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- Question
If two goods are complements, then
Options- A. the cross-price elasticity of demand will be positive
- B. an increase in the price of one good will increase demand for the other
- C. the cross-price elasticity of demand will be negative
- D. both B & C
- Correct Answer
- both B & C
ExplanationIn economics, If two goods are complements, then the cross elasticity of demand is negative. That means a good's demand is increased when the price of another good is decreased. Conversely, the demand for a good is decreased when the price of another good is increased. It is opposite of substitute goods.
- 1. Deficit financing implies
Options- A. replacing new currency with worn out currency
- B. public revenue in excess of public expenditure
- C. printing new currency notes
- D. public expenditure in excess of public revenue Discuss
- 2. A perfectly inelastic demand curve
Options- A. Vertical with some steep
- B. Perfectly horizontal
- C. Horizontal with some steep
- D. Perfectly vertical Discuss
- 3. What happens to demand when price increases?
Options- A. increases
- B. decreases
- C. remains same
- D. Can't be determined Discuss
- 4. The scarcity definition of economics is credited to
Options- A. Dennis Robertson
- B. Lionel Robbins
- C. Alfred Marshall
- D. Adam Smith Discuss
- 5. Assessing opportunity cost involves
Options- A. choosing consequences over profits
- B. maximizing profit and loss
- C. making choices and dealing with consequences
- D. Both B & C Discuss
- 6. Microeconomics deals with the
Options- A. Behavior of industrial decision makers
- B. Allocation of resources of the economy as between production of different goods and services
- C. Determination of prices of goods and services
- D. All of the above Discuss
- 7. Revenue should be recognized when
Options- A. the service is performed
- B. the customer charges an order
- C. cash is received
- D. the customer places an order Discuss
- 8. Fiscal policy is connected with
Options- A. Public revenue & expenditure
- B. Exports and imports
- C. Issue of currency
- D. Taxes Discuss
- 9. Government imposes taxes to
Options- A. Check accumulation of wealth among the rich
- B. Run the machinery of the state
- C. Uplift weaker sections
- D. All of the above Discuss
- 10. A favorable cost variance occurs when
Options- A. actual incurred cost is less than the standard cost
- B. actual incurred cost is greater than the standard cost
- C. actual incurred cost is equal to the standard cost
- D. None of the above Discuss
Indian Economy problems
Search Results
Correct Answer: public expenditure in excess of public revenue
Explanation:
Deficit financing implies public expenditure in excess of public revenue.
Correct Answer: Perfectly vertical
Explanation:
A perfectly inelastic demand curve is perfectly vertical either up or down in any way.
Correct Answer: decreases
Explanation:
The Law of Demand tells that, if the price of a product increases then the demand will go down i.e, decreases iff all other things equal.
Correct Answer: Lionel Robbins
Explanation:
The scarcity definition of economics is credited to Lionel Robbins.
Correct Answer: making choices and dealing with consequences
Explanation:
Assessing opportunity cost involves making choices and dealing with consequences.
Correct Answer: All of the above
Explanation:
Microeconomics deals with the
* Allocation of resources of the economy as between production of different goods and services.
* Determination of prices of goods and services.
* Behavior of industrial decision makers.
Correct Answer: the service is performed
Explanation:
Revenue should be recognized when it is realized or when it is earned. When a service is performed something is earned and revenue should be recognized.
Correct Answer: Public revenue & expenditure
Explanation:
Fiscal policy is connected with public revenue and expenditures. This policy is the use of government revenue collection to monitor the nation's economy.
Correct Answer: Run the machinery of the state
Explanation:
Government imposes taxes to run the machinery of the state. Taxes serve as the main source of income for the government revenue.
Correct Answer: actual incurred cost is less than the standard cost
Explanation:
Cost variance is nothing but the difference between the actual incurred cost and the estimated standard cost. This can be occured due to any changes in the volume of goods or services ordered.
A favorable cost variance occurs when the actual incurred cost is less than the standard cost estimated before the production.
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