( Best 200+ ) Basics of Economics MCQ

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Basics of Economics MCQ

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Basics of Economics MCQ

Basics of Economics MCQ

51. In drawing an individual demand curve for a commodity, all but which
of the following are kept constant:

A. individual’s money income

B. the prices of the related commodity

C. price of the commodity under consideration

D. tastes of the consumer

52. When an individual’s income rises, when everything else remains the
same, his demand for normal goods:

A. rises

B. falls

C. remains the same

D. any of the above is possible

53. When an individual’s income falls, when everything else remains the
same, his demand for inferior goods:

A. increases

B. decreases

C. remains unchanged

D. cannot say

54. When the price of the substitute commodity of X falls, the demand for X:

A. rises

B. falls

C. remains unchanged

D. all of the above is possible

55. If the quantity demanded remains unchanged as the price of the
commodity falls, the coefficient of price elasticity of demand is:

A. greater than

B. one equal to one

C. smaller than one

D. zero

56. If the income elasticity of demand is greater than one, then the
commodity is:

A. necessity

B. luxury

C. inferior

D. non-related commodity

57. Which of the following is an exception to the law of demand?

A. giffen good

B. normal good

C. superior good

D. all of the above

58. The law of diminishing marginal utility was popularized by:

A. keynes

B. marshall

C. smith

D. samuelson

59. If the income elasticity of demand for a commodity is found to be 0.4,
then the commodity concerned is:

A. luxury

B. necessity

C. giffen’s goods

D. independent good

60. Cross elasticity of demand in the case of substitutes:

A. zero

B. negative

C. positive

D. infinity

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