Question : What kind of relationship exists between income and demand in the case of normal goods?

Option 1: There is no impact of income on demand.

Option 2: There is a direct relationship.

Option 3: There is an inverse relationship.

Option 4: Sometimes, there is a direct and sometimes an inverse relationship.

Question : The relationship between the value of money and the price level in an economy is 

Option 1: Direct 

Option 2: Inverse

Option 3: Proportional 

Option 4: Stable 

Question : Cross-demand expresses the functional relationship between

Option 1: demand and price of related commodities

Option 2: demand and income

Option 3: demand and price

Option 4: demand and supply

Question : A supply function expresses the relationship between

Option 1: price and output

Option 2: price and seller cost

Option 3: price and demand

Option 4: price and consumption

Question : Statement 1: Slope of demand curve is based on the percentage change in price and quantity.

Statement 2: Due to inverse relationship between price and demand, the demand curve slopes downwards.

Option 1: Both statements are true.

Option 2: Both statements are false.

Option 3: Statement 1 is true, and statement 2 is false.

Option 4: Statement 1 is false, and statement 2 is true.