Question # 1

Demand for the goods which have different uses, is

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More elastic

Less elastic

Infinity

Zero elastic

Quantity of a commodity offered for sale in a market at a certain price during a given period of time, is called

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Stock

Demand

Supply

Quantity demanded

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

Cause of shifting of supply curve is

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Change in price

Other factors

Change in tax

Change in income

The price at which quantity demanded and supplied are equal

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Equilibrium price

Reserve price

Fixed price

Variable price

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

Intersection of demand and supply curve is called

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Equilibrium of firm

Equilibrium of demand

Equilibrium of supply

Equilibrium point

The term demand in economics means:

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Desire

Purchasing

Need

Both (a) and (b)

If demand does not change, then due to rise of supply

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Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity decreases

Elasticity of demand for durable goods is

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More elastic

Less elastic

Infinte

Zero

Stock means the quantity of a commodity

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Which is offered for sale in the market

Which is sold in the market

Total production is called stock

Which the seller keeps in his possession without selling

When price of a commodity decreases but its demand does not change, this situation is called

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Constant demand

Fall of demand

Rise of demand

Extension of demand

Id demand changes by less than 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 supply of a commodity changes by more than 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

Infinite

If supply increase due to increase in price, it is called

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Extension of supply

Contraction of supply

Rise of supply

Fall of supply

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

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