Quiz # 13



#1 An economy in which activities are organized through market force of demand and supply is called :

Supply & Demand: How Markets Work. The two basic terms used most often byeconomists are supply and demand. … The market is the way in which aneconomic activity is organized between buyers and sellers through their behavior and interaction with one another.

#2 What is a bank rate?

Bank rate, also known as discount rate in American English, is the rate of interest which a central bank charges on its loans and advances to a commercial bank. 

#3 Fiscal policy in India is formulated by –

In IndiaFiscal Policy is formulated by the Ministry of Finance. Fiscal policy is playing an important role on the economic and social front of a country.

#4 If price of an article decreases from P1 to Rs 25, quantity demanded increases from 900 units to 1200 units. If point elasticity of demand is 2 find P1?

Elasticity= (ΔQ/ΔP) × (P/Q) where ΔQ is change in Quantity and ΔP is change in Price.

#5 If demand curve for camping tents is D = 100000 – 17P and supply curve is S = 50000 + 8P, find the equilibrium Price?

At equilibrium demand is equal to supply.

August 7, 2019

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