Question # 1

Demand for Giffen goods is:

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Negative

Vertical

Positive

All of them

In case of rise in demand, demand curve shifts:

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Right side

Downward

Upward

(a) and (c)

If demand changes by 10% due to 10% change in price, then elasticity of demand is called

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Equal to unity

More than unity

Less than unity

Infinite

If there is big change in Price and demand, it is called

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Arc elasticity

Point elasticity

Income elasticity

Cross elasticity

If two goods are substitute, cross Elasticity of demand will be:

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Zero

Infinite

Positive

Negative

Second name of unitary method is

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Method of total satisfication

total expenditure method

total revenue method

Both 2nd and 3rd

A big change in demand and price is called:

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PointElasticity of demand

ArcElasticity of demand

CrossElasticity of demand

PriceElasticity of demand

Price is determined under perfect competition

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By sellers

By buyers

By government

By forces of demand and supply

A slight change in demand and price is called:

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Point Elasticity of demand

ArcElasticity of demand

CrossElasticity of demand

PriceElasticity of demand

Elasticity of supply if perishable goods is

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Equal to unity

More than unity

Less than unity

Zero

Who does determine the reserve price

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Buyer

Seller

Government

District adminitration

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

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Extension of supply

Contraction of supply

Rise of supply

Fall of supply

Quantity supplied of a commodity extends because

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Population changes

Change occurs in assumtions of law of supply

Income of the entrepreneur increases

Price of the commodity increases

Reserve price of a commodity is that price

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Which is more than the cost of production of the seller

At which the seller sells his commodity tn the market

Which is equal to the cost of production of the seller

Below which the seller is not ready to sell his commodity

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

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Equal to unity

More than unity

Less than unity

Zero

Which combination of the following is of joint demand

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Tea and coffee

Petrol and car

Meat and grocery

Inkpot and book

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

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