B Elasticity of Demand — Economics STD 12 Commerce / Arts — Question

was the 1st Development Financial Institution to be established in 1948.

The demand curve slopes downward.
(a) Inverse relationship between price quantity demanded
(b) from left to right
(c) from right to left
(d) Direct relationship quantity demanded

There are many theoretical difficulties in the measurement of NI like –
(a) Transfer Payment
(b) Illegal Income
(c) Unpaid services
(d) All of these

While measuring National Income value of ……………….
(a) all goods and services are considered
(b) final goods and services are considered
(c) only intermediate goods are considered
(d) none of these

The term ‘micro’ and ‘macro’ economics were first coined and used by Norwegian Economist.
(a) Adam Smith
(b) Ragnar Frisch
(c) Dr. Marshall
(d) Prof. Ricardo

The examples of revenue expenditure …………..
(a) administration cost of the government
(b) huge investments in different developmental projects
(c) salaries, allowances and pensions of government employees
(d) medical and public health services

Index Numbers are used –
(a) to determine production
(b) to determine the level of employment
(c) to revise dearness allowance
(d) to revise cost of living

(A) : Elasticity of demand explains that one variable is influenced by another variable.
Reasoning (R) : The concept of elasticity of demand indicates the effect of price and changes in other factors on demand.

When changes in price does not affect demand at all, it is called as ……………..

Identify the right group of pairs from the given options.
I) Direct tax – a) Non-tax revenue
ii) Indirect tax – b) Inflation
iii) Fees and Fines – c) GST
iv) Surplus budget – d) Personal income tax