Question # 1

If due to a very slight decrease in price, demand goes on increasing, elasticity of demand will be

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More than unity

Less than unity

Infinite

Zero

Cause of shifting of supply curve is

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Change in price

Other factors

Change in tax

Change in income

Who does determine the reserve price

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Buyer

Seller

Government

District adminitration

Measurement of arc elasticity of demand was present:

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Keynes

Marshall

Adam smith

R.G.D Allen

Desire + Purchasing power is equal to:

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Demand

Supply

Income

Utility

Relationship between price of a commodity and demand for it exists

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Positive

Inverse

Indirect

None of these

Due to rise in demand, demand curve shifts to

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Right

Left

Both sides

None of these

Cause of shifting of demand curve is

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Change in price

Desire

Other factors

Exceptions

The cause of rise and fall of demand is

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income

price

population

Both 1st and 3rd

The duty of a market is not to

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make exchange of goods

contact buyers and sellers

determine price

give maximum output

Elasticity of supply if perishable goods is

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Equal to unity

More than unity

Less than unity

Zero

Usually market price is ____________ normal price

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Equal to

Less than

More than

None of these

The supply curve of Fish is

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More elastic

Less elastic

Inelastic

Infinite elastic

The goods which are jointly demanded to satisfy a want, are called

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Complimentary goods

Substitute goods

Alternative goods

inferior goods

When there are small and minor changes in price and demand then

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Price elasticity

Income elasticity

Cross elasticity

Point elasticity

Flux method is also known as:

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Percentage method

Unitary method

Total expenditure method

All of them

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

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