Inflation is aAn average decrease in the price level bA change in relative prices of goods cAn increase in the average price level d

f the demands for goods is price elastic, an increase in its price will increase total revenue in that market.Question 2AnswerTrueFalse

The average price of bike, scooty, bullet  is Rs. 30000. If their prices are in the ratio 2:8:5, the price of the scooty item is:

An increase in government spending will result in an increase in the price level and an increase in real GDP in the long run.Question 45Answera.Trueb.False

The average price of three items of furniture is Rs. 15000. If their prices are in the ratio 3:5:7, the price of the cheapest item is:

Which of these results in an increase in both price and quantity?A.A demand increaseB.A supply increaseC.A demand decreaseD.A supply decrease