A. Income effect
B. Substitution effect
C. Labour effect
D. All
Related Mcqs:
- 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 - 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 - An agreement among sellers of a commodity to set a common price or share their commodity market?
A. Oligopoly
B. Monopoly
C. collusion
D. All - Other thing remain the same as price rises, the corresponding quantity supplied rises, as price falls the quantity supplied falls is___________________?
A. Say’s law
B. Keynes theory of supply
C. Law of supply
D. None - An increase either in real output (GDP) or in real output per capita is called___________________?
A. Economic development
B. Economic growth
C. Growth rate
D. Economic efficiency - The total number of people living below a specified minimum level of real income, an international poverty line, is called ?
A. Relative poor
B. Real poverty
C. Absolute poor
D. None - 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 - Commodities whose demand varies directly with money income are called______________________?
A. Superior or normal goods
B. Complementary goods
C. Substitutes
D. None - The study of how economies are transformed from stagnation to growth and from low income to higher income status?
A. Econometrics
B. Development economics
C. Development plan
D. All - Income that is available to house holds for spending and saving after personal, income taxes have been deducted ?
A. Saving
B. Disposable income
C. Net income
D. All
