231. The ratio between total consumption and total income is known as:
(A) Average propensity to save
B) Average propensity to consume
(C) Marginal propensity to consume
(D) Marginal propensity to save
232. To ensure a nation’s economy remains healthy, credit money of the country is controlled by:
(A) Industrial bank
(B) Agriculture bank
C) Central bank
(D) Commercial bank
233. The cross-price elasticity of demand for orange juice with respect to the price of apple juice is probably:
A. Negative
B. Near Infinity
C. Zero
D. Positive
234. For a few products such as insulin for diabetes, within a range of prices:
A. The demand curve cannot be upward sloping
B. The supply curve can be upward sloping
C. The supply curve could not be upward sloping
D. It is not possible to calculate either demand or supply elasticities
235. The slope of the indifference curve at any point reflects:
A. Income level
B. Prices
C. Utility level
D. Marginal rate of substitution
236. The situation of a single buyer and a single seller is called:
A. Monopoly
B. Multi-plant monopolies
C. Bilateral Monopoly
D. Price discrimination
237. In the Cournot model, each firm makes decisions regarding:
A. Price
B. Output
C. Cost
D. Advertisement
238. According to classical theory utility:
A. Cannot be expressed in number
B. Can be expressed in a number
C. Can be tanked
D. None of these
239. The law of diminishing marginal utility will be applicable. IF the good in use is:
A. Inferior
B. Superior
C. Same
D. Giffen
240. In the case of complementary goods, the indifference curve can be:
A. Convex
B. Concave
C. Straight line
D. L-shaped
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