Economics GK Questions and Answers Set 24

    Economics GK questions and answers Set 24 for competitive exams Quiz  UPSC, SSC CGL General Awareness, NEET, CTET. Economics General Knowledge Questions One Liner for Practice  science Talent Test and Class 10and 12th entrance Test so for

    1 .The opportunity cost of a factor of production is
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    2 .When average cost of production decreases then marginal cost of production
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    3 .Consumption of inferior goods decreases when-
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    4 .For a good --------negative income elasticity and positive price elasticity of demand, then the good is-
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    5 .Goods which are either for consumption or for investment are called-
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    6 .In capitalist economy, price value is determined by.
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    7 .Discuss about giffen and inferior good.
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    8 .Group consumption means-
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    9 .In respect to inferior good, price elasticity of demand is -
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    10 .Elasticity expressed by formula 1>e>o is -
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    11 .When there is no change in demand, with large change in price then such type of demands are called.
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    12 .With other factor Constant, the demand of any product is decreased by.
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    13 .Law of demand is good on
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    14 .According to 'Law of Demand', 'quantity of demand increases'
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    15 .'Law of market' was propounded by
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