61 What is an economic theory?

A tested hypothesis

62 Equity of tax is the aspect of taxation which is related to which type of economics?

Normative economics

63 Contraction of demand occurs due to

Increase in the price of the concerned commodity

64 Tea and Coffee is a best example of

Substitutes

65 In the case of a straight-line demand curve meeting the two axes, What would be the price elasticity of demand at the mid-point of the line?

One (1)

66 The Law of Demand assuming other things to remain the same, establishes a relationship between what?

Price of a commodity and the quantity demanded

67 In case of an inferior good, what is the income elasticity of demand?

Negative

68 Total utility is maximum at what value of Marginal utility?

Zero

69 If the demand for a commodity is inelastic, an increase in its price will cause what effect on the total expenditure of the consumers of the commodity?

Increase

70 If regardless of changes in its price, the quantity demanded of a commodity remains unchanged then what will be the shape of the demand curve for the commodity?

Vertical