Question # 1

Regarding time element, the normal price has types

Choose an answer

One

Two

Three

Four

Intersection of demand and supply curve is called

Choose an answer

Equilibrium of firm

Equilibrium of demand

Equilibrium of supply

Equilibrium point

If total expenditure of the consumer decreases due to increase in price, then nature of elasticity of demand will be

Choose an answer

Equal to unity

Less than unity

More than unity

Elasticity of demand = zero

Demand for good like Television and VCR is

Choose an answer

Less elastic

More elastic

Perfectly inelastic

Infinitely elastic

Slope of demand curve is

Choose an answer

Negative

Positive

zero

fixed

When demand and supply rise equally then equilibrium price

Choose an answer

isles

is more

Remains the source

Zero

In case of fall in demand, demand curve shifts:

Choose an answer

Left side

Right side

Downward

Both (a) and (c)

When demand increases due to change in other factors it is known as:

Choose an answer

Contraction in demand

Expansion and contraction in demand

Expansion in demand

Rise in demand

If demand for commodity X changes due to the change in price of commodity, it is called

Choose an answer

Cross elasticity

Price elasticity

Income elasticity

Arc elasticity

If total expenditure of the consumer increases due to decrease in price, then nature of elasticity of demand will be

Choose an answer

Equal to unity

Less than unity

More than unity

Elasticity of demand = zero

When supply increases due to other factors besides price, it is called

Choose an answer

Extension of supply

Contraction of supply

Rise of supply

Fall of supply

If supply of a commodity changes by 10% due to 10% change in its price, then elasticity of supply will be

Choose an answer

Equal to unity

More than unity

Less than unity

Zero

Due to rise in demand, demand curve shifts to

Choose an answer

Right

Left

Both sides

None of these

Quantity of a commodity which the consumers are ready to purchase at a particular price, is called

Choose an answer

Demand

Supply

Stock

Demand and supply

Some inferior goods having expensive substitutes are known as:

Choose an answer

Economic goods

Giffen goods

Non-economic goods

Free goods

More Classes

Other Links

Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test MCQs With Answers

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer