The income elasticity off tomatoes was 0

The income elasticity off tomatoes was 0

133. twenty five, it means tomatoes is actually: (a) Substandard merchandise. (b) Luxury goods. (c) Regular products. (d) Are unable to state. Answer: (c) Regular items.

Discover a love anywhere between cost of a commodity and need for its complementary merchandise (anything else leftover a similar)

134. six. So what does that it indicate: (a) Individual university degree try a luxury. (b) Individual college studies is actually a necessity. (c) Personal school training are a smaller commodity. (d) We should have more individual universities. Answer: (a) Personal school studies was a luxurious.

Imagine the amount of money suppleness out of knowledge in private college or university for the India is 1

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135. Imagine potatoes has actually (-).0.cuatro just like the income suppleness. We could state regarding research once the: (a) Carrots is second-rate merchandise. (b) Potatoes is actually advanced services and products. (c) Potatoes are fundamentals. (d) There clearly was a desire to enhance the money out-of consumers very that they can buy carrots. Answer: (a) Carrots try substandard products.

136. In the event your money suppleness are lower than you to definitely, it signifies that the products is often apparently the very least important in the brand new attention out of consumer or it’s a beneficial ________. (a) Second-rate (b) Deluxe (c) Necessity (d) None of these Address: (c) Prerequisite

137. The money elasticity away from consult of item “Buttons” are ________. (a) More than you to (b) Lest than just you to (c) Zero (d) One Answer: (c) Zero

138. ‘Bajra’ is a smaller sized commod¬ity from the vision of one’s domestic. The earnings suppleness away from request will be ________. (a) More than step 1 (b) Equal to step one (c) Below step 1, but higher than 0 (d) Bad Address: (d) Bad

139. Cross elasticity off demand refers to the quantities of item and this could be demanded in response to help you ________, staying anything kept the same. (a) Earnings from individual (b) Cost of same item (c) Cost of Related item (d) One another (b) L(C) Answer: (c) Price of Related commodity

140. If there is replace merchandise, the fresh new mix request curve slopes ________. (a) Upwards (b) Down (c) Rounded (d) Parabolic Respond to: (a) Right up

143. The fresh new get across flexibility ranging from Dough and Dvds are: (a) Positive. (b) Bad. (c) No. (d) You to definitely. Answer: (c) Zero.

144. New cross flexibility anywhere between personal computers and you can software’s is actually: (a) Confident. (b) Negative. (c) no. (d) You to definitely. Answer: (b) Negative.

145. When the a couple of goods are finest alternatives per most other, the new get across suppleness between the two try ________. (a) One to (b) More than one (c) Lower than you to definitely (d) Infinite Respond to: (d) Unlimited

145A. When the mathematical property value get across elasticity anywhere between a couple merchandise are very high, this means: (a) Items are good comple-ments which should be made use of with her. (b) The goods are perfect substitutes and certainly will be taken effortlessly instead of both. (c) There’s a top degree of substi-tutability among them services and products. (d) Items are natural and there-fore cannot be thought to be alternatives. Answer: (c) There is a high standard of substi-tutability between the two services and products.

146. In case your items are replaced (for example beverage and you can coffees), the latest mix elasticity among them is ________. (a) Confident (b) Bad (c) Zero (d) Infinity Respond to: (a) Self-confident

146A. Whether your wide variety necessary from mutton grows by 5% in the event the cost of chicken grows of the 20%, the new mix¬rate flexibility out-of consult anywhere between lamb and you may poultry was: (a) – 0.twenty-five (b) 0.twenty-five (c) – cuatro (d) 4 Answer: (b) 0.twenty five

147. If there is Subservient Services and products, a rise in the price of one to contributes to an autumn regarding numbers recommended of one’s almost every other. This new mix suppleness off consult anywhere between these types of is ________. (a) Confident (b) Bad (c) Zero (d) Infinity Answer: (b) Bad