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Let, monthly income of person is Rs. x So, 0.80 × 0.70 × x = 840 So, x = 1500 Amount spent on food = 0.20 × 1500 = Rs. 300
Which of the following should be excluded while calculating Gross national Product?
Coefficient of elasticity of demand is negative. It means:
Due to which of the following reasons increase in absolute and per capita real GNP do not connote a higher level of economic development?
“Higher the price of certain luxurious articles, higher will be the demand” This concept is called
Which one statement is correct among the given below?
Commodity service method is another name for which of the following methods?
Which of the following may lead to a shift in the demand curve?
Income effect states that as price of a good falls, demand rises since there is rise in
When a price ceiling is imposed in a market,
If two or more than two goods are used to satisfy the same want, they are called