Indian Economy GK Questions and Answers 2020-2021 - 2

Question: 6

When marginal utility falls to zero then the total utility is _____

(A) Negligible

(B) Zero

(C) Maximum

(D) Minimum

Question: 7

The degree of response of demand to change in price is _____

(A) Price elasticity of demand

(B) Income elasticity of demand

(C) Cross- elasticity of demand

(D) All the above

Question: 8

Choice are made due to _____

(A) Over production

(B) Growth

(C) Scarcity

(D) Development

Question: 9

_____ is the major determinant of supply.

(A) Production

(B) Consumption

(C) Price

(D) Demand

Question: 10

_____ wages depend mainly on the purchasing power of money.

(A) Nominal

(B) Scarcity

(C) Money

(D) Real