Description : Demand for complementary goods is known as (1) Joint demand (2) Derived demand (3) Direct demand (4) Cross demand
Last Answer : Joint demand
Description : In case of Complementary goods cross elasticity of demand will be (a) Negative (b) Zero (c) Unitary (d) Infinite
Last Answer : (a) Negative
Description : Bread and butter, car and petrol are examples of goods which have - (1) composite demand (2) joint demand (3) derived demand (4) autonomous demand
Last Answer : (3) derived demand Explanation: Derived demand is a term in economics, where demand for one good or service occurs as a result of the demand for another intermediate/final good or service. This may occur ... must be mined for coal to be consumed. As the demand for coal increases, so does its price.
Description : Bread and butter, car and petrol are examples of goods which have (1) composite demand (2) joint demand (3) derived demand (4) autonomous demand
Last Answer : derived demand
Description : )The demand of a commodity is a direct demand but the demand of a factor of production is called a - (1) Crossed demand (2) Joint demand (3) Derived demand (4) Independent demand
Last Answer : (3) Derived demand Explanation: In the words of McConnell, the demand for factors of production is a derived demand that is derived from the finished goods and services which resources help to produce. ... demand, demand for factors is derived demand. It is based on the productivity of the factors.
Description : The demand of a commodity is a direct demand but the demand of a factor of production is called a (1) Crossed demand (2) Joint demand (3) Derived demand (4) Independent demand
Last Answer : Derived demand
Description : If demand of coffee increases by 10% with 20% decline in the price of sugar we can say that (a) Cross price elasticity of demand is negative and both the products are complementary to each other ... price elasticity is positive and the products are complementary to each other ; (d) None of these
Last Answer : (a) Cross price elasticity of demand is negative and both the products are complementary to each other;
Description : The fact that organisational customers purchase products to be used directly or indirectly in the production of goods and services to satisfy customers' needs means that demand for industrial products is: A)joint B)economically stable C)derived D)inelastic E)more fluctuating
Last Answer : C)derived
Description : The demand for labour is called - (1) Market demand (2) Direct demand (3) Derived demand (4) Factory demand
Last Answer : (3) Derived demand Explanation: The demand for labour is "derived- from the production and demand for the product being demanded. If the demand for the product increases, either the price will ... price and production numbers are met. Labour is "derived" from the market demand for the product.
Description : The demand of a factor of production is (1) direct (2) derived (3) neutral (4) discretion of the producer
Last Answer : (2) derived Explanation: There are 4 factors of production; land, labor, capital and entrepreneurship. The demand for the factors of production is a derived demand. That means these factors of production are demanded because there is a demand for the end product they produce.
Last Answer : derived
Description : The demand for labour is called (1) Market demand (2) Direct demand (3) Derived demand (4) Factory demand
Description : Elasticity of demand measures the responsiveness of the quantity demanded of a goods to a (1) change in the price of the goods (2) change in the price of substitutes (3) change in the price of the complements (4) change in the price of joint products
Last Answer : (1) change in the price of the goods Explanation: Price elasticity of demand is a measure of responsiveness of the quantity of a good or service demanded to changes in its price. This measure of ... good with respect to the change in the price of some other good, a complementary or substitute good.
