Question # 1

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

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Zero

Infinite

Positive

Negative

If demand for a commodity changes due to change in price of its substitute, it is called

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Price elasticity

Point elasticity

Cross elasticity

Arc elasticity

If quantity demand changes due to the change in income, it is called:

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Point Elasticity of demand

Arc Elasticity of demand

Income Elasticity of demand

Price Elasticity of demand

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

Demand for the commodities whose use can be postponed is

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Less elastic

More elastic

Perfectly inelastic

infinitely elastic

When there is big change in demand and price of a commodity, it is called

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Point elasticity

Arc elasticity

Cross elasticity

Income elasticity

Unitary method is also known as:

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Total revenue

Total satisfaction

Total utility

Total expenditure

Supply of perishable goods is

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More elastic

less elastic

Perfectly inelastic

infinite elasticity of supply

The cause of rise and fall of demand is

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income

price

population

Both 1st and 3rd

If demand rises more proportionately than that of supply, then

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Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity decreases

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

The cause of extension and contraction of demand is

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Income

Price

Population

Technology

When demand for a commodity changes due to the change in price of some other commodity, it is called

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Point elasticity

Arc elasticity

income elasticity

cross elasticity

Movement on the same demand curve is called:

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Increase is demand

Rise and fall in demand

Decrease in demand

Expansions and contraction in demand

The term demand in economics means:

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Desire

Purchasing

Need

Both (a) and (b)

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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