Economics - Practice Test | ExamPrepSheets

[#386] The demand curve for a commodity is generally drawn on the assumption that

(A) the commodity has no substitutes

(B) tastes, income and all other prices remain constant

(C) the average household consists of two persons

(D) purchases of the commodity are made by a free market

Correct Answer

(B) tastes, income and all other prices remain constant

[#387] The total transaction of various goods and services by a country in a span of one year from different countries of the world is called:

(A) Current account

(B) Balance of trade

(C) Capital account

(D) Balance of payments

Correct Answer

(D) Balance of payments

[#388] Total utility of a commodity is measured by which price of that commodity?

(A) Value in use

(B) Value in exchange

(C) Both A and B

(D) None of the above

(E) Value in use

(F) Value in exchange

(G) Both of above

(H) None of above

Correct Answer

(A) Value in use
(E) Value in use

[#389] The first five year plan of India was based on

(A) Mahalanovis model

(B) Feldman model

(C) Harrod-Domar model

(D) Nehan-Mahalanovis model

Correct Answer

(C) Harrod-Domar model

[#390] The larger the co-efficient of price elasticity of demand for a product, the

(A) Larger the resulting price change for a given increase in supply

(B) More rapid the rate at which the marginal utility of that product diminishes

(C) Less competitive will be the industry supplying that product

(D) Smaller the resulting price change for a given increase in supply

Correct Answer

(D) Smaller the resulting price change for a given increase in supply

Economics - Study Mode

[#386] The demand curve for a commodity is generally drawn on the assumption that

Correct Answer

[#387] The total transaction of various goods and services by a country in a span of one year from different countries of the world is called:

Correct Answer

[#388] Total utility of a commodity is measured by which price of that commodity?

Correct Answer

[#389] The first five year plan of India was based on

Correct Answer

[#390] The larger the co-efficient of price elasticity of demand for a product, the

Correct Answer