Question # 1

Who did present unity method to measure elasticity of demand

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Adam Smith

Marshall

Robbins

keynes

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

Elasticity of demand for substitute and jointly demanded goods is called

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Income elasticity

Arc elasticity

Cross elasticity

Point elasticity

According to law of demand, when price of a commodity decreases, then demand curve

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Moves from left to right upward

Moves from left to right downward

Moves vertically

Moves horizontally

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

Price determined with the equilibrium of demand and supply on some day

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Short period price

Long period price

Market price

Normal price

Demand for the goods which have different uses, is

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More elastic

Less elastic

Infinity

Zero elastic

Elasticity of demand for durable goods is

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More elastic

Less elastic

Infinte

Zero

When price decreases, supply

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Extends

Contracts

Becomes zero

Remains fixed

Cause of shifting of supply curve is

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Change in price

Other factors

Change in tax

Change in income

With an increase in the price of any good its substitutes will have

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a fall in its price

an increase in its prices

an increase in its demand

a decrease in its price

According to the law of supply, there is relation in price and supply

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Inverse

Increasing

Negative

indirect

What is meant by demand for a commodity in economics

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To desire for a commodity

To have power to buy

To have power to buy a commodity with desire

Quantity of a commodity

Demand for basic necessities of life is:

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Perfectly elastic

Less elastic

Perfectly inelastic

More elastic

If there is slight change in price and demand, it is called

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Arc elasticity

Point elasticity

Income elasticity

Cross elasticity

When demand increases due to change in other factors it is known as:

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Contraction in demand

Expansion and contraction in demand

Expansion in demand

Rise in demand

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

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