Question : In any economy, the income velocity of the hoarded money (idle) by the public is equal to ___________.
Option 1: one
Option 2: greater than one
Option 3: zero
Option 4: greater than zero
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Correct Answer: zero
Solution : The correct option is zero.
Hoarded money, also known as idle money or cash hoarding, is money that individuals or entities hold but do not actively use for transactions or investments. This money is often kept in physical cash, bank deposits, or other liquid assets. For this reason, its velocity is zero.
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Question : Perfectly inelastic demand is equal to:
Option 2: infinite
Option 4: greater than one
Question : While ascending a hill, the driver of the vehicle keeps the gear ratio:
Option 1: Equal to 1
Option 2: Less than 1
Option 3: Greater than 1
Option 4: Either equal to or greater than 1
Question : The elasticity of demand concerning price is
Option 1: Infinity
Option 2: One
Option 3: Greater than one
Option 4: Less than one
Question : A demand curve, which is parallel to the horizontal axis, showing quantity, has a price elasticity equal to
Option 1: zero
Option 2: one
Option 3: less than one
Option 4: infinite
Question : The Psychological Law of Consumption states that
Option 1: proportionate increase in consumption is less than a proportionate increase in income.
Option 2: increase in income is equal to an increase in consumption.
Option 3: increase in consumption is greater than the increase in income.
Option 4: consumption does not change with a change in income.
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