Price elasticity of demand is measured as: MCQ with Answer and Explanation

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Price elasticity of demand is measured as:

A. change in quantity divided by change in price

B. percentage change in price divided by percentage change in quantity demanded

C. percentage change in quantity demanded divided by percentage change in price

D. change in price divided by change in quantity

Answer: Option C

Solution (By JKSSB Mock Tests)

Price elasticity of demand is the percentage change in quantity demanded divided by the percentage change in price.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'European Central Bank' headquarters is in:

A. Frankfurt

B. Brussels

C. Berlin

D. Paris

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Correct Answer: Option A

Explanation:
ECB headquarters is in Frankfurt.

This question belongs to: Economy GK Economy Set 1

Question #2

A doubtful asset is one that has remained NPA for:

A. up to 6 months

B. up to 12 months

C. less than 90 days

D. more than 12 months

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Correct Answer: Option D

Explanation:
A doubtful asset has remained NPA for more than 12 months.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'reverse charge mechanism' under GST is applicable when:

A. a registered supplier sells to an unregistered recipient

B. the recipient is required to pay tax instead of the supplier

C. goods are exported

D. goods are imported only

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Correct Answer: Option B

Explanation:
Under reverse charge, the recipient pays GST instead of the supplier.

This question belongs to: Economy GK Economy Set 1

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