| 1 |
When demand curve shifts leftward (or downward), it is called |
- A. Rise of demand
- B. Fall of demand
- C. Extension of demand
- D. Contraction of demand
|
| 2 |
What is meant by demand for a commodity in economics |
- A. To desire for a commodity
- B. To have power to buy
- C. To have power to buy a commodity with desire
- D. Quantity of a commodity
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| 3 |
If percentage change in supply is less than the percentage change in price, then elasticity of supply is called |
- A. Equal to unity
- B. Less than unity
- C. More than unity
- D. Zero
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| 4 |
Finance minister in order to increase the public revenue imposes the tax on the commodities whose demand is more elastic |
- A. At low rate
- B. At high rate
- C. Some times decreases the rate and some times increases
- D. Does not change Tax rate
|
| 5 |
The cause of shifting of supply curve is |
- A. Change in price
- B. Other factors
- C. change in serving
- D. change in demand
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| 6 |
A textile mill produces 2000 meters cloth. Entrepreneur offers 1500 meters cloth to sell at price Rs 100 per meter and 500 meters cloth keeps with him. Cloth kept by the entrepreneur is called |
- A. Total production
- B. Supply
- C. Stock
- D. Surplus production
|
| 7 |
Supply means |
- A. total money of a specific producer
- B. Number of buyers
- C. quantity of goods offered for sale at different prices
- D. purchasing power of quantity supplied
|
| 8 |
When supply curve shifts leftwards or up, it is called |
- A. Rise of supply
- B. Fall of supply
- C. Extension of supply
- D. Contraction of supply
|
| 9 |
If demand for commodity X changes due to the change in price of commodity, it is called |
- A. Cross elasticity
- B. Price elasticity
- C. Income elasticity
- D. Arc elasticity
|
| 10 |
A slight change in demand and price is called: |
- A. Point Elasticity of demand
- B. ArcElasticity of demand
- C. CrossElasticity of demand
- D. PriceElasticity of demand
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