Last Answer : change in the price of the goods
Description : Market demand curve for a commodity is (a) Horizontal summation of the individual demand curve for the commodity; (b) Summation of individual demand curve for 3 years; (c) Demand curve of complementary goods ; (d) Demand curve of supplementary goods
Last Answer : (a) Horizontal summation of the individual demand curve for the commodity;
Description : Market demand curve for a commodity is……………… (a) Horizontal summation of the individual demand curve for the commodity; (b) Summation of individual demand curve for 3 years; (c) Demand curve of complementary goods ; (d) Demand curve of supplementary goods
Description : The cross elasticity of complementary goods is generally (a) > 1 ; (b) < 1 ; (c) < 0 ; (d) = 0
Last Answer : (c) < 0 ;
Description : If the cross price elasticity of demand for two product is negative, then the two products are ………………. (a) Complementary to each other ; (b) Perfectly substitute for each other; (c) Completely competitive ; (d) Unrelated
Last Answer : (a) Complementary to each other ;
Description : The demand for many industrial products for which a price increase or decrease will not significantly affect the demand is 1. elastic 2. inelastic 3. derived 4. joint 5. none of these
Last Answer : inelastic
Description : As it places its order for truck tyres with Michelin, South Side Industrial Supply realises that it must also place an order for valve stems and balancing weights for the truck tyres. Here industrial products are characterised as having ____ demand. A)fluctuating B)inelastic C)derived D)joint
Last Answer : D)joint
Description : The demand for many industrial products for which a price increase or decrease will not significantly affect the demand is: A)elastic B)inelastic C)derived D)joint
Last Answer : B)inelastic
Description : 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 ... ) and (ii) are true C.Only (ii) is true D.Neither (i) nor (ii) is true
Last Answer : B.Both (i) and (ii) are true
Description : Which one of the following pairs of goods is an example for Joint Supply? (1) Coffee and Tea (2) Ink and Pen (3) Tooth brush and Paste (4) Wool and Mutton
Last Answer : (4) Wool and Mutton Explanation: The production of two or more goods simultaneously from the same imputs is called Joint Supply. Wool and Mutton are an example for joint supply.
Description : Which one of the following pairs of goods is an example for Joint Supply ? (1) Coffee and Tea (2) Ink and Pen (3) Tooth brush and Paste (4) Wool and Mutton
Last Answer : Wool and Mutton
Description : In the law of demand, the statement "Other things remain constant" means - (1) income of consumer should not change (2) price of other goods should not change (3) taste of consumer should not change (4) All of the above
Last Answer : (4) All of the above Explanation: In economics, the law of demand is an economic law, which states that consumers buy more of a good when its price is lower and less when its price is higher ... of good demanded by the consumer will be negatively correlated to the change in the price of the good.
Description : 'Gresham's Law' in Economics relates to (1) supply and demand (2) circulation of currency (3) consumption of supply (4) distribution of goods and services
Last Answer : (2) circulation of currency Explanation: Gresham's law is an economic principle that states: "When a government compulsorily overvalues one type of money and undervalues another, the undervalued money will leave ... will flood into circulation." It is commonly stated as: "Bad money drives out good."
Description : Which of the following is true about the way by which SDG&E has been regulated by the PUC? a. SDG&E has been allowed to earn very high economic profits b. The profits of SDG&E are calculated as ... the demand for electricity would fall, the price of electricity would also fall d. All of the above
Last Answer : b. The profits of SDG&E are calculated as a percent of the value of the capital goods
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
Description : In the law of demand, the statement “Other things remain constant” means (1) income of consumer should not change (2) price of other goods should not change (3) taste of consumer should not change (4) All of the above
Last Answer : All of the above
Description : The difference between the GNP and the NNP is equal to the - (1) consumer expenditure on durable goods (2) direct tax revenue (3) indirect tax revenue (4) capital depreciation
Last Answer : (4) capital depreciation Explanation: Depreciation refers to two very different but related concepts: the decrease in value of assets (fair value depreciation), and the allocation of the cost of ... equal to capital depreciation. It is the wearing out, breaking down, or technological obsolescence.
