Question # 1

When supply curve shifts rightward or down it is called

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Rise of supply

Fall of supply

Extension of supply

Contraction of supply

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

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Negative

Positive

Horizontal

Vertical

Demand for Giffen goods is:

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Negative

Vertical

Positive

All of them

The quantity of commodity which exists in warehouse (stock) of the seller is called

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Supply

Demand

Stock

All of these

Who did present formula to measure Arc elasticity of demand

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Adam Smith

Marshall

Allen

Keynes

If demand decreases by 15% due to 10% increase in Price, then elasticity of demand is

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Equal to unity

More than unity

Less than unity

Zero

Elasticity of demand for durable goods is

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More elastic

Less elastic

Infinte

Zero

If supply of a commodity changes by less than 10% due to a 10% change in its price, then elasticity of supply will be

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Equal to unity

More than unity

Less than unity

Zero

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

Demand for a commodity means

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Desire to purchase

Power to purchase

Price of commodity

All the three

When demand curve shifts rightward (or upward), it is called

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Rise of demand

Fall of demand

Extension of demand

Contraction of demand

If demand does not change, despite a fall in price, is called

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Fall of demand

Rise of demand

Contraction of demand

Extension of demand

Price is determined under perfect competition

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By sellers

By buyers

By government

By forces of demand and supply

Movement on the same demand curve is called:

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Increase is demand

Rise and fall in demand

Decrease in demand

Expansions and contraction in demand

Unitary method is also known as:

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Total revenue

Total satisfaction

Total utility

Total expenditure

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

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