Question # 1

Cause of shifting of supply curve is

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Change in price

Other factors

Change in tax

Change in income

When supply curve shifts leftwards or up, it is called

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Rise of supply

Fall of supply

Extension of supply

Contraction of supply

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

Supply curve moves from left to right upward, this tendency is called

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Negative

Positive

Horizontal

Vertical

The quantity of commodity which exists in warehouse (stock) of the seller is called

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Supply

Demand

Stock

All of these

If the percentage change in supply is more than the percentage change in price, then elasticity of supply is called

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Equal to unity

Less than unity

More than unity

Infinite

Increasing function of price is

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Demand

Supply

Utility

Cosnsumption

A slight change in demand and price is called:

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Point Elasticity of demand

ArcElasticity of demand

CrossElasticity of demand

PriceElasticity of demand

Relationship between price and quantity demanded is called

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Demand schedule

Demand curve

Law of demand

Assumptions of law of demand

The goods which can be used in place of each other, are called

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Complimentary goods

Substitute goods

Alternative goods

Jointly demanded goods

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

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Arc elasticity

Point elasticity

Income elasticity

Cross elasticity

The rate of change in Qd due to change in price is called:

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Rise in demand

Income Elasticity of demand

Price Elasticity of demand

Cross Elasticity of demand

The term demand in economics means:

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Desire

Purchasing

Need

Both (a) and (b)

When demand curve shifts rightward (or upward), it is called

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Rise of demand

Fall of demand

Extension of demand

Contraction of demand

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

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Equal to unity

More than unity

Less than unity

Zero

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

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