The frequent value that occurs most in a data is
Median
Mean
Mode
rangeT
Correct answer is C
Mode is the frequently occurring value in a given data.
The ordinalist approach of utility postulated that utility can be
Rank
Measurable
Rise
Fall
Correct answer is A
The ordinalist approach explains that an individual can rank boundless of goods in order of preference with regard to the satisfaction they give him or her. Ordinalist approach is explained by means of different curves and budget lines.
The relationship between the cost of living and standard of living is
A rise in cost of living gives a corresponding rise in standard of living
A lower cost of living give a higher standard of living
A lower cost of living give a lower standard of living
None of the above
Correct answer is B
Cost of living is the amount of money individuals spent on consumption while the standard of living is the state of economic well being. Therefore, a fall in the cost of living leads to a rise in standard of living.
E = C + I + G
E = C + I + G + M – X
E = C + I + G + X – M
E = C + I + G – T + M – X
Correct answer is C
The national income of a country can be estimated as aggregate expenditure, consumption, investment, government expenditure, export less import. Import will be deducted because it is the money paid on importation of goods from other countries.
The income elasticity of demand of normal goods is
Negative
Positive
Zero
Fixed
Correct answer is B
A positive income elasticity of demand is associated with normal goods; an increase in income will lead to a rise in demand.