Question
As a result of an increase in consumer incomes, the
demand for XYZ good has decreased. Based on this information, what can we definitely say about what type of good XYZ is?Solution
Inferior goods are goods whose demand is reduced with increasing consumer income. Inferior goods are very low-priced goods and are of much lower quality related to other goods. Income growth allows the consumer to change their choices and buy substitutes of superior quality.
Which of the following is/are the objectives of Special Economic Zone (SEZ)?
What does Economic development refers to?
Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) was launched on which year?
PPP stands forÂ
What is the projected investment under National Infrastructure Pipeline (NIP)?
Which of the following Statements is/are True?
I. D-SIIs are perceived as insurers that are ‘too big or too important to fail’ (TBTF...
Disguised unemployment exists primarily in the ________ sector in our country.
IndraGraminAwaas Yojana launched by which Ministry?
What is true about National Income?
1) It is the net value of all the final goods and services produced by the nations during a financial year.
What is true about Per Capita Income?
1) Per capita income is a measure of the amount of money earned per person in a nation or geographic region...
