|
Server : Apache/2.4.41 (Ubuntu) System : Linux vmi1525618.contaboserver.net 5.4.0-105-generic #119-Ubuntu SMP Mon Mar 7 18:49:24 UTC 2022 x86_64 User : www-data ( 33) PHP Version : 8.2.12 Disable Function : NONE Directory : /var/www/parasoffline.edukrypt.in/uploads/quiz/ |
Upload File : |
<!DOCTYPE html>
<!-- Generated by PHPWord -->
<html>
<head>
<meta charset="UTF-8" />
<title>PHPWord</title>
<meta name="author" content="SeoPC" />
<style>
* {font-family: Arial; font-size: 11pt;}
a.NoteRef {text-decoration: none;}
hr {height: 1px; padding: 0; margin: 1em 0; border: 0; border-top: 1px solid #CCC;}
table {border: 1px solid black; border-spacing: 0px; width : 100%;}
td {border: 1px solid black;}
.Normal {margin-bottom: 8pt;}
.Balloon Text {font-family: 'Tahoma'; font-size: 8pt;}
.Balloon Text Char {font-family: 'Tahoma'; font-size: 8pt;}
</style>
</head>
<body>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q1. Which of the following is False?</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;">Demand refers to the quantities of commodity that the consumers are able to buy at each possible price during a given period of time, other things being equal.</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Demand Curve slopes downwards to the left</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">The Law of Demand states an inverse relationship between price and quantity demanded of a product.</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Demand Schedule is a series of quantities which consumer would like to buy at different prices at a given point of time.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q2. Which of the following is False?</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;">Demand Curve shows the inverse relationship between price and quantity demanded</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Demand Curve slopes downwards from left to right mainly because of Income Effect & Substitution Effect.</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Income Effect means change in monetary income due to change in price.</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Substitution Effect means change in demand due to change in relative prices of substitute goods.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q3. Which of the following is False?</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;">Expansion in Demand means rise in demand in response to fall in the price of a commodity, other</p>
<p style="margin-top: 0; margin-bottom: 0;">things being equal.</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Increase in Demand refers to the rise in demand in response to the change in the determinants of</p>
<p style="margin-top: 0; margin-bottom: 0;">demand other than price.</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Contraction in Demand means fall in demand in response to a rise in the supply of a commodity,</p>
<p style="margin-top: 0; margin-bottom: 0;">other things being equal.</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Decrease in Demand means fall in demand in response to change in determinants of demand, other than the price.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q4. Which of the following is False?</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;">Expansion in Demand is expressed by the movement from a higher point to a lower point along the same Demand Curve.</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Increase in Demand is expressed by the upward shift of the entire Demand Curve.</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Contraction in Demand is expressed by the Movement from a higher point to a lower point on the</p>
<p style="margin-top: 0; margin-bottom: 0;">same Demand Curve.</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Decrease in Demand is expressed by a downward shift of the entire Demand Curve.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q5. Effective Demand depends on:</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;">Desire</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Means to purchase</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Willingness to use those means for that purchase</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">All of these</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q6. __________ and ________ do not directly affect the demand curve</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;">the price of related goods, consumer incomes</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Consumer incomes, tastes</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">the costs of production, bank opening hours</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">the price of related goods, preferences</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q7. Which of the following is incorrect?</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;">Comforts lies between necessaries and luxuries.</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">At higher prices people demand more of certain goods not for their worth but for their prestige value - This is called veblen effect.</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Conspicuous goods are also known as veblen goods/ prestige goods/snob goods.</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">None of these</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q8. As the price of Bananas rises:</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;">The quantity demanded for bananas increases</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">The demand curve for bananas shifts to the right</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">The quantity demanded for bananas decreases</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">The demand curve far bananas shifts to the left</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q9. Which of the following factors or principles is/ are responsible for the operation of law of demand, or for the downward slop of the demand curves?</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;">The law of Diminishing marginal utility</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">The law of Equi-marginal utility</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Increased real income</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">All of the above</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q10. A downward movement along the same demand curve indicates</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;">Expansion in demand</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Increase in demand</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Contraction in demand</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Decrease in demand</p>
</td>
</tr>
</table>
<p> </p>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q11. Demand is always expressed :</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;">Over a period of time</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">At particular period of time</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">In terms of short period</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">In terms of long period</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q12. Substitution effect is change in demand induced by :</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;">Demand of substitute goods</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Change in price of goods concerned</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Change in price of related goods</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Change in preference of the consumes</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q13. Increase in price of the desktop computer leads to increase in demand for laptop , therefore desktops and laptop are examples of :</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;">Related goods</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Substitute goods</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Complimentary goods</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Both (a) and (b)</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q14. All inferior goods are giffen goods. This statement is :</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;">Partly true</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">partly false</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">totally false</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">totally true</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q15. Market demand curve for a commodity is</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;">The demand curve of an individual as expressed in the market</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Obtained by adding together the demand curves of all the individuals in the market</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Non-existent</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">None of the above.</p>
