[{"id":133533,"question":"When the price of a commodity increases but its demand does not change, this situation is called","choices":[{"text":"Constant demand","value":"A"},{"text":"Fall of demand","value":"B"},{"text":"Rise of demand","value":"C"},{"text":"Contraction of demand","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":133532,"question":"When price of a commodity decreases but its demand does not change, this situation is called","choices":[{"text":"Constant demand","value":"A"},{"text":"Fall of demand","value":"B"},{"text":"Rise of demand","value":"C"},{"text":"Extension of demand","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":133531,"question":"Finance minister in order to increase the public revenue imposes the tax on the commodities whose demand is more elastic","choices":[{"text":"At low rate","value":"A"},{"text":"At high rate","value":"B"},{"text":"Some times decreases the rate and some times increases","value":"C"},{"text":"Does not change Tax rate","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":133530,"question":"Finance minister in order to increase the public revenue, imposes tax on the commodities whose demand is less elastic","choices":[{"text":"At low rate","value":"A"},{"text":"At high rate","value":"B"},{"text":"Some times decreases the tax rate and some times increases the tax rate","value":"C"},{"text":"Does not change tax rate","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":133529,"question":"If the demand for a commodity is less elastic, then an entrepreneur in order to increase his profit","choices":[{"text":"Will increase its price","value":"A"},{"text":"Will decrease its price","value":"B"},{"text":"Will not change its price","value":"C"},{"text":"None of these","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":133528,"question":"If the demand for a commodity is more elastic, then an entrepreneur in order to increase his profit","choices":[{"text":"Will increase its price","value":"A"},{"text":"Will decrease its price","value":"B"},{"text":"Will not change its price","value":"C"},{"text":"None of these","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":133527,"question":"If demand for commodity X changes due to the change in price of commodity, it is called","choices":[{"text":"Cross elasticity","value":"A"},{"text":"Price elasticity","value":"B"},{"text":"Income elasticity","value":"C"},{"text":"Arc elasticity","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":133526,"question":"If demand for a commodity changes due to change in price of its substitute, it is called","choices":[{"text":"Price elasticity","value":"A"},{"text":"Point elasticity","value":"B"},{"text":"Cross elasticity","value":"C"},{"text":"Arc elasticity","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":133525,"question":"Unity method to measure elasticity of demand was presented by","choices":[{"text":"Adam smith","value":"A"},{"text":"Robbins","value":"B"},{"text":"Marshall","value":"C"},{"text":"Keynes","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":133524,"question":"If due to a very slight decrease in price, demand goes on increasing, elasticity of demand will be","choices":[{"text":"More than unity","value":"A"},{"text":"Less than unity","value":"B"},{"text":"Infinite","value":"C"},{"text":"Zero","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":133523,"question":"If demand is not influenced by the changes in price, elasticity of demand will be","choices":[{"text":"Equal to unity","value":"A"},{"text":"More than unity","value":"B"},{"text":"Less than unity","value":"C"},{"text":"Zero","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":133522,"question":"If the ratio of change in demand is less than the ratio of change in price, elasticity of demand will be","choices":[{"text":"More than unity","value":"A"},{"text":"Less than unity","value":"B"},{"text":"Equal to unity","value":"C"},{"text":"Zero","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":133521,"question":"If the ratio of change in demand is equal to the ratio of change in price, elasticity of demand will be","choices":[{"text":"More than unity","value":"A"},{"text":"Less than unity","value":"B"},{"text":"Equal to unity","value":"C"},{"text":"Infinite","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":133520,"question":"Exceptions, or limitations of law of demand have been stated by","choices":[{"text":"Professor Marshall","value":"A"},{"text":"Professor Adam Smith","value":"B"},{"text":"Professor Benham","value":"C"},{"text":"Professor Robbins","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":102864,"question":"Price of perishable goods is determined","choices":[{"text":"In the market period","value":"A"},{"text":"In the short period","value":"B"},{"text":"In the middle period","value":"C"},{"text":"In the long period","value":"D"},{"value":"E"}],"correctAnswer":1}]