Commodities whose demand varies directly with money income are called______________________?

Related Mcqs:

1. Stocks of commodities held by the countries or international organizations to moderate the commodities price fluctuations ?

   A. Black market
   B. Buffer stocks
   C. Capital stocks
   D. Speculation

2. Total money income received by the individual or recipients of income is called____________________?

   A. Gross income
   B. Net income
   C. Personal income
   D. None of above

3. The responsiveness of the quantity demand of a commodity to change in the consumer’s income, measured by the proportionate change in quantity divided by the proportionate change in income ?

   A. Elasticity of demand
   B. Import substitution
   C. Income elasticity of demand
   D. None

4. An involuntary payment of money to govt. by a household or firm for which the household or firm receives no good or services directly in return ?

   A. Tariff
   B. Tax
   C. Tacit collusion
   D. Subsidy

5. A payment of money or goods & services by a govt. to a household or firm for which the payer receives no good or service directly in return______________?

   A. Tax
   B. Tariff
   C. Transfer payment
   D. Subsidy

6. A market in which money of one nation can be used to purchase the money of other nation is called____________________?

   A. Money market
   B. International market
   C. Foreign exchange market
   D. All of these

7. The demand schedule or the demand curve of all buyers of a good or service is called____________________?

   A. Market demand
   B. Total demand
   C. Both
   D. None

8. Increases in the price level resulting from an excess of demand over output at the existing price level, caused by an increase in aggregate demand ?

   A. Demand pull inflation
   B. Stagflation
   C. Both
   D. None

9. A line which shows different combinations of two products a consumer can purchase with a specific money income, given the products price?

   A. Indifference curve
   B. Lorenz curve
   C. Budget line
   D. Say’s law

10. To obtain the greates utility consumer should allocate money income so that last dollar spent on each good or service yields the same marginal utility ?

    A. Law of diminishing return
    B. Say’ law
    C. Law of diminishing marginal utility
    D. Say’ law