</td>
</tr>
</table>
<p> </p>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q16. Situation where an increase in price of commodity may increase the quantity de<span style="font-family: 'Calibri';">manded</span><span style="font-family: 'Calibri';"> may be due to</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;">Normal law of demand</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Expectations of further rise in prices</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Poor quality of the product</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Both (b) and (c).</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q17. A market demand curve for shoes indicates how many pairs of shoes</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;">Are likely to be sold at each possible price of shoes</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Must be bought in order to achieve parity</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Government will demand at each possible price</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Are lying as closing stock in various shows factors</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q18. Market demand curve for a commodity shows the relationship between the price and the commodity purchased in the market by</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;">Individual consumer</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">All the consumers</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Consumer of one particular community</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">None of the above.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q19. Market demand curve, normally, would</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;">Be a horizontal straight line</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Slope downwards</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Be a vertical straight line</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Slope upwards.</p>
</td>
</tr>
</table>
<p> </p>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q20. In case of expansion of demand, the quantity demanded-</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;">Increase</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Decreases</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Become Zero</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Become Cons tact</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q21. Rise in quantity demanded of a product as a result of reduction in prices is known as</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;">Change in demand</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Contraction of demand</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Expansion of demand</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Alteration of demand</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q22. Expansion and contraction of demand for a product occurs as a result of changes in -</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;">Price of commodity</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Factors other than price</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Both (a) and (b)</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Neither (a) nor (b)</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q23. Increase in Income levels of buyers leads to _____</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;">Increase in demand</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Decrease in demand</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Expansion of demand</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Contraction of demand</p>
</td>
</tr>
</table>
<p> </p>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q24. If the demand for petrol remains the same even after the increase in petrol prices, it means petrol is a ______</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;">Normal good</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Necessity</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Luxury good</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Inferior good</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q25. The law of demand is :</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;">A qualitative statement</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A quantitative statement</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Both a qualitative and a quantitative statement</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Neither a quantitative nor a qualitative statement.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q26. All of the following are determinants of demand except :</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;">Tastes and preferences</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Quantity supplied</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Income</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Price of related goods</p>
</td>
</tr>
</table>
<p> </p>
<p> </p>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q27. Demand is a :</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;">Flow concept</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Stock concept</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Neither a flow nor a stock concept</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Partially a flow concept.</p>
</td>
</tr>
</table>
<p> </p>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q28. During a recession, economies experience increased unemployment and a reduced level of income. How would a recession likely to affect the market demand for new cars?</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;">Demand curve will shift to the right.</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Demand curve will shift to the left.</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Demand will not shift, but the quantity of cars sold per month will decrease.</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Demand will not shift, but the quantity of cars sold per month will increase.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q29. In a demand schedule, quantity demanded</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;">Varies directly with price</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Varies proportionately with price</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Varies inversely with price</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Is Independent of price</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q30. Which of the following pairs of commodities is an example of substitutes</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;">Coffee and milk</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Diamond and Cow</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Pen and ink</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Mustard oil and coconut oil.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q31. When an individual's income falls (while everything else remains the same), his de<span style="font-family: 'Calibri';">mand 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;">Increases</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Decreases</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Remains unchanged</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">We cannot say without additional information.</p>
</td>
</tr>
</table>
<p> </p>
<p> </p>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q32. An income-demand curve for a "Luxury Commodity" slopes:</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;">Upwards to the right from the origin</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Vertically</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Upwards from left to right only beyond a Certain level of consumer's income</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Horizontally</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q33. Ceteris paribus, a change in the price of a commodity causes the quantity purchased of its complements to move :</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;">In the same direction</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">In the opposite direction</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">In insignificant manner</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Cannot be known</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q34. Contraction of demand is the result of :</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;">Decrease in the number of consumers</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Increase in the price of the good concerned</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Increase in the prices of other goods</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Decrease in the income of purchasers.