Ugc Net/Set Economics Model Qns - Set 5

1) If the price of goods increases it's demand also increases in the case of goods with - Conspicuous consumption

2) India's share in Global GDP(PPP) based on 2019 data - 7.9%

3) A situation in game theory in which one person's gain is equivalent to another's loss - Zero-sum game

4) A method of National Income Accounting, as an aggregate of value of all final sales of what has been produced in the economy - Expenditure method

5) As a sum of value added by each types of industry in the business sector - Product method

6) As the aggregate of factor earnings to the resources supplied by the households - Income method

7) Full form of ICOR - Incremental Capital Output Ratio

8) Goods having close substitutes will have - Elastic Demand

9) Total Outlay and Point Methods for price elasticity calculation was developed by - Alfred Marshall

10) A number crops instead of raising income of the farmers reduces the price of agriculture products in view of the inelastic demand for these products is called - Paradox of plenty