HSC Science (Electronics) 12th Standard Board Exam - Maharashtra State Board Question Bank Solutions for Economics

The demand for salt is ______.

Fill in the blank with appropriate alternatives given below:

Income elasticity of demand for inferior goods is __________.

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Perfectly elastic demand curve is ________________.

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Cross elasticity of demand is applicable to ____________ goods.

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The slope of demand curve is _______________ in case of inelastic demand.

State whether the following statement is TRUE and FALSE.

Demand for luxuries is elastic.

State whether the following statement is TRUE and FALSE.

Perfectly inelastic demand curve is parallel to the X axis.

State whether the following statement is TRUE and FALSE.

Total outlay is price multiplied by quantity.

State whether the following statement is TRUE and FALSE.

Unitary Elastic Demand rarely occurs in practice.

State whether the following statement is TRUE and FALSE.

Concept of Elasticity of Demand is useful for finance minister.

Define the following concept:

Cross Elasticity of Demand

Define or explain the following concept:

Unitary Elastic Demand

Define or explain the following concept:

 Income Elasticity of Demand

Give reason or explain the following statement:

Demand for necessaries is inelastic.

Give reason or explain the following statement:

Demand for habitual goods is inelastic.

Give reason or explain the following statement:

Concept of Elasticity of Demand helps trade union leaders.

Give reason or explain the following statement:

Demand for commodity having multiple uses has elastic demand.

Give reason or explain the following statement:

Demand for goods having snob appeal has elastic demand.

Define or Explain the following concept:

Effective Demand

Give reason or explain.

Saving may be used in future for unforeseen contingencies.