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Questions and Answers
When was the Institute of Chartered Accountants of India (ICAI) established?
When was the Institute of Chartered Accountants of India (ICAI) established?
Which body is responsible for setting the Standards on Auditing (SAs) in India?
Which body is responsible for setting the Standards on Auditing (SAs) in India?
What does the term 'chartered' refer to in 'ICAI Chartered Accountants'?
What does the term 'chartered' refer to in 'ICAI Chartered Accountants'?
Which ministry has administrative control over the Institute of Chartered Accountants of India (ICAI)?
Which ministry has administrative control over the Institute of Chartered Accountants of India (ICAI)?
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Which act established the Institute of Chartered Accountants of India (ICAI) as a statutory body?
Which act established the Institute of Chartered Accountants of India (ICAI) as a statutory body?
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What does a price elasticity of -2 indicate?
What does a price elasticity of -2 indicate?
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What does the phrase 'more elastic' mean in the context of price elasticity?
What does the phrase 'more elastic' mean in the context of price elasticity?
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Under what conditions are price elasticities positive?
Under what conditions are price elasticities positive?
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What does the income elasticity of demand measure?
What does the income elasticity of demand measure?
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What do Veblen and Giffen goods belong to?
What do Veblen and Giffen goods belong to?
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Study Notes
Institute of Chartered Accountants of India (ICAI)
- Established in 1949
- Responsible for setting the Standards on Auditing (SAs) in India
- The term 'chartered' refers to a royal charter or a government license, indicating that the Institute has been granted a special status
- Under the administrative control of the Ministry of Corporate Affairs
Price Elasticity
- A price elasticity of -2 indicates that for every 1% change in price, the quantity demanded changes by 2%
- The phrase 'more elastic' means that a small change in price leads to a large change in quantity demanded
- Price elasticities are positive under normal conditions, meaning that an increase in price leads to a decrease in quantity demanded
Income Elasticity of Demand
- Measures the responsiveness of quantity demanded to a change in consumer income
- Reveals how much the quantity demanded changes in response to a 1% change in income
Special Types of Goods
- Veblen and Giffen goods belong to a special category of goods that do not follow the law of demand, meaning that an increase in price leads to an increase in quantity demanded
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Description
Test your knowledge of the Institute of Chartered Accountants of India (ICAI) with this quiz. Explore the history, functions, and significance of ICAI in promoting and regulating the profession of Chartered Accountancy in India.
