Description : Seawater, fresh air, etc., are regarded in Economics as - (1) Giffen goods (2) inferior goods (3) free goods (4) normal goods
Last Answer : (3) free goods Explanation: Free goods are what is needed by the society and is available without limits, The free good is a term used in economics to describe a good that is not scarce. A free good is available in as great a quantity as desired with zero opportunity cost to society.
Description : Goods which are meant either for consumption or for investment are called - (1) Final goods (2) Giffen goods (3) Inferior goods (4) Intermediate goods
Last Answer : (1) Final goods Explanation: All goods which are meant either (i) for consumption by consumers or (ii) for investment by firms are called final goods. They are finished goods, meant for final ... stages of production. Cars, television sets, cloth, food, machinery, equipments etc. are final goods.
Description : “ All Giffen goods are inferior, but all inferior goods are not Giffen”. The statement is (a) sometimes true (b) true © false (d) none of the above
Last Answer : (b) true
Description : Goods which are meant either for consumption or for investment are called (1) Final goods (2) Giffen goods (3) Inferior goods (4) Intermediate goods
Last Answer : Final goods
Description : If a good has negative income elasticity and positive price elasticity of demand, it is a (1) giffen good (2) normal good (3) superior good (4) an inferior good
Last Answer : (1) giffen good Explanation: A negative income elasticity of demand is associated with inferior goods. The Giffen good is an unusual type of inferior good which has positive price elasticity of demand. It ... rises, violating the law of demand. When price goes up, the quantity demanded also goes up.
Last Answer : giffen good
Description : Knowledge, technical skill, education etc. in economics, are regarded as - (1) social-overhead capital (2) human capital (3) tangible physical capital (4) working capital
Last Answer : (2) human capital Explanation: Human capital is the stock of competencies, knowledge, social and personality attributes, including creativity, embodied in the ability to perform labor so ... biological, cultural and psychological complexity as they interact in explicit and/or economic transactions.
Description : Knowledge, technical skill, education etc. in economics, are regarded as (1) social-overhead capital (2) human capital (3) tangible physical capital (4) working capital
Last Answer : human capital
Description : A goods can be considered inferior goods in economics if increase in disposal income of the consumer causes (a) An increase in demand ; (b) No change in demand ; (c) Decrease in demand ; (d) Less than proportionate change in demand
Last Answer : ; (c) Decrease in demand ;
Description : The terms Micro economic and Macro economics were coined by (a) Professor A Samulson ; (b) Giffen ; (c) Prof. Ragner Frisch ; (d) Eagle
Last Answer : (c) Prof. Ragner Frisch ;
Description : In a business, raw materials, components, work in progress and finished goods are jointly regarded as - (1) capital stock (2) inventory (3) investment (4) net worth
Last Answer : (2) inventory Explanation: Inventory refers to raw materials, work-in-process goods and completely finished goods that are considered to be the portion of a business's assets that are ... of the primary sources of revenue generation and subsequent earnings for the company's shareholders/owners.
Description : In a business, raw materials, components, work in progress and finished goods are jointly regarded as (1) capital stock (2)inventory (3) investment (4)net worth
Last Answer : inventory
Description : On an indifference map, if the income consumption curve slopes downwards to the right it shows that A.Both X and Y are superior goods B.Y is an inferior good C.X is an inferior good D.Both X and Y are inferior goods
Last Answer : B.Y is an inferior good
Description : Which of these are exception to law of Demand (a) Giffen effect/goods ; (b) Future change in prices ; (c) Change in fashion ; (d) All the three
Last Answer : (d) All the three
Description : The demand curve for a Giffen good is (1) upward rising (2) downward falling (3) parallel to the quantity axis (4) parallel to the price axis
Last Answer : (1) upward rising Explanation: A Giffen good is a good whose consumption in-creases as its price increases. (For a normal good, as the price increases, consumption decreases.) Thus, the ... a price changes the income effect outweighs the substitution effect and this leads to perverse demand curve.
Last Answer : upward rising
Description : The density of seawater is greater than that of fresh water. A boat will float: w) Higher in fresh water than in seawater x) Lower in fresh water than in seawater y) At the same level in both z) Any of the above, depending upon its shape
Last Answer : ANSWER: X -- LOWER IN FRESH WATER THAN IN SEAWATER
Description : Seawater (i.e. saltwater) freezes at: w) the same temperature as fresh water. x) at a slightly higher temperature than fresh water. y) at a slightly lower temperature than fresh water. z) seawater does not freeze.
