Diamonds are priced higher than water because

• their total utility to buyers is higher than that of water

• consumers do not buy them at a lower price

• they are sold by selected firms with monopolistic powers

• their marginal utility to buyers is higher than that of water

The famous economist Thomas Robert Malthus, in his views regarding population, is

• optimistic

• partly optimistic and partly pessimistic

• pessimistic

• None of the above

Non-insurable or uncertainty risk is

• change in fashion

• fire

• flood

• change in the price of that commodity

'Gold Bullion Standard' refers to

• gold coin as an unlimited legal tender

• gold as the measure of value

• free coinage of gold

• no restriction on import and export of gold

The word 'Oikonomia' means

• Household Management

• Individual Management

• Political Management

• Fiscal Management

The word 'Economics' is taken from which language?

• French

• Greek

• German

• English

227.

At which rate, Reserve Bank of India borrows money from commerical Banks?

• Bank Rate

• Repo Rate

• Reverse Repo Rate

• Statutory Liquidity Rate

Movement along the supply curve is known as .................

• contraction of supply

• expansion of supply

• increase in supply

• expansion and contraction of supply

NITI Aayog has been formed to replace which of the following institution?

• Planning Commission

• I.R.D.A.

• Department of Telecommunications (DoT)

• Department of Information Technology

In which of the following case, law of demand fails?

• Giffen goods

• Normal goods

• Inferior goods

• Both Giffen and Inferior goods