Engel’s curve illustrates the relationship between (a) Consumption and Utility (b) Production and Productivity (c) Income and Consumption (d) Income and Production

Engel’s curve illustrates the relationship between
(a) Consumption and Utility
(b) Production and Productivity
(c) Income and Consumption
(d) Income and Production
by

1 Answer

Answer :

(c) Income and Consumption
by

Related questions

A price consumption curve, traces the utility maximizing combination of two goods when (a) the price of one good changes (b) the consumer’s preference change © the consumer’s income changes (d) the demand curve for one of the goods shifts rightward

Description : A price consumption curve, traces the utility maximizing combination of two goods when (a) the price of one good changes (b) the consumer’s preference change © the consumer’s income changes (d) the demand curve for one of the goods shifts rightward

Last Answer : (a) the price of one good changes

According to Engel’s Law of consumption, the following commodities are likely to have income elasticity of less than one (a) Garments (b) Motor car (c) Cosmetics (d) Wheat and Rice

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Last Answer : (4) quantity demanded and income of the consumers Explanation: Engel's law is an observation in economics stating that as income rises, the proportion of income spent on food falls, even if ... consumers increase their expenditures for food products (in % terms) less than their increases in income.

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The Marginal Utility Curve slopes downward from left to right indicating (1) A direct relationship between marginal utility and the stock of commodity (2) A constant relationship between marginal utility and the stock of commodity (3) A proportionate relationship between marginal utility and the stock of commodity (4) An inverse relationship between marginal utility and the stock of commodity

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Which law states that with constant taste and preferences, the proportion of income spend on food stuff diminishes as income increases? (1) Say's Law (2) Griffin's Law (3) Gresham's Law (4) Engel's Law

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Which law states that with constant taste and preferences, the proportion of income spend on food stuff diminishes as income increases? (1) Say’s Law (2) Griffin’s Law (3) Gresham’s Law (4) Engel’s Law

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The bowed shape of the production possibilities curve illustrates. a) Law of Increasing Marginal Cost b) The production is inefficient c) The production is unattainable d) The demand is relatively elastic

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discribe Engel's law of consumption?

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Put into chronological order on the basis of development: l. Law of demand 2. Law of indifference 3. Law of diminishing marginal utility 4. Revealed preference curve 5. Indifference curve A.1 3 4 2 5 B.1 5 3 4 2 C.1 3 2 5 4D.1 2 3 4 5

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Demand curve can be derived from the law of diminishlng marginal utility on which of the following assumptions? (i) Utility can be measured in quantitative terms (ii) Utility of money is constant Of these statements: A.Only (i) is true B.Both (i) and (ii) are true C.Only (ii) is true D.Neither (i) nor (ii) is true

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Which of the following concepts are most closely associated with J.M. Keynes ? (1) Control of money supply (2) Marginal utility theory (3) Indifference curve analysis (4) Marginal efficiency of captial

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Production function is the relationship between (1) Production and Profit (2) Production and Prices (3) Production and Production factors (4) Production and Income

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Last Answer : Production and Production factors

© change in utility due to change in price (d) change in utility due to change in income

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Last Answer : (a) change in total utility due to one unit change in consumption

In Economics, production means - (1) manufacturing (2) making (3) creating utility (4) farming

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Last Answer : (2) creation of utilities Explanation: Production refers to "the creation of utility having value-in-exchange." The process of production may create six types of utilities: form utility, time utility, place utility, ownership utility, service utility and knowledge utility.

Production refers to (1) destruction of utility (2) creation of utilities (3) exchange value (4) use of a product

Description : Production refers to (1) destruction of utility (2) creation of utilities (3) exchange value (4) use of a product

Last Answer : creation of utilities

In Economics, production means (1) manufacturing (2) making (3) creating utility (4) farming

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The inherent capacity of soil to provide essential chemical elements for the growth of plants is termed as – a. Soil Productivity b. Soil Fertility c. Soil capacity d. Soil flexibility e. Soil Utility

Description : The inherent capacity of soil to provide essential chemical elements for the growth of plants is termed as – a. Soil Productivity b. Soil Fertility c. Soil capacity d. Soil flexibility e. Soil Utility

Last Answer : b. Soil Fertility

A supply function expresses the relationship between - (1) price and output (2) price and selling cost (3) price and demand (4) price and consumption

Description : A supply function expresses the relationship between - (1) price and output (2) price and selling cost (3) price and demand (4) price and consumption

Last Answer : (1) price and output Explanation: The supply function expresses the relationship between the Lotal quantily supplied and the price received by all suppliers per unit of time, holding other factors constant. It illustrates the relation between price and supply.

The relationship between the rate of interest and level of consumption was first visualized by - (1) Amartya K. Sen (2) Milton Friedman (3) Irving Fisher (4) James Duesenberry

Description : The relationship between the rate of interest and level of consumption was first visualized by - (1) Amartya K. Sen (2) Milton Friedman (3) Irving Fisher (4) James Duesenberry

Last Answer : (3) Irving Fisher Explanation: Irving Fisher, in His Theory of Interest (1930), found the relationship between interest rates (nominal interest rate and real interest rate) and the ... interest rate on savings and gives an inverse relationship between nominal interest rates and consumer expenditures

The relationship between the rate of interest and level of consumption was first visualized by (1) Amartya K. Sen (2) Milton Friedman (3) Irving Fisher (4) James Duesenberry

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Last Answer : Irving Fisher

A supply function expresses the relationship between (1) price and output (2) price and selling cost (3) price and demand (4) price and consumption

Description : A supply function expresses the relationship between (1) price and output (2) price and selling cost (3) price and demand (4) price and consumption

Last Answer : price and output

A siuation where we have people whose level of income is not sufficient to meet the minimum consumption expenditure is considered as - (1) Absolute Poverty (2) Relative Poverty (3) Urban Poverty (4) Rural Poverty

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Last Answer : (1) Absolute Poverty Explanation: Absolute poverty is defined as a situation in which the individual's basic needs are not covered, in other words, there is a lack of basic goods and services ( ... shelter, education and information. It depends not only on income but also on access to services."

When income increase, consumption also increases : (1) in a lower proportion (2) in a higher proportion (3) in the same proportion (4) None of the options

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The Keynesian consumption function shows a relation between - (1) aggregate consumption and total population. (2) aggregate consumption and general price level. (3) aggregate consumption and aggregate income (4) aggregate consumption and interest rate

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Which of the following relations always holds true? (1) Income = Consumption + Investment (2) Income = Consumption + Saving (3) Saving = Investment (4) Income = Consumption + Saving + Investment

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Last Answer : (2) Income = Consumption + Saving Explanation: Consumers do one of two things with their disposable income: They save it or they spend it. So Income = Consumption + Saving.