Related InterviewSolutions

• The law of demand was introduced by neoclassical economist. (a) Alfred Marshall(b) Adam Smith (c) Ragnar Frisch (d) Samuelson Options: (1) e (2) b (3) d (4) a
• Decrease in demand. (a) Favourable changes in other factors (b) Unfavourable changes in other factors (c) Decrease in quantity demanded (d) Changes in income of the consumer Options: (1) b, c and d (2) a, b and c (3) a and b (4) a, c and d
• Give economic terms.(1) Desire + willingness to purchase + Ability to pay. (2) The demand by a single consumer in a market. (3) The demand by all consumer in a market. (4) Other factors remaining constant, a fall in demand due to a rise in price. (5) Other factors remaining constant, a rise in demand due to a fall in price. (6) To satisfying a want of sewing, needle and thread is required. (7) A rise in demand due to changes in other factors, price remaining constant. (8) Fall in demand due to changes in other factors, price remaining constant. (9) Goods of low quality are considered as inferior goods. (10) The demand for commodities to satisfy the human wants directly. (11) The demand for factors of production like land, labour, etc. (12) Two or more goods are demanded at a time to satisfy one want.
• Complete the following statements.(1) The willingness to have something is called ……(2) Desire, willingness to purchase and ability to pay are the three necessary conditions for ………(3) The total quantities of a commodity demanded by a particular buyer is ……(4) The sum of the total quantities of a commodity demanded by all buyers in a market is ……(5) Commodities and services satisfying the human wants directly is known as ……(6) The purchasing power of the consumer depends on ………(7) One commodity can be put to several uses, it is known as ………(8) Marshall’s law of demand describes the functional relationship between ………(9) Inferior goods like cheap bread, vegetable ghee, etc., is known as ………(10) Expensive goods such as diamonds, luxury cars are known as ……(11) When demand changes due to changes in price, it is known as ………(12) A rise in demand caused by favourable changes in other factors at same price is called ……
• Find the odd word out.(1) Desire, Ability to pay, Uselessness, \ Willingness to purchase (2) Pepsi, Limca, Coffee, Coke (3) Cloth, Sugar, Fertilizer, Milk (4) Land, Capital, Raw material, Flowers (5) Tea and Sugar, Pen and Pencil, Car and Petrol, Mobile phones and Sim cards (6) Indirect demand, Individual demand, Composite demand, Competitive demand (7) Consumer demand, Complementary demand, Composite demand, Competitive demand(8) Tea – Coffee, Car – Fuel, Thums-up – Pepsi, Rice – Wheat (9) Coffee powder, Chilli powder, Milk, Sug >r (10) Gold, Diamond, Platinum, Aluminium (11) Sony, Samsung, Onida, Karbonn
• Give reason or explain the following statement. Demand for factors of production is derived demand.
• State whether the following statement is TRUE and FALSE Desire means demand.
• Choose the correct pair:Group ‘A’Group ‘B’(1) Contraction in demand(a) Less is demanded at a same price(2) Decrease in demand(b) Complementary goods(3) Demand curve(c) Substitute goods(4) Tea and Coffee(d) Less is demanded at a higher price(e) Slopes downwards from left to right
• Expansion of Demand. (a) Fall in price (b) Rise in quantity demanded (c) No change in income (d) Change in populationOptions: (1) only c (2) a, b and c (3) a, b and d (4) b, c, and d
• Assertion (A) – Variations in demand refers to change in quantity demanded due to change in price alone and other factors remain constant.Reasoning (R) – Increase in demand and decrease in demand are the types of variations in demand.(i) (A) is true but (R) is false.(ii) (A) is false but (R) is true.(iii) Both (A) and (R) is true and (R) is the correct explanation of (A).(iv) Both (A) and (R) is true but (R) is not the correct explanation of (A).