Question # 1

Income elasticity show the relationship between:

Income and demand

Income and consumption

Income and price

Income and saving

Average revenue is equal to:

Price

Total revenue

Marginal revenue

Average cost

The elasticity of demand of durable goods is

More than unity

Equal to unity

Less than unity

Zero

In 2005-06, bajra was grown on 438 thousand hectares and its production in thousand tons was:

190

221

350

475

In the FY 2005-06 the GDP growth rate of Euro area was 1.3 percent, the developing nations 8.6 percent and the world was:

3.5 percent

4.8 percent

4.5 percent

5.5 percent

Price floor results in:

All of the given options

Excess supply.

Equilibrium

Excess demand

NAT II Management Science Economy MCQs With Answers