General Awareness Daily Quiz #10

The ____________ set is the collection of all bundles that the consumers can buy with their income at the
prevailing market prices.

 

1)demand
2)utility
3)indifference
4)budget

Economists define unemployed person as one who is not able to get even 1 hour of work in __________.

Options:
1)one month
2)one week
3)one day
4)half a day

If C = Consumption, I = Investment, G = Government spending, Ex = exports & Im = Imports, then GDP =

 

Options:
1)G + C + I - (Ex - Im)
2)G + C + I + (Ex - Im)
3)G + C - I + (Ex - Im)
4)G + C + Ex - (I + Im)

Price of an article decreases from Rs 40 to Rs 30 when quantity demanded increases from 1000 units to Q2
units. If point elasticity of demand is -0.8, then what is the value of Q2?

 

Options:
1)900
2)800
3)1200
4)1100

Monotonicity of preferences implies that the indifference curve is ___________ sloping.

 

Options:
1)Diagonal
2)Horizontal
3)Downward
4)Upward