“ 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

“ 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
by

1 Answer

Answer :

(b) true
by

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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

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In the case of an inferior good, the income elasticity of demand is : (1) Zero (2) Negative (3) Infinite (4) Positive

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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

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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

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In the case of an inferior good, the income elasticity of demand is : (1) Zero (2) Negative (3) Infinite (4) Positive

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For an inferior good, demand falls when (1) price rises (2) income rise (3) price falls (4) income falls

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If the price of an inferior good falls, its demand (1) rises (2) falls (3) remains constant (4) can be any of the above

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Last Answer : rises

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

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Traditional approach to law of Demand was propounded by (a) Giffen ; (b) A Samulson ; (c) Alfred Marshall ; (d) Pique

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The terms Micro economic and Macro economics were coined by (a) Professor A Samulson ; (b) Giffen ; (c) Prof. Ragner Frisch ; (d) Eagle

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