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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Q. When cross elasticity of demand is a large positive number, one can conclude that: The good is normal The good is inferior The good is a substitute The good is a complement Answer: The good is a substitute
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Q. Irrespective of price, Sofia always spends Rs. 100 a week on ice cream, we conclude that: Elasticity of demand is 0 Elasticity of demand is 1 Elasticity of demand is infinite The law of demand has been violated Answer: Elasticity of demand is 1
Irrespective of price, Sofia always spends Rs. 100 a week on ice cream, we conclude that Read More »
Q. Law of demand shows relation between: Income and price of commodity Price and quantity of a commodity Income and quantity demand Quantity demanded and quantity supplied Answer: Price and quantity of a commodity
