A. Supply of the commodity B. Availability of the substitutes C. Price of the commodity D. Technical know-how Correct Answer:…
A. Fairly inelastic B. Perfectly inelastic C. Unitary elastic D. Perfectly elastic Correct Answer: Option C - Unitary elastic
A. Derived B. Composite C. Competitive D. Joint Correct Answer: Option D - Joint Explanation Joint demand refers to the…
A. Diversification of the economy B. Strict immigration law C. Paying unemployment benefits D. Restrictive fiscal policy Correct Answer: Option…
A. Price B. Satisfaction C. Cost D. Revenue Correct Answer: Option B - Satisfaction Explanation Utility is the satisfaction or…
A. Provision of welfare to the citizens B. That tax payers bear all the risks C. Public ownership of shares…
A. Conflict of interest among members B. Increasing population C. Weakness in the trade relationship D. Language barrier Correct Answer:…
A. Ensuring equitable distribution of income B. Liberalizing all sectors of the nation's economy C. Encouraging the development of manufacturing…
A. Elastic B. Unitary C. Inelastic D. Zero Correct Answer: Option C - Inelastic Explanation In case of perishable goods…
A. Galloping inflation B. Imported inflation C. Demand-pull inflation D. Cost-push inflation Correct Answer: Option C - Demand-pull inflation Explanation…