| 1 |
The elasticity f demand in case of substitute is called. |
- A. Income elasticity of demand
- B. Priceelasticity of demand
- C. Crosselasticity of demand
- D. None of the three
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| 2 |
The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will. |
- A. Fall
- B. Rise
- C. Remain the same
- D. Fluctuate
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| 3 |
With a fall in the price of a Giffen good or inferior good its quantity demand will. |
- A. Fall
- B. Rise
- C. Remain unchanged
- D. None of three
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| 4 |
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
|
| 5 |
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
|
| 6 |
Which one is increasing function of price |
- A. demand
- B. utility
- C. supply
- D. consumption
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| 7 |
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
|
| 8 |
A schedule of the amount of a good that would be offered for sale at all possible prices, at any one instant of time or during any period of time are called |
- A. Supply
- B. Demand
- C. Stock
- D. None of these
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| 9 |
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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| 10 |
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is |
- A. 0.05
- B. 10
- C. 20
- D. indeterminate
|