Economics Ics Part 1 English Medium Online Test With Answers

image
image
image

Economics Ics Part 1 English Medium Online Test

Sr. # Questions Answers Choice
1 The method to measure the elasticity of demand is : Percentage method Total outlay approach Geometric approch All the three
2 The method to measure the elasticity of demand by the unitary method was introduced by. Alfred Marshall Robbins Adam Smith Malthus
3 The elasticity f demand in case of substitute is called. Income elasticity of demand Priceelasticity of demand Crosselasticity of demand None of the three
4 The demand for a product is inelastic. In order to increase government revenue, the finance minister will : Lower down the tax rate Increase the tax rate Not change the tax rate Double the tax rate
5 The composite demand for a product is generally: Elastic Inelastic Equal to unity Equal to zero
6 In case of perfectly elastic demand curve, the demand curve will be parallel to the : Horizontal axis Vertical Axis None of the above
7 In case of perfectly elastic demand curve, the demand curve will be parallel to the. Horizontal Axis Vertical Axis None of the above
8 The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will. Fall Rise Remain the same Fluctuate
9 If the price of a product rises, quantity demand if its substitute will. Fall Rise Remain unchanged Fluctuate
10 Who present the Arc Elasticity formula for the measurement of elasticity of demand. R.G.D Allen Pareto J.R. Hicks Robbins
11 The price of a product double due to which its quantity demand falls to one half. The elasticity of demand for product will be: Equal to unity Lass than unity Greater than unity Equal to zero
12 Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer. Increase Falls Remains the same None of the three
13 Products A and B are substitutes whereas A and C are complement. With a rise in the price of product A, quantity demand of: Product B will go up Product will fall Both the above will take place Nothing will take place
14 With a fall in the price of a Giffen good or inferior good its quantity demand will. Fall Rise Remain unchanged None of three
15 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. 2.5 0.5 1.5 3.5
16 One of the following will not cause a rise and fall on demand. Change in income Change in weather Discovery of a substitute Distribution of income remaining the same
17 One of the following is not an exception the law of demand. Very high price products Very low price products Ignorance of consumers Non of the above
18 The demand curve is negatively sloped due to Income effect Substitution effect Price effect All the three
19 The law of demand will not be apply in case of Inferior goods Superior goods Normal goods Non of them
20 When the price of a product falls and as a concequence the demand for the product increase. it will be. Rise of demands Fall of demand Extension of demand Contraction on demand
Download This Set
×