Question : Which one is not the type of elasticity of demand?

Option 1: Price elasticity of demand

Option 2: Income elasticity of demand 

Option 3: Cross elasticity of demand 

Option 4: Consumer elasticity of demand

Question : The elasticity of demand for price is:

Option 1: Elasticity = Percentage change in demand/Percentage change in time

Option 2: Elasticity = Percentage change in price/Percentage change in demand

Option 3: Elasticity = Percentage change in demand/Percentage change in supply

Option 4: Elasticity = Percentage change in supply/Percentage change in price

Question : The percentage change in _______ divided by the percentage change in _______ is the income elasticity of demand.

Option 1: The quantity demanded; income

Option 2: Income; the price

Option 3: Income; the quantity demanded.

Option 4: The price; income

Question : ___________________ causes the general price level to fall due to lack of demand for goods and services in the economy.
 

Option 1: Excess demand
 

Option 2: Deficient demand
 

Option 3: Excess supply
 

Option 4: Deficient demand
 

Question : ______________ refers to production of goods and services valued at current price.
 

Option 1: Nominal GDP
 

Option 2: Real GDP
 

Option 3: GDP deflator
 

Option 4: Real national income