Last Answer : ANSWER: Y -- AT A SLIGHTLY LOWER TEMPERATURE THAN FRESH WATER.
Description : 1) Which among the following could be said to be an 'Open Economy'? a) A nation that follows the doctrine of Free-market and Laissez-faire economics b) A nation that trades with other ... services and financial assets c) An economy that operates without government intervention d) None of the above
Last Answer : : b) A nation that trades with other nations in goods and services and financial assets
Description : How does the consumer income affect the demand for normal and inferior goods?
Last Answer : A consumers income can affect their demand for most goods, fornormal goods if the consumers income increases then there is ademand for more normal good, but a fall in income would cause ashift to the ... quantities, or not at all, if yourincome were to rise and you could afford something better.
Description : What is the difference between inferior and normal goods?
Last Answer : Cheese
Description : When the demand for a good increases with an increase in income, such a good is called - (1) Superior good (2) Giffin good (3) Inferior good (4) Normal good
Last Answer : (1) Superior good Explanation: A superior good is a product that people demand more of as they their incomes grow. These are products that are generally more expensive and rarer like diamonds and classic ... characteristics: it must be scarce, and, along with that, it must have a high price.
Description : When the demand for a good increases with an increase in income, such a good is called (1) Superior good (2) Giffin good (3) Inferior good (4) Normal good
Last Answer : Superior good
Description : Has anyone seen this article on generating energy from seawater?
Last Answer : Bill1939 The link isn’t working.
Description : What is the meaning of brackish water in terms of fisheries? a. Seawater only b. Freshwater only c. Combination of Sea water and Freshwater d. Polluted water
Last Answer : c. Combination of Sea water and Freshwater
Description : Which terns is used in economics for the market value of all goods and services in one year by labour and properly supplied by the residents of the country? (1) GDP (2) GPN (3) OMP (4) GNP
Last Answer : (4) GNP Explanation: Gross National Product (GNP) is defined as "the market value of all goods and services produced in one year by labour and property supplied by the residents of a country. It is ... ), defined as "the value of all final goods and services produced in a country in I year."
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 : The term "market" in Economics means - (1) A central place (2) Presence of competition (3) Place where goods are stored (4) Shops and super bazars
Last Answer : (1) A central place Explanation: The most important defining characteristic of a market in economics is that it allows buyers and sellers to exchange any type of goods, services and ... place is so called because it is centrally located to maximize accessibility from the surrounding region.
Description : The problem of Economics arises from (1) Plenty (2) Scarcity of goods (3) More wants and less goods (4) All of the above
Last Answer : (3) More wants and less goods Explanation: The theory of Economic problem states that there is scarcity, or that the finite resources available are insufficient to satisfy all human wants and needs. ... economic problem is the choice one must make, arising out of limited means and unlimited wants.
Description : Which term is used in economics for the market value of all goods and services in one year by labour and properly supplied by the residents of the country? (1) GDP (2) GPN (3) OMP (4) GNP
Last Answer : GNP
Description : The term “market” in Economics means (1) A central place (2) Presence of competition (3) Place where goods are stored (4) Shops and super bazars
Last Answer : A central place
Last Answer : More wants and less goods
Description : A goods can be considered a normal goods in economics if increase in disposal income of the consumer causes (a) An increase in demand ; (b) No change in demand ; (c) Decrease in demand ; (d) Less than proportionate change in demand
Last Answer : (a) An increase in demand ;
Description : What is Value Added Tax (VAT)? (1) A simple, transparent, easy to pay tax imposed on consumers (2) A new initiative taken by the Government to increase the tax-burden of high income groups (3) A ... like, surcharge, turnover tax, etc. (4) A new tax to be imposed on the producers of capital goods
Last Answer : (3) A single tax that replaces State taxes like, surcharge, turnover tax, etc. Explanation: A value added tax (VAT) is a form of consumption tax. A VAT is like a sales tax in that ... under the single tax system based primarily or exclusively on one tax, typically chosen for its special properties.
