Question # 1

If elasticity of supply is less than unity then extending supply curve downward, it passes through or crosses

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y-axis

x-axis

Point of origin

Becomes vertical

Slope of demand curve of exceptions of law of demand is

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Negative

Positive

Zero

Fixed

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

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Equal to unity

More than unity

Less than unity

Zero

When supply curve shifts leftwards or up, it is called

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Rise of supply

Fall of supply

Extension of supply

Contraction of supply

Cause of movement along the supply curve is

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Change in price

Other factors

Change in tax

Change in income

Id demand changes by less than 10% due to 10% change in price, then elasticity of demand is called

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Equal to unity

More than unity

Less than unity

Infinite

Quantity supplied of a commodity extends because

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Population changes

Change occurs in assumtions of law of supply

Income of the entrepreneur increases

Price of the commodity increases

If demand changes by 10% due to 10% change in price, then elasticity of demand is called

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Equal to unity

More than unity

Less than unity

Infinite

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

If supply rises more proportionately than that of demand, then

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Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity decreases

Who did present unity method to measure elasticity of demand

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Adam Smith

Marshall

Robbins

keynes

Supply of perishable goods e.g. groceries, fruit, meat etc is

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Less elastic

More elastic

Perfectly inelastic

Perfectly elastic

Desire + Purchasing power is equal to:

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Demand

Supply

Income

Utility

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

Demand for the commodities having different uses

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Less elastic

More elastic

Perfectly inelastic

Infinitely elastic

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

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