| 1 |
It describes the law of supply |
- A. supply curve
- B. supply schedule
- C. supply equation
- D. all the three
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| 2 |
The method to measure the elasticity of demand by the unitary method was introduced by. |
- A. Alfred Marshall
- B. Robbins
- C. Adam Smith
- D. Malthus
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| 3 |
Elasticity of demand in case of minor change in price and quantity demand will be . |
- A. Income elasticity of demand
- B. Cross elasticity of demand
- C. Point elasticity of demand
- D. Arc elasticity of demand
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| 4 |
If the price of a product increase from Rs. 12 per unit and as a consequence quantity demand of the product falls from 100 units to 50 units . The price elasticity of the product will be. |
- A. 2.5
- B. 0.5
- C. 1.5
- D. 3.5
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| 5 |
If price changes by one % and supply changes by 2% then supply is |
- A. elastic
- B. inelastic
- C. indeterminate
- D. static
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| 6 |
With a fall in price quantity demand changes in such a way that total expenditure of the consumer remain constant, elasticity of demand will be. |
- A. Equal to unity
- B. Greater than unity
- C. Less than unity
- D. Equal to zero
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| 7 |
If the price of a product rises, quantity demand if its substitute will. |
- A. Fall
- B. Rise
- C. Remain unchanged
- D. Fluctuate
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| 8 |
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be. |
- A. Equal to unity
- B. Less than unity
- C. Greater than unity
- D. Equal to zero
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| 9 |
An increases in demand would cause supply curve to |
- A. shift to the left
- B. shift to the right
- C. change in slope of supply curve
- D. no effect on supply
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| 10 |
Which of the following shifts supply curve of cars to the right |
- A. tax on new cars
- B. increase in wages of workers
- C. decrease in steel price
- D. a successful promotion campaign by sellers
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