CA - CPT
Description: ca cpt economics | |
Number of Questions: 15 | |
Created by: Niharika Sharma | |
Tags: CA CPT ECONOMICS LAW OF DEMAND Theory of Demand and Supply |
The concept of “Consumer surplus” was evolved by
Elasticity of demand is classified into ____ kinds.
When quantity demanded of the goods is unresponsive to change in income, then the income elasticity is
Which of the following statements is false?
When income elasticity is greater than zero or positive, then increase in income leads to increase in quantity demanded. This happens in case of goods called
When quantity demanded changes by exactly the same percentage as price, it is called
According to Alfred Marshal, Demand Curve slopes downward due to operation of
Which of the following statements is false?
Which of the following is an exception to the Law of Demand?
Which of the following statements is false?
When there is a fall in the price of a commodity, the consumer's purchasing power increases. The increase in real income induces him to buy more of that commodity. Hence, demand for that commodity increases. This is called
If two goods are perfect substitutes for each other, the cross elasticity is
When goods exhibit direct price-demand relationship, they are called
Doctrine of “Conspicous Consumption” was formulated by
Goods, which are consumed together, are called