Managerial Economics

Match the items of the List-I with those of List-II and suggest the correct answer from the following.

List-I	List-II
a. GDP	1. National income
b. GDP at factor cost	2. NDP plus net flow of income from abroad
c. NNP at factor cost	3. Money value of final goods and services produced
d. NNP	4. Total gross value added by all enterprises in the economy

Market demand for any good is a function of the

Match the following:

List-I (GNP)	List-II (Formula)
a. GNP at factor cost	1. GNP at market prices - Indirect taxes + subsidies
b. GNP at market prices	2. GDP at market prices + Net Income from Abroad
c. GNP as per Expenditure method	3. Private consumption + Gross Domestic Private investment + Net foreign Investment + Government Expenditure on goods and services
d. GNP as per Income method	4. Wages and salaries + Rents + Interests + Dividends + Undistributed corporate profits + Mixed Incomes + Direct taxes + Indirect Taxes + Depreciation + Net Income from Abroad

One common definition of luxury goods is goods with an income elasticity

If the $$\frac{{{\text{M}}{{\text{U}}_{\text{x}}}}}{{{\text{M}}{{\text{U}}_{\text{y}}}}}$$ for individual A is greater than the $$\frac{{{\text{M}}{{\text{U}}_{\text{x}}}}}{{{\text{M}}{{\text{U}}_{\text{y}}}}}$$ for individual B, it is possible for individual A to gain by giving up

Which of the following is one of the assumptions of the indifference curve analysis?

Adam Smith spoke about the famous diamond water paradox to show that

Which of the following is the method of measuring elasticity of demand when change in price of a commodity is substantial?

Long run equilibrium price of a perfect competitive firm is always

Elasticity of demand measures the