Description : What are Capital goods? a) Goods used for consumption in the production process b) Goods such as tools, machinery, etc which are used to create final consumer goods c) Goods and services that are consumed fully when purchased by the consumers d) None of the above
Last Answer : : b) Goods such as tools, machinery, etc which are used to create final consumer goods
Description : What are consumption goods? a) Goods used for consumption in the production process b) Goods such as tools, machinery, etc which are used to create final consumption goods c) Goods and services that are consumed fully when purchased by the consumers d) None of the above
Last Answer : : c) Goods and services that are consumed fully when purchased by the consumers
Description : What is Value Added Tax (VAT) ? (1) A simple, transparent, easy to pay tax imposed on consumers (2) A new initiative taken by the Government to increase the tax-burden of high income groups (3) A ... like, surcharge, turnover tax, etc. (4) A new tax to be imposed on the producers of capital goods
Last Answer : A single tax that replaces State taxes like, surcharge, turnover tax, etc.
Description : When Goods that are regarded as substitutes for each other like fried chicken and hamburgers are what kind of goods?
Last Answer : Need answer
Description : As Income increases the demand for inferior goods?
Last Answer : decreases
Description : The income elasticity of demand of inferior goods is generally (a) >1 ; (b) < 1 ; (c) < 0 ; (d) = 0
Last Answer : (c) < 0 ;
Description : In the balance of payments account, unrequited receipts and payments are also regarded as - (1) bilateral transfers (2) unilateral transfers (3) capital account transfers (4) invisible transfers
Last Answer : (2) unilateral transfers Explanation: Unrequited receipts and payments are also regarded as unilateral transfers as the flow is only in one direction with no automatic reverse flow in the other ... borrowings nor lending, but gifts and grants exchanged between governments and people in the world.
Description : In the balance of payments account, unrequited receipts and payments are also regarded as (1) bilateral transfers (2) unilateral transfers (3) capital account transfers (4) invisible transfers
Last Answer : unilateral transfers
Description : Soundness test of cement is done to determine its a) Durability in seawater b) Free lime content* c) Iron oxide content d) Alumina content
Last Answer : b) Free lime content*
Description : For an inferior good, demand falls when - (1) price rises (2) income rise (3) price falls (4) income falls
Last Answer : (2) income rise Explanation: In economics, income elasticity of demand measures the responsiveness of the demand for a good to a change in the income of the people demanding the good. ... opposite is observed. Normal goods are those for which consumers' demand increases when their income increases.
Description : What will be the effect on inferior commodities when income of the consumer rises? (1) Negative effect (2) Positive effect (3) No effect (4) First increase then decrease
Last Answer : (1) Negative effect Explanation: In economics, an inferior good is a good that decreases in demand when consumer income rises (or rises in demand when consumer income decreases), unlike ... consumers' demand increases when their income increases. Cheaper cars are examples of the inferior goods.
Description : If the price of an inferior good falls, its demand - (1) rises (2) falls (3) remains constant (4) can be any of the above
Last Answer : (1) rises Explanation: Some goods are known as inferior goods. With inferior goods, there is an inverse relationship between real income and the demand for the good in question. If real incomes rise, the ... than rely on the more inferior bus, so the demand for bus travel falls as real incomes rise.
Description : In the case of an inferior good, the income elasticity of demand is : (1) Zero (2) Negative (3) Infinite (4) Positive
Last Answer : (2) Negative Explanation: A negative income elasticity of demand is associated with inferior goods; an increase in income will lead to a fall in the demand and may lead to changes to more luxurious ... demand is associated with normal goods; an increase in income will lead to a rise in demand.
Description : The income elasticity of demand being greater than one, the commodity must be - (1) a necessity (2) a luxury (3) an inferior good (4) None of these
Last Answer : (2) a luxury Explanation: In economics, income elasticity of demand measures the responsiveness of the demand for a good to a change in the income of the people demanding the good, ceteris paribus. It is ... If the elasticity of demand is greater than 1, it is a luxury good or a superior good.
Description : In the case of an inferior good, the income effect A.Partially offsets the substitution effect B.Is equal to the substitution effect C.Reinforces the substitution effect D.More than offsets the substitution effect
Last Answer : A.Partially offsets the substitution effect