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
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Correct Answer: Either equal to or greater than 1
Solution : The correct option is Either equal to or greater than 1.
When climbing a hill, the driver should keep the gear ratio equal to or greater than 1 to sustain speed or climb the slope successfully. A gear ratio of less than 1 would result in less torque at the wheels, making it difficult to climb the slope, causing the car to lose speed or stall.
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Question : The marginal revenue of a monopolist is
Option 1: more than price .
Option 2: equal to price .
Option 3: less than price .
Option 4: less than marginal cost .
Question : Equilibrium price is the price when :
Option 1: Supply is greater than demand .
Option 2: Supply is less than demand .
Option 3: Demand is very high .
Option 4: Supply is equal to demand.
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
Question : Perfectly inelastic demand is equal to:
Option 2: infinite
Option 4: greater than one
Question : The elasticity of demand concerning price is
Option 1: Infinity
Option 2: One
Option 3: Greater than one
Option 4: Less than one
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