Tag: utility, value and price

Questions Related to utility, value and price

Change in the quantity supplied is caused by a change in ___________.

social science prices and cost of living value and price utility, value and price price rise/inflation

  1. price

  2. income

  3. weather

  4. energy costs

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Correct Option: A
Explanation:

Law of supply states that if the price of a commodity changes other factors remaining constant then the quantity supplied of the commodity also changes.

Prices rate is determined on the basis of demand and supply, such kind of an economy is?

social science prices and cost of living value and price utility, value and price price rise/inflation

  1. Market driven economy

  2. Closed economy

  3. Seller driven economy

  4. None of the above

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Correct Option: A
Explanation:

The demand and supply of a commodity prevails in the market, so if their are changes in the price of the commodity due to change in its demand and supply in the market then it is said that market influences the price rate in the economy.

When prices are falling continuously, the phenomenon is called ___________.

social science prices and cost of living value and price utility, value and price price rise/inflation

  1. inflation

  2. stagflation

  3. deflation

  4. reflation

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Correct Option: C
Explanation:

When prices are falling continuously, the phenomenon is called deflation.

Example of substitutes can be:

social science prices and cost of living value and price utility, value and price price rise/inflation

  1. Tea and sugar

  2. Car and petrol

  3. Pen and Ink

  4. None of the above

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Correct Option: D
Explanation:

Substitute goods are those goods which can be used in place of each other as and when required. Example- tea and coffee.

Administered prices means:

social science prices and cost of living value and price utility, value and price price rise/inflation

  1. Prices fixed by private sector under the guidance of government

  2. Prices fixed by consumer forums

  3. Prices fixed by the Government and private sector

  4. Prices level fixed by the Government

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Correct Option: D