Paper 5

Maximum Marks: 200

Time Allowed : 45 minutes


  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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