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

When there is big change in demand and price of a commodity, it is called

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Point elasticity

Arc elasticity

Cross elasticity

Income elasticity

Cause of movement along the supply curve is

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Change in price

Other factors

Change in tax

Change in income

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

Quantity of a commodity offered for sale in a market at a certain price during a given period of time, is called

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Stock

Demand

Supply

Quantity demanded

If total expenditure of the consumer decreases due to increase in price, then nature of elasticity of demand will be

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Equal to unity

Less than unity

More than unity

Elasticity of demand = zero

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

Elasticity of supply if perishable goods is

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Equal to unity

More than unity

Less than unity

Zero

Demand for the goods which have different uses, is

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More elastic

Less elastic

Infinity

Zero elastic

If demand and supply both fall in the same proportion

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Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity increases

Elasticity of demand for the commodities which have substitutes, is

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More elastic

Less elastic

Infinite

Zero

Formula method to measure elasticity of supply is related to

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Marshall

Robbins

R.G.D Allen

Flux

If supply goes on increasing due to a slight increase in price, then elasticity of supply is called

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Zero

Infinite

Equal to unity

More than unity

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

Unity method to measure elasticity of demand was presented by

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Adam smith

Robbins

Marshall

Keynes

One of the following is not substitute good:

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Mobile and charger

Petrol and CNG

Burger and Shawarma

Both b & c

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

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