Top 100+ Indian Economy Online Test Questions and Answers 2020-2021 - 3

Question: 11

_____ explained the concept of ‘Maximum social advantage’.

(A) Hicks and Dalton

(B) Grossen

(C) Alfred Marshall

(D) Adam Smith

Ans: A

Hicks and Dalton

Question: 12

Increase in demand is shown by _____

(A) Lowest point on the demand curve

(B) The highest point on the demand curve

(C) Shifts of the demand curve

(D) Movement along the same demand curve

Ans: C

Shifts of the demand curve

Question: 13

_____ method is used to measure price elasticity of demand at a point on the demand curve.

(A) Percentage

(B) Point

(C) Total outlay

(D) Arc

Ans: B

Point

Question: 14

Economics is a _____

(A) Normative science

(B) Positive science

(C) Both

(D) None

Ans: C

Both

Question: 15

In the short period, _____ plays an important role in the market.

(A) Price

(B) Saving

(C) Supply

(D) Demand

Ans: D

Demand

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