other</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Both</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Unrelated</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">As a result of a fall in price of commodity, the consumer's _________ increases.</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">3</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Real Income</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Purchasing power</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Both (a) and (b)</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Neither (a) and (b)</span></p>
</td>
</tr>
</table>
<p> </p>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Change in consumer tasted and preference cause ___ of particular goods____</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">2</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Change in quantity demanded</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Shift in demand curve</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Change in price</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">No assert on quantity demanded.</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Market demand curve, normally, would</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Be a horizontal straight line</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Slope downwards</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Be a vertical straight line</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Slope upwards</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">'Ceteris paribus' clauses in the Law of demand does not mean</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">The price of the commodity does not change</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">The price of its substitutes does not change</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">The income of the consumer does not change</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">The price of complementary goods does not change</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Which of the following could provide an example of exceptional demand curves?</span></p>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">i</span><span style="font-family: 'Cambria'; font-weight: bold;">. Demand for "</span><span style="font-family: 'Cambria'; font-weight: bold;">Giffen</span><span style="font-family: 'Cambria'; font-weight: bold;"> goods"</span></p>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">ii. Demand based on fears of a future rise in prices</span></p>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">iii. Demand for second-hand clothes </span></p>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">iv. Demand for daily newspapers.</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">2</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">i</span><span style="font-family: 'Cambria';"> only</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">i</span><span style="font-family: 'Cambria';"> and ii</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">ii and iii</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">i</span><span style="font-family: 'Cambria';">, ii, iii and iv.</span></p>
</td>
</tr>
</table>
<p> </p>
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<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">An exceptional demand curve is one that slopes :</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Upwards to the right</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Downwards to the right</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Upwards to the left</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Horizontally</span></p>
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</tr>
</table>
<p> </p>
<p> </p>
<p> </p>
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<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">All but one of the following are not assumed to remain the same while drawing an</span></p>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">individual's</span><span style="font-family: 'Cambria'; font-weight: bold;"> demand curve for a commodity. Which one is it?</span></p>
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</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">3</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">The preference of the individual</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">His monetary income</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Price</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Price of related goods</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">The Law of Demand, assuming other things to remain constant, establishes the relationship between</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Incme</span><span style="font-family: 'Cambria';"> of the consumer and the quantity of a good demanded by him</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Price of a good and the quantity demanded</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Price of a good and the demand for its substitute</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Quantity demanded of a good and the relative prices of its complementary goods</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Market demand for any good is a function of the</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Price per unit of the good</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Price per unit of other goods</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Income of consumers</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">All to the above</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Which one of the following is true increase of normal goods?</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">When Price Increases, demand decreases</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">When Price increases, demand also increases</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">When Price remains constant, demand falls down</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">When Price falls down, demand remains constant</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Fall in demand at original price is called:</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">2</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Increase in demand</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Decrease in demand</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Expansion in demand</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Contraction in demand</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Expansion and contraction in demand are caused by?</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Change in price of a commodity</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Change in income</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Change in prices of related good</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Change in population</span></p>
</td>
</tr>
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<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Conspicuous goods are also known as :</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Prestige goods</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">snob goods</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Veblen goods</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">all of the above</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">A goods which cannot be consumed more than once is known as</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Durable good</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">non-durable good</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">producer good</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">none of the above</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">The quantity demanded of good or service is the amount that</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Consumer plan to buy during a given time period at a given price</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Firms are willing to sell during a given time period at a given price</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">A consumer would like to buy but might not be able to afford</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Is actually bought during a given time period at a given price.</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">The price of tomatoes increases and people buy tomato puree. You infer tomato puree and tomatoes are</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">3</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Normal goods</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Complements</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Substitutes</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">inferior goods</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Chicken and fish are substitutes. If the price of chicken increases, the demand for fish will</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Increase or decrease but the demand curve for chicken will not change</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Increase and the demand curve for fish will shift rightwards</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Not change but there will be a movement along the demand curve for fish</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Decrease and the demand curve for fish will shift leftwards.</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Potato chips and popcorn are substitutes. A rise in the price of potato chips will…………..</span></p>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">the</span><span style="font-family: 'Cambria'; font-weight: bold;"> demand for popcorn and the quantity of popcorn will ……………..</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Increase, increase</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Increase, decrease</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Decrease, decrease</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Decrease, increase</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">Law of demand does not hold:</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">3</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Inferior goods</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Normal goods</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Giffen</span><span style="font-family: 'Cambria';"> goods</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">None of these.</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">At higher prices people demand more of certain goods not for their worth but for their</span></p>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">prestige value - This is demand</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Veblen effect</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Giffen</span><span style="font-family: 'Cambria';"> paradox</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Speculative effect</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">None of the above</span></p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria'; font-weight: bold;">The word 'demand' in economic sense means :</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Need</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Desire</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Ability</span></p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;"><span style="font-family: 'Cambria';">Desire backed by purchasing power</span></p>
</td>
</tr>
</table>
<p> </p>
<p> </p>
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