PRSU-PGEE (Pt. Ravishankar Shukla University, Raipur) Practice Quiz

Question 1

When the percentage change in quantity demanded is less than the percentage change in price, demand is:

Accepted Answer

inelastic

Question 2

The concept of "per capita income" is calculated as:

Accepted Answer

national income divided by total population

Question 3

In economics, the "multiplier effect" describes how:

Accepted Answer

an initial change in spending leads to a larger change in national income

Question 4

A situation of persistent rise in the general price level, eroding purchasing power, is called:

Accepted Answer

inflation

PRSU-PGEE (Pt. Ravishankar Shukla University, Raipur) — Discussion