1. When price of a commodity increased by 5%, the quantity demanded decreased by 3%. The quantity is said to have ?

 

2. When price of a commodity decreased by 4%, the quantity demanded increased by 4%. The quantity is said to have ?

 

3. The economic term used to rank countries according to human development is ?

 

4. The ultimate goal of economic science is to ?

 

5. When price of a commodity increased by 3%, the quantity demanded decreased by 5%. The quantity is said to have ?

 

6. Capital is one of the three fundamental inputs called factors of production, which is a produced and durable input and is itself an output of the economy. Which from the following is NOT among capital ?

 

7. The term recession refers to the ?

 

8. In which from the following questions, we can only examine the likely consequences of alternative policies, and the answer can be resolved only by discussions?

 

9. The price elasticity of demand is the percentage change in _____ demanded divided by the percentage change in _____.

 

10. What from the following measures a government can take to reduce inequality in the distribution of income ?