Question # 1

During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to

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rightward

leftward

downward

no direction

Products A and B are substitutes whereas A and C are complement. With a rise in the price of product A, quantity demand of:

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Product B will go up

Product will fall

Both the above will take place

Nothing will take place

If a change in demand is brought by a change in income, of demand will be.

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Income elasticity

Price elasticity

Cross elasticity

Arcelasticity

In May 2012, firm was supplying 1000 kg of sugar at market price of Rs. 60/- per kg. During June 2012, firm's supply of sugar had decreased to 900 kg at price Rs. 40/- per kg. These changes show that supply of sugar is

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Perfectly elastic

Perfectly inelastic

Less elastic

More elastic

Which of the following shifts supply curve of cars to the right

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tax on new cars

increase in wages of workers

decrease in steel price

a successful promotion campaign by sellers

In case of perfectly elastic demand curve, the demand curve will be parallel to the :

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Horizontal axis

Vertical Axis

None of the above

Supply curve

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is vertical in long run

is flatter in long run

is same in long and short run

is horizontal in both short and long run

It describes the law of supply

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supply curve

supply schedule

supply equation

all the three

Which one is increasing function of price

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demand

utility

supply

consumption

The price of a product double due to which its quantity demand falls to one half. The elasticity of demand for product will be:

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Equal to unity

Lass than unity

Greater than unity

Equal to zero

Long period supply curve is

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relatively flatter

relatively steeper

more elastic

a and c of above

An increases in demand would cause supply curve to

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shift to the left

shift to the right

change in slope of supply curve

no effect on supply

The quantities of a commodity offered for sale at different prices during a given period of time are called

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Supply

Demand

Stock

None of these

If the price of a product rises, quantity demand if its substitute will.

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Fall

Rise

Remain unchanged

Fluctuate

If elasticity of supply is greater than one. supply curve will be

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horizontal

vertical

passing through origin

touching y-axis

When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.

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Equal to unity

Less than unity

Greater than unity

Equal to zero

Supply of a commodity means

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willingness to sell a certain quantity

physical stocks available

planned production

total production in a given period

The total quantity of a commodity available in or near the market which can be brought for sale at a short notice

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Stock

Supply

Demand

None of these

With a fall in the price of a Giffen good or inferior good its quantity demand will.

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Fall

Rise

Remain unchanged

None of three

In case of perfectly elastic demand curve, the demand curve will be parallel to the.

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Horizontal Axis

Vertical Axis

None of the above

Who present the Arc Elasticity formula for the measurement of elasticity of demand.

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R.G.D Allen

Pareto

J.R. Hicks

Robbins

When a supply of a commodity increases without change in price it is called

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fall in supply

expansion in supply

contraction in supply in

rise in supply

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