Which of the following is a type of elasticity of demand? MCQ with Answer and Explanation

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Which of the following is a type of elasticity of demand?

A. Price elasticity, income elasticity and cross elasticity

B. Only cost elasticity

C. Only production elasticity

D. Only supply elasticity

Answer: Option A

Solution (By JKSSB Mock Tests)

The main types of demand elasticity are price elasticity of demand, income elasticity of demand and cross elasticity of demand.

This question belongs to: Economy GK Economy Set 1

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Question #1

In the theory of consumer behaviour, the income effect of a price change for a normal good is:

A. Positive

B. Negative

C. Zero

D. Indeterminate

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Correct Answer: Option A

Explanation:
For a normal good, a fall in price increases real income, leading to an increase in quantity demanded (positive income effect), reinforcing the substitution effect.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Pradhan Mantri Gram Sadak Yojana' was launched in:

A. 2005

B. 1995

C. 2000

D. 2010

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Correct Answer: Option C

Explanation:
PMGSY was launched in 2000.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'World Bank' headquarters is in:

A. Washington D.C.

B. Geneva

C. New York

D. Paris

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Correct Answer: Option A

Explanation:
World Bank headquarters is in Washington D.C.

This question belongs to: Economy GK Economy Set 1

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