Tag: impact of technology on livelihoods

Questions Related to impact of technology on livelihoods

Sellers market denotes a situation where _______.

business economics and quantitative methods foreign trade in india the government and economic development indian economy on the eve of independence impact of technology on livelihoods

  1. commodities are available at competitive rates

  2. demand exceeds supply

  3. supply exceeds demand

  4. supply and demand are evenly balanced

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Correct Option: B
Explanation:

A market is termed to be sellers market when the demand is high and seller has a high degree of control on the market due to limited supply; in this case, the demand tends to exceed the available supply for a commodity.

What is dual pricing?

business economics and quantitative methods foreign trade in india the government and economic development indian economy on the eve of independence impact of technology on livelihoods

  1. Wholesale price and Retail pricning

  2. Pricing by agents and Pricing by retailers

  3. Price fixed by Government and Price in open market

  4. Daily prices and Weekly prices

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Correct Option: C

As per indifference curve and price line, a consumer will not be in equilibrium when

business economics and quantitative methods foreign trade in india the government and economic development indian economy on the eve of independence impact of technology on livelihoods

  1. Ratios of marginal utilities and prices of the respective goods are equal

  2. Ratio of marginal utilities of the two goods is equal to the ratio of their respective prices

  3. The marginal rate of substitution is equal to the ratio of prices of the two goods

  4. The marginal rate of substitution is decreasing

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Correct Option: A

The difference between the minimum price the producer is willing to accept and the equilibrium price is called ________.

business economics and quantitative methods foreign trade in india the government and economic development indian economy on the eve of independence impact of technology on livelihoods

  1. price

  2. profit

  3. producers surplus

  4. consumers surplus

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Correct Option: C

Graphically, when is the supply curve is below the demand curve?

business economics and quantitative methods foreign trade in india the government and economic development indian economy on the eve of independence impact of technology on livelihoods

  1. Excess demand

  2. Excess supply

  3. Equilibrium

  4. None of these

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Correct Option: A

Graphically, an equilibrium is a point where _____.

business economics and quantitative methods foreign trade in india the government and economic development indian economy on the eve of independence impact of technology on livelihoods

  1. supply curve is above the demand curve

  2. supply curve is below the demand curve

  3.  market supply curve intersects the market demand curve

  4. none of these

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Correct Option: C

At any price lower than equilibrium price, there is _____.

business economics and quantitative methods foreign trade in india the government and economic development indian economy on the eve of independence impact of technology on livelihoods

  1. excess supply

  2. excess demand

  3. deficient supply

  4. deficient demand

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Correct Option: B

An industry which is fighting hard to increase its market share in the existing market (with new popular products) is known as:

business economics and quantitative methods foreign trade in india the government and economic development indian economy on the eve of independence impact of technology on livelihoods

  1. Market vendor

  2. Market operator

  3. Market leader

  4. Market challenger

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Correct Option: D

Aggregate demand consists of consumption and investment demand. 

business economics and quantitative methods foreign trade in india the government and economic development indian economy on the eve of independence impact of technology on livelihoods

  1. True

  2. False

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Correct Option: A
Explanation:

True. Aggregate demand consists of consumption and investment demand. Aggregate demand is the demand of total goods and services in the economy as it is impossible to count all the physical quantities the total expenditure on all goods and services are taken into account. Aggregate demand consists of expenditure on household consumption, Private investment, Government expenditure on consumption and investment and imports and exports.  

Demand curve of an Oligopoly firm is characterized by being  _________.

business economics and quantitative methods foreign trade in india the government and economic development indian economy on the eve of independence impact of technology on livelihoods

  1. Horizontal to X axis

  2. Kinked at a point

  3. U shaped curve

  4. A linear line

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Correct Option: B