Q. If quantity demanded is completely unresponsive to changes in price, demand is: Inelastic Unit elastic Elastic Perfectly inelastic Answer: Perfectly inelastic
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Q. The following are causes of shift in demand EXCEPT the one: Change in income Change in price Change in fashion Change in prices of substitutes Answer: Change in price
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Q. Who among the following enunciated the concept of single factoral terms of trade? Jacob Viner G.S.Donens Taussig J.S.Mill Answer: Jacob Viner
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Q. The capital that is consumed by an economy or a firm in the production process is known as: Capital loss Production cost Dead-weight loss Depreciation Answer: Depreciation
Q. Which among the following is a cause of inflation? Deficit financing Rise in external loans Unfavourable balance of payment A hike in the CRR by the central bank of the country Answer: Deficit financing
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Q. Assume that consumer’s income and the number of sellers in the market for good X both falls. Based on this information, we can conclude with certainty that the equilibrium: Price will decrease Price will increase Quantity will increase Quantity will decrease Answer: Quantity will decrease
Q. Income elasticity of demand is defined as the responsiveness of: Quantity demanded to a change in income Quantity demanded to a change in price Price to a change in income Income to a change in quantity demanded Answer: Quantity demanded to a change in income
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Q. The elasticity of demand of durable goods is: More elastic Less elastic Zero elastic Infinite elastic Answer: More elastic
Q. The Heckscher-Ohlin approach to international trade provides important insights, in Gains from trade Effect of trade on production and consumption Effect of trade on the incomes of production factors All of the above Answer: All of the above
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Q. A change in fiscal policy affects the balance of payments through: The current account only The capital account only Both, the current account and capital account Neither current account nor capital account Answer: Both, the current account and capital account
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