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q35. A movement along the demand curve for soft drinks is best described as :</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;">An increase in demand</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A decrease in demand</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A change in quantity demanded</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A change in demand</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q36. The second glass of water gives lesser satisfaction to a thirsty boy. this is a clear case of</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;">Law of demand</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Law of diminishing returns</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Law of diminishing utility</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Law of supply.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q37. Example of complements can be</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;">Tea and sugar</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Car and petrol</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Pen and ink</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">All of the above.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q38. Rise in demand at original price is called :</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;">Increase in demand</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Decrease in demand</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Expansion in demand</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Contraction in demand.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q39. Law of demand does not hold in case of :</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;">Inferior goods</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Normal goods</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Giffen goods</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">None of above.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q40. A fall in the price of a commodity leads to</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;">A shift in demand</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">a fall in demand</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A rise in consumers real income</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A fall in the consumers real income</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q41. A typical demand curve cannot be</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;">Convex to the origin</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A straight line parallel to y-axis</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A straight line parallel to x-axis</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rising upwards to the right</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q42. For most consumers apples and oranges are substitutes goods. Therefore we would expect a rise in the price of apples to lead to</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;">A right ward shift in the demand curve of oranges</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A left ward shift in the supply curve of apples</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A downward change in the demand curve of oranges</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A fall in the price of oranges</p>
</td>
</tr>
</table>
<p> </p>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q43. "Two goods have to be consumed simultaneously are</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;">Identical</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Complementary</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Substitutes</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">None of these</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q44. An income demand curve for inferior commodity always slopes</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;">Upwards to the right</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">backwards to the left</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">downwards to the right</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Horizontally</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q45. When the price of a substitute of commodity X falls, the demand for X-</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;">Rises</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Falls</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Remains Unchange</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Any of the above</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q46. If the price of coffee suddenly shoots up, ceteris paribus , the demand for Tea is ex<span style="font-family: 'Calibri';">pected</span><span style="font-family: 'Calibri';"> to</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;">Move rightward along the original demand curve</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Increase</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Remain unaffected</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Decrease</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q47. Market demand curve for a commodity is:-</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;">Horizontal Summation of an commodity</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Summation of individual demand curve for 3 years</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Demand curve of complementary goods</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Demand curve of supplementary goods.</p>
</td>
</tr>
</table>
<p> </p>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q48. If roller- coaster ride is a function of amusement park visit, then, if the price of amusement</p>
<p style="margin-top: 0; margin-bottom: 0;">park entry falls</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;">The demand for roller- coaster rides will rise and the demand curve will shift to right</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">The demand for roller coaster ride cannot be predicted as it depends on the tastes of consumers</p>
<p style="margin-top: 0; margin-bottom: 0;">for the ride</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">There will be an expansion in the demand for roller coaster drive as it complementary</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">None of the above</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q49. Sugar and coffee are ________ goods</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;">Complementary</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Perfect substitute of each other</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Both</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Unrelated</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q50. As a result of a fall in price of commodity, the consumer's _________ increases.</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;">Real Income</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Purchasing power</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Both (a) and (b)</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Neither (a) and (b)</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q51. Change in consumer tasted and preference cause ___ of particular goods____</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;">Change in quantity demanded</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Shift in demand curve</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Change in price</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">No assert on quantity demanded.</p>
</td>
</tr>
</table>
<p> </p>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q52. Market demand curve, normally, would</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;">Be a horizontal straight line</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Slope downwards</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Be a vertical straight line</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Slope upwards</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q53. 'Ceteris paribus' clauses in the Law of demand does not mean</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;">The price of the commodity does not change</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">The price of its substitutes does not change</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">The income of the consumer does not change</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">The price of complementary goods does not change.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q54. Which of the following could provide an example of exceptional demand curves?</p>
<p style="margin-top: 0; margin-bottom: 0;">i. Demand for "Giffen goods"</p>
