Question # 1

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

Price and demand has a relationship:

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Negative

Positive

Functional

Both a & c

Unitary method for Elasticity of demand was presented by:

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Marshall

Keynes

Robbins

Adam smith

Formula method to measure elasticity of supply is related to

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Marshall

Robbins

R.G.D Allen

Flux

If supply rises more proportionately than that of demand, then

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Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity decreases

Elasticity of demand for durable goods is

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More elastic

Less elastic

Infinte

Zero

Who does determine the reserve price

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Buyer

Seller

Government

District adminitration

Cause of positive slope of supply curve

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Change in cost of production

Fear of increase in cost of production and decrease in profit

Change in technique of production

Increase in per unit profit due to increase in price

The supply curve of Fish is

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More elastic

Less elastic

Inelastic

Infinite elastic

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

Usually market price is ____________ normal price

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Equal to

Less than

More than

None of these

If demand decreases by 10% 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

Market equilibrium is determined when

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Demand = supply

Demand > supply

Demand < supply

Demand = zero

If same amount of good is supplied at higher price, it is called

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Expansion of supply

Contraction of supply

Fall in supply

Rise in supply

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

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Zero

Infinite

Positive

Negative

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

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