| 1 |
Supply of a commodity means |
- A. willingness to sell a certain quantity
- B. physical stocks available
- C. planned production
- D. total production in a given period
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| 2 |
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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| 3 |
When a supply of a commodity increases without change in price it is called |
- A. fall in supply
- B. expansion in supply
- C. contraction in supply in
- D. rise in supply
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| 4 |
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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| 5 |
Supply curve |
- A. is vertical in long run
- B. is flatter in long run
- C. is same in long and short run
- D. is horizontal in both short and long run
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| 6 |
The quantities of a commodity offered for sale at different prices during a given period of time are called |
- A. Supply
- B. Demand
- C. Stock
- D. None of these
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| 7 |
If a change in demand is brought by a change in income, of demand will be. |
- A. Income elasticity
- B. Price elasticity
- C. Cross elasticity
- D. Arcelasticity
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| 8 |
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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| 9 |
What best explains a shift in market supply curve to the right? |
- A. an advertising campaign is successful in promoting the good
- B. a new technique makes it cheaper to produce the good
- C. the government introduces a tax on the good
- D. the price of raw materials increases
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| 10 |
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called |
- A. Law of Supply
- B. Law of Demand
- C. Law of equilibrium
- D. None of these
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