<p style="margin-top: 0; margin-bottom: 0;">ii. Demand based on fears of a future rise in prices</p>
<p style="margin-top: 0; margin-bottom: 0;">iii. Demand for second-hand clothes iv. Demand for daily newspapers.</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;">i only</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">i and ii</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">ii and iii</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">i, ii, iii and iv.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q55. An exceptional demand curve is one that slopes :</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;">Upwards to the right</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Downwards to the right</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Upwards to the left</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Horizontally.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q56. All but one of the following are not assumed to remain the same while drawing an individual's demand curve for a commodity. Which one is it?</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;">The preference of the individual</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">His monetary income</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Price</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Price of related goods</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q57. The Law of Demand, assuming other things to remain constant, establishes the rela<span style="font-family: 'Calibri';">tionship</span><span style="font-family: 'Calibri';"> between</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;">Income of the consumer and the quantity of a good demanded by him</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Price of a good and the quantity demanded</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Price of a good and the demand for its substitute</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Quantity demanded of a good and the relative prices of its complementary goods.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q58. Market demand for any good is a function of the</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;">Price per unit of the good</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Price per unit of other goods</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Income of consumers</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">All to the above</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q59. Which one of the following is true increase of normal goods?</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;">When Price Increases, demand decreases</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">When Price increases, demand also increases</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">When Price remains constant, demand falls down</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">When Price falls down, demand remains constant</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q60. Which of the following statements about inferior goods is/are false?</p>
<p style="margin-top: 0; margin-bottom: 0;">(i) Inferior goods are those that we will never buy, no matter how cheap they are.</p>
<p style="margin-top: 0; margin-bottom: 0;">(ii) Inferior goods are those that we buy more of, if we become poorer.</p>
<p style="margin-top: 0; margin-bottom: 0;">(iii) Inferior goods are those that we buy more of, if we become richer.</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;">I and III only.</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">I only </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">III only</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">I, II, and III.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q61. Expansion and contraction in demand are caused by?</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;">Change in price of a commodity</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Change in income</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Change in prices of related good</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Change in population.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q62. Conspicuous goods are also known as :</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;">Prestige goods</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">snob goods</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Veblen goods</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">all of the above</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q63. A goods which cannot be consumed more than once is known as</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;">Durable good</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">non-durable good</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">producer good</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">none of the above</p>
</td>
</tr>
</table>
<p> </p>
<p> </p>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q64. The quantity demanded of good or service is the amount that</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;">Consumer plan to buy during a given time period at a given price</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Firms are willing to sell during a given time period at a given price</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A consumer would like to buy but might not be able to afford</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Is actually bought during a given time period at a given price.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q65. The price of tomatoes increases and people buy tomato puree. You infer tomato pu<span style="font-family: 'Calibri';">ree</span><span style="font-family: 'Calibri';"> 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;">Normal goods</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Complements</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Substitutes</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">inferior goods</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q66. Chicken and fish are substitutes. If the price of chicken increases, the demand for fish will</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;">Increase or decrease but the demand curve for chicken will not change</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Increase and the demand curve for fish will shift rightwards.</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Not change but there will be a movement along the demand curve for fish.</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Decrease and the demand curve for fish will shift leftwards.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q67. Potato chips and popcorn are substitutes. A rise in the price of potato chips will………….. the demand for popcorn and the quantity of popcorn will ……………..</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;">Increase, increase</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Increase, decrease</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Decrease, decrease</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Decrease, increase</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q68. Data on production of vegetables for the past two years showed that, despite stable prices, there is a substantial decline in output of cabbage leading to lower supply into the market. Which of the following can possibly be the reason?</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;">An increase in the price of cauliflower which is equally preferred by consumers</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Announcement of a subsidy by government on vegetable production</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">More farmers producing cabbage and the increasing competition among them</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A substantial decrease in the price of capsicum</p>
</td>
</tr>
</table>
<p> </p>
<p> </p>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q69. At higher prices people demand more of certain goods not for their worth but for their</p>
<p style="margin-top: 0; margin-bottom: 0;">prestige value - This is demand</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;">Veblen effect</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Giffen paradox</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Speculative effect</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">None of the above</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q70. The word 'demand' in economic sense means :</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;">Need</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Desire</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Ability</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Desire backed by purchasing power</p>
</td>
</tr>
</table>
<p> </p>
</body>
</html>