A. Elasticity of demand
B. Import substitution
C. Income elasticity of demand
D. None
Related Mcqs:
- The implicit change in real income resulting from the effects of a change in a commodity’s price on quantity demand?
A. Income effect
B. Substitution effect
C. Labour effect
D. All - 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 - A schedule showing the amounts households plan to spend for consumer goods at different levels of disposable income is called________________?
A. Income schedule
B. Saving schedule
C. Consumption schedule
D. None - 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 - 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 - 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 - 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 - 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 - Commodities whose demand varies directly with money income are called______________________?
A. Superior or normal goods
B. Complementary goods
C. Substitutes
D. None - 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
