Question # 1

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

Under certain conditions, slope of demand curve is

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Negative

Positive

Zero

Fixed

Demand for good like Television and VCR is

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Less elastic

More elastic

Perfectly inelastic

Infinitely elastic

According to law of supply which factor changes the supply

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cost of producton

price

climatic conditions

level of income

If demand decreases by 15% due to 10% increase in Price, then elasticity of demand is

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Equal to unity

More than unity

Less than unity

Zero

Regarding time element, the normal price has types

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One

Two

Three

Four

Unitary method for Elasticity of demand was presented by:

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Marshall

Keynes

Robbins

Adam smith

Finance minister imposes tax on the goods having more elastic demand

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At low rate

At high rate

At the same rate

At zero rate

Quantity of a commodity which the consumers are ready to purchase at a particular price, is called

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Demand

Supply

Stock

Demand and supply

Who did present unity method to measure elasticity of demand

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Adam Smith

Marshall

Robbins

keynes

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

Another name of unitary method is

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Total satisfiaction method

Total expenditure method

Total revenue method

Both 2nd and 3rd

If demand curve is parallel to x-axis, then elasticity of demand is

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Infinite

Zero

Equal to unity

More than unity

Elasticity of supply if perishable goods is

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Equal to unity

More than unity

Less than unity

Zero

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

In which direction demand and supply curves move

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Same

Opposite

parallel

Horizontal

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

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