| 1 |
Demand for a commodity means |
- A. Desire to purchase
- B. Power to purchase
- C. Price of commodity
- D. All the three
|
| 2 |
If there is big change in Price and demand, it is called |
- A. Arc elasticity
- B. Point elasticity
- C. Income elasticity
- D. Cross elasticity
|
| 3 |
Exceptions, or limitations of law of demand have been stated by |
- A. Professor Marshall
- B. Professor Adam Smith
- C. Professor Benham
- D. Professor Robbins
|
| 4 |
If the total expenditure of the consumer increases due to increase in price, then nature of elasticity of demand will be |
- A. Equal to unity
- B. Less than unity
- C. More than unity
- D. Elasticity of demand = zero
|
| 5 |
The term demand in economics means: |
- A. Desire
- B. Purchasing
- C. Need
- D. Both (a) and (b)
|
| 6 |
When demand curve shifts rightward (or upward), it is called |
- A. Rise of demand
- B. Fall of demand
- C. Extension of demand
- D. Contraction of demand
|
| 7 |
Quantity of a commodity offered for sale in a market at a certain price during a given period of time, is called |
- A. Stock
- B. Demand
- C. Supply
- D. Quantity demanded
|
| 8 |
If same amount of good is supplied at higher price, it is called |
- A. Expansion of supply
- B. Contraction of supply
- C. Fall in supply
- D. Rise in supply
|
| 9 |
That particular price below which price the seller is not ready to sell his commodity, is called |
- A. Market price
- B. Normal price
- C. Reserve price
- D. All the three
|
| 10 |
Cause of positive slope of supply curve |
- A. Change in cost of production
- B. Fear of increase in cost of production and decrease in profit
- C. Change in technique of production
- D. Increase in per unit profit due to increase in price
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