| 1 |
<div>Which one can cause a change in demand</div> |
- A. change in income
- B. change in supply
- C. change in tastes
- D. a and c of above
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| 2 |
The law demand will not be valid in case of. |
- A. Very high price products
- B. Normal goods
- C. Price effect
- D. Income effects
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| 3 |
This is the assumption of law of demand |
- A. price of the commodity should not change
- B. Quantity demanded should not change
- C. Price of substitutes should not change
- D. Demand curve must be linear
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| 4 |
If price elasticity of demand is very low, the commodity is |
- A. necessity
- B. luxury
- C. substitute
- D. not available
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| 5 |
The demand of a good falls when. |
- A. Its price falls
- B. Price of the substitute changes
- C. its price rises
- D. It price remain constant
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| 6 |
Haris has a special taste for chicken rolls of college canteen. The owner of the canteen doubles the price of chicken roll. Haris did not respond to the increase in prices and kept on demanding the same quantity of chicken roll. His demand for chicken roll is |
- A. perfectly elastic
- B. perfectly inelastic
- C. elastic
- D. less elastic
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| 7 |
Other things equal, if a good has more substitutes, its price elasticty of demand is |
- A. larger
- B. smaller
- C. zero
- D. unity
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| 8 |
When price elasticity of demand for normal goods in calculated, the value is always |
- A. positive
- B. negative
- C. constant
- D. greater than one
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| 9 |
The following are causes of shift in demand EXCEPT the one |
- A. change in income
- B. change in price
- C. change in fashion
- D. change in prices of substitutes
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| 10 |
Price elastic of demand measures |
- A. change in price caused by changes in demand
- B. the rate of change of sales
- C. the responsiveness of demand to price changes
- D. the value of sales at a given price
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