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Generate QuizEconomics – Fill in the Blank – GK Questions
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Unitary elasticity means total revenue remains ___.
- balance (or sum to zero)
- constant
- indifference
- Total variable cost
Answer: constant
Total revenue is maximized and constant at Ed=1.
Consumer equilibrium is where budget line is ___ to IC.
- tangent
- Total receipts excluding borrowings
- low (or zero / no)
- crowding out
Answer: tangent
Tangency ensures MRS equals the price ratio.
Ordinal utility is associated with ___ curve.
- technological
- John Maynard Keynes
- Pareto Efficiency (or Pareto Optimality)
- indifference
Answer: indifference
Indifference curve shows ordinal ranking of preferences.
Income elasticity for inferior goods is ___.
- Total variable cost
- negative
- decrease (or reduce / lower)
- dumping
Answer: negative
Demand falls as income rises for inferior goods.
Rightward shift in demand curve means ___ in demand.
- technological
- 66
- balance (or sum to zero)
- increase
Answer: increase
Rightward shift indicates higher demand at the same price.
Veblen goods are also known as ___ goods.
- snob
- 1965
- Net Factor Income from Abroad (NFIA)
- Ways and Means
Answer: snob
Snob/prestige goods violate the basic law of demand.