• Economics Quiz – 3

    21 A financial condition in which there is an undue decrease in the amount of money available relative to its buying power, leading to a consistent reduction in general price levels, is termed
      A) Inflation
      B) Deflation
      C) Demonetization
      D) Destabilization
       
    22 Invisible Export means export of
      A) Perishable goods
      B) Prohibited goods
      C) Services
      D) Goods through smuggling
       
    23 What does Balance of trade mean?
      A) Total trade
      B) Difference between imports and exports
      C) The profit earned by a trader
      D) Cost price plus profit
       
    24 Which among the following duties is applied by a government to control the exports of a commodity?
      A) Custom duty
      B) Excise Duty
      C) Anti dumping duty
      D) Dumping Duty
       
    25 If demand of a product increases by 25% with the 5% drop in price, then the product will have
      A) Not Perfectly Elastic demand
      B)  Perfectly Elastic demand
      C) Not Perfectly Inelastic demand
      D) Perfectly Inelastic demand
       
    26 If income rises by 5% and demand for an product rises by 25%, then the product is termed as
      A) Necessity
      B)  Luxury Goods
      C) Inferior Goods
      D) None of These
       
    27 If income rises by 15% and demand for an product decreases by 5%, then the product is termed as
      A) Necessity
      B)  Luxury Goods
      C) Inferior Goods
      D) None of These
       
    28 If income rises by 15% and demand for an product rises by 5%, then the product is termed as
      A) Necessity
      B)  Luxury Goods
      C) Inferior Goods
      D) None of These
       
    29 Perfectly Elastic demand curve is
      A) Horizontal to X-Axis
      B)  Vertical to X-Axis
      C) Downward Sloping
      D) Upward Sloping
       
    30 Perfectly Elastic Supply curve is
      A) Horizontal to X-Axis
      B)  Vertical to X-Axis
      C) Downward Sloping
      D) Upward Sloping

     

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