Question : Elasticity (e) expressed by the formula 1 > e > 0 is

Option 1: Perfectly elastic

Option 2: Relatively elastic

Option 3: Perfectly inelastic

Option 4: Relatively inelastic

Question : The elasticity of demand is the degree of responsiveness of demand for a commodity to a ___________.

Option 1: Change in consumer's wealth

Option 2: Change in the price of substitutes

Option 3: Change in consumer's taste

Option 4: Change  its price

Question : In the situation of a liquidity trap, the speculative money demand function becomes ________.

Option 1: unitary elastic

Option 2: infinitely elastic

Option 3: inelastic

Option 4: zero

Question : The law of demand states that when _____.

Option 1: income and price rise demand rises

Option 2: income rises demand rises

Option 3: price rises demand rises

Option 4: price falls demand rises

Question : The marked price of an article is 20 percent more than its cost price. If 10 percent discount is given on the marked price, then what will be the profit percentage?

Option 1: 8%

Option 2: 15%

Option 3: 12%

Option 4: 10%