What would you call the goods the demand for which falls as income of the consumer increases?

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Question:
What would you call the goods the demand for which falls as income of the consumer increases?

1.Giffen goods

2.Inferior goods

3.Complementary goods

4.Substitute goods

Posted Date:-2022-01-21 15:42:22

More MCQS Questions and answers

  1. A modem garment factory where one person takes the measurement, another does the cuting, some few the clothes while a few workers button them and other iron them'-the example in the above statement is which type of division of above ?
  2. For what type of goods does demand fall with a rise in income levels of household?
  3. How do you identify the part of the wealth invested in the business to earn income?
  4. How would you define the expenditure incurred by the firm to promote the sale of its product through various sales promotional measures?
  5. In case of inferior good, the income elasticity of demand is :
  6. In case of _________ demand of a commodity Changes due to the change in the price of its substitute commodity.
  7. In which form of market seller is a price maker and sells goods with no close substitutes?
  8. In which law of economics, price is inversely related to its demand?
  9. Increase in supply is also known as:
  10. Increase in the price of the goods cause _______________ of demand curve:
  11. Labour may be physical or mental but is undertaken in the expectation of _____________
  12. Name the factors of production which is man-made?
  13. Skilled labourers are those who has ___________for a particular profession.
  14. The factor of production characterized by high rate of mobility is:
  15. The money which is issued on the order of the government is called:
  16. The semi skilled workers are paid comparatively _____________ than the skilled workers.
  17. What do you understand with the term 'Lack of double coincidence'?
  18. What does positively sloping supply curve show ?
  19. What would you call a market structure in which a few large firms dominate the industry?
  20. What would you call the curve which shows the relation between the price of a commodity, and the amount of that commodity the supplier wishes to supply ?
  21. What would you call the goods the demand for which falls as income of the consumer increases?
  22. What would you call the increase in quantity supplied due rise in its price?
  23. What would you call the total quantity of a commodity that all the consumers are willing to buy in the market at a particular price during a specific period?
  24. What would you call the total quantity of a commodity that can be brought into the market for sale at a short notice?
  25. When sellers expect price rise in future, they would like to the present supply of their commodities.
  26. When we begin to like certain commodities, their demand will ______________.
  27. Which factor is responsible for the change in the quantity demanded?
  28. Which form of market adopts a policy of non price competition and independent price policy?
  29. Which forms of market are characterised with free entry and exit?
  30. Which is the passive factor of production?
  31. Which one of the below listed characteristic belongs to labour .
  32. Which one of the following is an example of labour ?
  33. Which one of the following is the causes of low rate of capital formation ?
  34. Which one of the following is the example of unskilled labour ?
  35. Who you think is the one who bears risk involved in the business?
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