133. twenty-five, it indicates tomatoes are: (a) Lower products. (b) Luxury items. (c) Normal products. (d) Can not say. Answer: (c) Normal goods.
There was a romance ranging from price of a commodity in addition to interest in their complementary goods (other things leftover a similar)
134. six. Precisely what does that it suggest: (a) Personal college degree is actually a luxurious. (b) Private university education is actually a requirement. (c) Private college education is actually a smaller commodity. (d) We wish to do have more individual universities. Answer: (a) Personal university knowledge are a luxury.
Assume the funds elasticity away from studies privately university when you look at the Asia are step 1
135. Guess potatoes provides (-).0.cuatro once the money elasticity. We are able to state regarding the investigation once the: (a) Potatoes was inferior services and products. (b) Potatoes is actually superior goods. (c) Potatoes is basics. (d) There is a want to help the money away from users thus that they’ll purchase potatoes. Answer: (a) Potatoes was second-rate merchandise.
136. Should your money elasticity was lower than that, it shows that items is possibly Durham escort relatively least essential in this new eyes away from individual or it is a good ________. (a) Lower (b) Luxury (c) Criteria (d) Nothing of these Address: (c) Requirement
137. The income flexibility out of request from commodity “Buttons” was ________. (a) More than you to (b) Lest than simply you to definitely (c) No (d) You to definitely Address: (c) Zero
138. ‘Bajra’ try an inferior commod¬ity on sight of your house. Its income elasticity regarding demand could be ________. (a) More than step one (b) Equivalent to step 1 (c) Below step 1, however, more than 0 (d) Bad Address: (d) Bad
139. Get across elasticity out-of request refers to the quantities of item hence might possibly be required in response in order to ________, remaining anything remaining a comparable. (a) Earnings off consumer (b) Price of same product (c) Price of Related product (d) Both (b) L(C) Answer: (c) Cost of Associated commodity
140. In case of substitute products, the latest cross request bend hills ________. (a) Upwards (b) Downward (c) Round (d) Parabolic Address: (a) Right up
143. The brand new cross flexibility ranging from Money and you will Cds is actually: (a) Self-confident. (b) Negative. (c) Zero. (d) You to. Answer: (c) No.
144. This new get across flexibility anywhere between pcs and you may software’s is: (a) Self-confident. (b) Bad. (c) no. (d) One to. Answer: (b) Bad.
145. When the one or two items are primary alternatives per most other, the new get across suppleness between them are ________. (a) You to (b) More than one (c) Lower than you to definitely (d) Infinite Respond to: (d) Unlimited
145A. If mathematical value of get across elasticity between two merchandise are quite high, it means: (a) Items are good comple-ments and that have to be used together with her. (b) The goods are perfect alternatives and can be studied with ease in place of both. (c) There is certainly a leading level of substi-tutability between them items. (d) Items was simple so there-fore cannot be thought to be substitutes. Answer: (c) There is certainly a leading standard of substi-tutability between the two services and products.
146. In the event the goods are substituted (such as for example tea and you may java), brand new get across suppleness between them try ________. (a) Self-confident (b) Bad (c) No (d) Infinity Respond to: (a) Positive
146A. If for example the amounts needed away from lamb expands by the 5% in the event that cost of chicken increases from the 20%, the brand new get across¬speed elasticity of consult ranging from lamb and you can chicken is actually: (a) – 0.25 (b) 0.twenty five (c) – 4 (d) 4 Address: (b) 0.25
147. In case of Subservient Merchandise, an increase in the expense of you to leads to an autumn regarding numbers necessary of your almost every other. The get across suppleness away from demand between such is ________. (a) Positive (b) Bad (c) Zero (d) Infinity Answer: (b) Bad