Q. If demand is inelastic, a change in the price: Will change the quantity in same direction Will change total revenue in same direction Will change total revenue in the opposite direction Will not change quantity Answer: Will change total revenue in same direction
Q. The elasticity for the demand of durable goods is __________. Zero Equal to unity Greater than unity Less than unity Answer: Greater than unity
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Q. Which of the following is an assumption made while drawing the demand curve? The demand curve must be linear The price of substitutes should not change The quantity demanded should not change The price of the commodity should not change Answer: The price of substitutes should not change
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Q. Normally the demand curve will have a _______________ shape. Upward sloping Downward sloping Vertical Horizontal Answer: Downward sloping
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Q. ‘Infant industry argument’ in international trade is given in support of: Granting Protection Free trade Encouragement to export oriented small and tiny industries None of the above Answer: Granting Protection
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Q. Which of the following is also known as International Bank for Reconstruction and Development? Asian Development Bank World Bank Reserve Bank of India International Monetary Fund Answer: World Bank
Q. Who propounded the opportunity cost Theory of international trade? Ricardo Marshall Heckscher & Ohlin Haberler Answer: Haberler
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Q. Which among the following is not a function of International Monetary Fund? It serves a medium term and long term credit institution’ It provides a mechanism for improving short term balance of payments position’ It provides machinery for international consultations’ It provides reservoir of the currencies of the member countries and enables members to
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Q. The supply of a good refers to: Stock available for sale Total stock in the warehouse Actual Production of the good Quantity of the good offered for sale at a particular price per unit of time Answer: Quantity of the good offered for sale at a particular price per unit of time
Q. Price and demand are positively correlated in case of: Necessities Comforts Giffen goods Luxuries Answer: Giffen goods
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