Description : The difference between the GNP and the NNP is equal to the (1) consumer expenditure on durable goods (2) direct tax revenue (3) indirect tax revenue (4) capital depreciation
Last Answer : capital depreciation
Description : Tea and coffee are (a) Complementary goods ; (b) Alternative goods ; (c) Unrelated goods ; (d) None of these
Last Answer : (b) Alternative goods ;
Description : Sugar and tea are …………… goods (a) Complementary ; (b) Prefect substitute of each other ; (c) Both ; (d) Unrelated
Last Answer : (a) Complementary ;
Description : Complementary goods are those which are …………… (a) Consumed simultaneously ; (b) Close competitive ; (c) Both ; (d) Unrelated
Last Answer : (a) Consumed simultaneously ;
Description : Cross demand expresses the functional relationship between - (1) demand and prices of related commodities (2) demand and income (3) demand and prices (4) demand and supply (4)
Last Answer : (1) demand and prices of related commodities Explanation: Other things being constant, cross demand expresses the relation between demand for good A' due to change in the price of its related good 'B' ... that at different prices of good B' what different quantities of good A' will be demanded.
Description : Cross elasticity of demand between petrol and car is - (1) infinite (2) positive (3) zero (4) negative
Last Answer : (4) negative Explanation: In economics, the cross elasticity of demand or cross-price elasticity of demand measures the responsiveness of the demand for a good to a change in the ... denotes two products that are complements, while a positive cross elasticity denotes two substitute products
Description : Cross elasticity of demand between two perfect substitutes will be A.low B.high C.zero D.infinity
Last Answer : D.infinity
Description : Cross-price elasticity of demand between tea and coffee is (a) negative (b) positive © zero (d) infinite
Last Answer : (b) positive
Description : Cross demand expresses the functional relationship between (1) demand and prices of related commodities. (2) demand and income. (3) demand and prices. (4) demand and supply,
Last Answer : demand and prices of related commodities.
Description : Cross elasticity of demand between petrol and car is (1) infinite (2) positive (3) zero (4) negative
Last Answer : negative
Description : Two Commodities X and UY can be inferred as complementary to each other if (a) Increase in price of one leads to increase in demand of other and vice versa (b) Increase in price of one leads to decrease ... in demand of other one (d) Increase in price of one leads to increase in demand of other one
Last Answer : (b) Increase in price of one leads to decrease in demand of other and vice versa
Description : When the price of complementary products increases, the demand of the other product will (a) Falls ; (b) Increases ; (c) Remains same ; (d) Increases by 25%
Last Answer : (a) Falls ;
Description : When the price of complementary products falls, the demand of the other product will (a) Fall ; (b) Increases ; (c) Remain stable ; (d) Drops by 25%
Last Answer : (b) Increases ;
Description : Cross elasticity of complementary products will be (a) Infinite ; (b) Zero ; (c) > 1 ; (d) < 0
Last Answer : (d) < 0
Description : If the cross elasticity between two products is positive then we can say that (a) The products are perfectly substitute of each other; (b) The products are complementary to each other; (c) Both the products are unrelated ; (d) Both are luxury items
Last Answer : (a) The products are perfectly substitute of each other;
Description : 7) DuPont implemented an expensive advertising campaign for Stainmaster carpet because the firm understood that if it could sell more carpeting the mills would buy more of its chemicals. DuPont demonstrated ... demand is often A)proportional. B)downward sloping. C)inelastic. D)derived. E)seasonal.
Last Answer : D)derived.
Description : The name “modem” is derived from (1) modern demarkator (2) modulator demand (3) modern demodulator (4) modulator demodulator
Last Answer : modulator demodulator
Description : A mortar joint in masonry which is normal to the face of wall is known as (A) Bed joint (B) Wall joint (C) Cross joint (D) Bonded join
Last Answer : Answer: Option C
Description : An indiference curve measures ______ level of satisfaction derived from different combinations of commodity X and Y. (1) same (2) higher (3) lower (4) minimum
Last Answer : (1) same Explanation: An indifference curve may be defined as the locus of points, each representing a different combination of two substitute goods, which yield the same utility or level of ... is indifferent between any two combinations of goods when it comes to making a choice between them.
Description : An indifference curve measures ______________ level of satisfaction derived from different combinations of commodity X and Y. (1) same (2) higher (3) lower (4) minimum
Last Answer : same