Question # 1

The price at which quantity demanded and supplied are equal

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Equilibrium price

Reserve price

Fixed price

Variable price

Vertical supply curve means

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Same quantity supplied at differented price

Different quantities supplied at one price

Different quantities supplied at different prices

None of three

Supply means

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total money of a specific producer

Number of buyers

quantity of goods offered for sale at different prices

purchasing power of quantity supplied

Demand for basic necessities of life is:

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Perfectly elastic

Less elastic

Perfectly inelastic

More elastic

If 50% change in demand in reposne of 50% change in price then:

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Elasticity of demand = 1

Elasticity of demand < 1

Elasticity of demand > 1

Elasticity of demand = 0

Supply of goods depends on

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price

income

income and price

utility

If supply of a commodity is fixed, it is called

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Market supply

Short period supply

Long period supply

Middle period supply

Price of perishable goods is determined

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In the market period

In the short period

In the middle period

In the long period

If demand did not influence by the charge in price, that is called:

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Elasticity of demand = 1

Elasticity of demand < 1

Elasticity of demand > 1

Elasticity of demand = 0

When demand curve shifts leftward (or downward), it is called

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Rise of demand

Fall of demand

Extension of demand

Contraction of demand

If supply is fixed then due to fall of demand

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Equilibrium price decreases

Equilibrium quantity increases

Equilibrium price increases

Equilibrium price does not change

Formula method to measure elasticity of supply is related to

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Marshall

Robbins

R.G.D Allen

Flux

If quantity demanded for a commodity changes due to the change in income, it is called

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Price elasticity

Point elasticity

Cross elasticity

Income elasticity

According to law of demand, curve moves from left to right downward. This type of tendency is called

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Positive tendency

Negative tendency

Extension and contraction of demand

Rise and fall of demand

Price and demand has a relationship:

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Negative

Positive

Functional

Both a & c

The equilibrium of the market is that demand and supply to each other are

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opposite

positive

equal

negative

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

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