Question # 1

Supply curve moves from left to right upward, this tendency is called

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Negative

Positive

Horizontal

Vertical

Elasticity of demand for the commodities which have substitutes, is

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More elastic

Less elastic

Infinite

Zero

Regarding time element, the normal price has types

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One

Two

Three

Four

If the demand for a commodity is less elastic, then an entrepreneur in order to increase his profit

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Will increase its price

Will decrease its price

Will not change its price

None of these

Desire + Purchasing power is equal to:

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Demand

Supply

Income

Utility

According to the law of supply, there is relation in price and supply

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Inverse

Increasing

Negative

indirect

Supply of perishable goods is

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More elastic

less elastic

Perfectly inelastic

infinite elasticity of supply

The equilibrium of the market is that demand and supply to each other are

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opposite

positive

equal

negative

Shape of market supply curve is

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Horizontal or parallel to ox curve

Vertical or parallel to oy curve

Positively sloping

Negatively sloping

Market price will be determined where

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Supply is more than demand

Demand is more than supply

Demand and supply are equal

Demand is less elastic and supply is more elastic

What is meant by demand for a commodity in economics

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To desire for a commodity

To have power to buy

To have power to buy a commodity with desire

Quantity of a commodity

If quantity demand changes due to the change in income, it is called:

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Point Elasticity of demand

Arc Elasticity of demand

Income Elasticity of demand

Price Elasticity of demand

Which one of the following is not included in the assumptions of law of supply

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taste of consumer

cost of production

Methods of production

price of raw material

A slight change in demand and price is called:

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Point Elasticity of demand

ArcElasticity of demand

CrossElasticity of demand

PriceElasticity of demand

Elasticity of supply if perishable goods is

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Equal to unity

More than unity

Less than unity

Zero

If demand curve is parallel to x-axis, then elasticity of demand is

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Infinite

Zero

Equal to unity

More than unity

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Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test MCQs With Answers

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