CSS Economics Solved Mcqs

Q.  Mr. Raees Ahmad bought 50 litres of petrol when his monthly income was Rs. 25,000. Now his monthly income has risen to Rs. 50,000 and he purchases 100 litre of petrol. His income elasticity of demand for petrol is:

a. 1
b. 100%
c. Less than one
d. More than one


ANSWER: See Answer
 
No explanation is available for this question!
MCQs:  A mixed economy is characterised by the co-existence of:
Category: Central Superior Service Test Mcqs (CSS),   Published by: T-Code Scripts
MCQs:  Which is not an essential feature of a socialist economy?
Category: Central Superior Service Test Mcqs (CSS),   Published by: T-Code Scripts
MCQs:  Which of the following is incorrect?
Category: Central Superior Service Test Mcqs (CSS),   Published by: T-Code Scripts
MCQs:  Microeconomics deals with the:
Category: Central Superior Service Test Mcqs (CSS),   Published by: T-Code Scripts
MCQs:  Which of the following is Microeconomics concerned with?
Category: Central Superior Service Test Mcqs (CSS),   Published by: T-Code Scripts
MCQs:  Formulation of an economic theory involves:
Category: Central Superior Service Test Mcqs (CSS),   Published by: T-Code Scripts
MCQs:  An economic theory is:
Category: Central Superior Service Test Mcqs (CSS),   Published by: T-Code Scripts
MCQs:  Identify the aspect of taxation which is related to normative economics:
Category: Central Superior Service Test Mcqs (CSS),   Published by: T-Code Scripts
MCQs:  Demand for a commodity refers to a:
Category: Central Superior Service Test Mcqs (CSS),   Published by: T-Code Scripts
MCQs:  Contraction of demand is the result of:
Category: Central Superior Service Test Mcqs (CSS),   Published by: T-Code Scripts
MCQs:  All but one of the following are assumed to remain the same while drawing an individual's demand curve for a commodity. Which one is it?
Category: Central Superior Service Test Mcqs (CSS),   Published by: T-Code Scripts
MCQs:  Which of the following pairs of commodities is an example of substitutes?
Category: Central Superior Service Test Mcqs (CSS),   Published by: T-Code Scripts
MCQs:  In the case of a straight-line demand curve meeting the two axes, the price-elasticity of demand at the mid-point of the line would be:
Category: Central Superior Service Test Mcqs (CSS),   Published by: T-Code Scripts
MCQs:  The Law of Demand, assuming other things to remain constant, establishes the relationship between:
Category: Central Superior Service Test Mcqs (CSS),   Published by: T-Code Scripts
MCQs:  Identify the factor which generally keeps the price-elasticity of demand for a commodity now:
Category: Central Superior Service Test Mcqs (CSS),   Published by: T-Code Scripts
MCQs:  Identify the coefficient of price-elasticity of demand when the percentage increase in the quantity of a commodity demanded is smaller than the percentage fall in its price:
Category: Central Superior Service Test Mcqs (CSS),   Published by: T-Code Scripts
MCQs:  In the case of an inferior good, the income elasticity of demand is:
Category: Central Superior Service Test Mcqs (CSS),   Published by: T-Code Scripts
MCQs:  In respect of which of the following category of goods is consumer's surplus highest?
Category: Central Superior Service Test Mcqs (CSS),   Published by: T-Code Scripts
MCQs:  Total utility is maximum when:
Category: Central Superior Service Test Mcqs (CSS),   Published by: T-Code Scripts
MCQs:  If the demand for a commodity is inelastic, an increase in its price will cause the total expenditure of the consumers of the commodity to:
Category: Central Superior Service Test Mcqs (CSS),   Published by: T-Code Scripts