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1019. In the case of an inferior good, the income elasticity of demand is

Positive
Zero
Negative
Infinite
✅ The correct answer is C.
In the case of an inferior good, the income elasticity of demand is Negative. A negative income elasticity of demand is associated with inferior goods; an increase in income will lead to a fall in the demand and may lead to changes to more luxurious substitutes.

1020. Payment divided by par value is classified as

divisible payment
coupon payment
par payment
per period payment
✅ The correct answer is B.
Payment divided by par value is classified as coupon payment. A coupon payment on a bond is the annual interest payment that the bondholder receives from the bond’s issue date until it matures.

1022. Which of the following markets comes closest to perfect market?

Wheat market
Cigarette market
Cold drinks market
Stock market
✅ The correct answer is A.
Wheat market comes closest to perfect market. A perfectly competitive firm is called a price taker, because the pressure of competing firms forces them to accept the prevailing equilibrium price in the market. When a wheat grower wants to know what the going price of wheat is, he or she has to go to the computer or listen to the radio to check.

1023. Three elements that promote trust are

Communication, assertiveness and punctuality
Attraction, communication and punctuality
Politeness, affirmation and ability to effectively communicate
Affirmation, assertiveness and attraction
✅ The correct answer is B.
Three elements that promote trust are Attraction, communication and punctuality.

1024. In a joint process of production, two or more products that yield high volume of sales as compared to total sales of other products are classified as

split off product
joint product
sunk product
main product
✅ The correct answer is B.
In a joint process of production, two or more products that yield high volume of sales as compared to total sales of other products are classified as joint product. A joint product is a product that results jointly with other products from processing a common input. A joint product can be the output of a process with fixed or variable proportions.

90. Which of the following are the owners of a company?

Proprietors
Partners
Shareholders
Managers
✅ The correct answer is C.
Shareholders are the owners of a company. A shareholder, also referred to as a stockholder, is any person, company, or institution that owns at least one share of a company’s stock.

1011. Which of the following is not a pre-requisite for launching a complaint with ombudsman?

The complaint must be made by an individual on a ‘Personal Lines’ insurance
The complaint must be lodged within 1 year of the insurer rejecting the complaint
Complainant has to approach a consumer forum prior to ombudsman
The total relief sought must be within an amount of Rs. 20 lakh
✅ The correct answer is C.
A person can directly lodge a complaint with ombudsman. Hence, it is not a pre-requisite that complainant has to approach a consumer forum prior to ombudsman.
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