Paper 5

Maximum Marks: 200

Time Allowed : 45 minutes

Instructions

  1. This paper contains 50 Multiple Choice Questions (MCQs).
  2. The candidate has to attempt any 40 Multiple Choice Questions (MCQs).
  3. Correct answer or the most appropriate answer: Five marks (+5)
  4. Any incorrect option marked will be given minus one mark (-1).
  5. Unanswered questions will be given no mark (0).
  6. Use of calculators/electronic gadgets is not allowed.

Answer the questions by choosing the correct option.

1. If the price elasticity of demand for a good is (–)2, what does this imply?

(a) When price falls by 1%, demand increases by 2%

(b) When price rises by 1%, demand decreases by 2%

(c) Either (a) or (b)

(d) Neither (a) nor (b)

Hint: Price elasticity of demand is the ...

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