Question # 1

Which combination of the following is of joint demand

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Tea and coffee

Petrol and car

Meat and grocery

Inkpot and book

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

If demand for a commodity changes due to change in price of its substitute, it is called

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Price elasticity

Point elasticity

Cross elasticity

Arc elasticity

The term demand in economics means:

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Desire

Purchasing

Need

Both (a) and (b)

Which one is increasing function of price

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Demand

Supply

Utility

Consumption

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

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Inverse

Increasing

Negative

indirect

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

If price of a commodity remains constant but its supply decreases or price increases but supply remains constant, it is called

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Rise of supply

Extension of supply

Fall of supply

Contraction of supply

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

Market equilibrium is determined when

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Demand = supply

Demand > supply

Demand < supply

Demand = zero

According to law of demand, curve moves from left to right downward. This type of tendency is called

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Positive tendency

Negative tendency

Extension and contraction of demand

Rise and fall of demand

If 50% change in demand in response of 30% change in price then:

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Elasticity of demand = 1

Elasticity of demand < 1

Elasticity of demand > 1

Elasticity of demand = 0

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

Usually market price is ____________ normal price

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Equal to

Less than

More than

None of these

If supply of a commodity is fixed, it is called

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Market supply

Short period supply

Long period supply

Middle period supply

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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