Question # 1

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

Choose an answer

Equal to unity

More than unity

Less than unity

Infinite

Some inferior goods having expensive substitutes are known as:

Choose an answer

Economic goods

Giffen goods

Non-economic goods

Free goods

If quantity demanded for a commodity changes due to the change in income, it is called

Choose an answer

Price elasticity

Point elasticity

Cross elasticity

Income elasticity

Price determined with the equilibrium of demand and supply on some day

Choose an answer

Short period price

Long period price

Market price

Normal price

If two goods are substitute, cross Elasticity of demand will be:

Choose an answer

Zero

Infinite

Positive

Negative

A slight change in demand and price is called:

Choose an answer

Point Elasticity of demand

ArcElasticity of demand

CrossElasticity of demand

PriceElasticity of demand

If 50% change in demand in reposne of 50% change in price then:

Choose an answer

Elasticity of demand = 1

Elasticity of demand < 1

Elasticity of demand > 1

Elasticity of demand = 0

Who did present formula to measure Arc elasticity of demand

Choose an answer

Adam Smith

Marshall

Allen

Keynes

Another name of unitary method is

Choose an answer

Total satisfiaction method

Total expenditure method

Total revenue method

Both 2nd and 3rd

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

Choose an answer

Equal to unity

More than unity

Less than unity

Infinite

Due to fall in demand, curve shifts to

Choose an answer

Right

Left

Both sides

None of these

If there is big change in Price and demand, it is called

Choose an answer

Arc elasticity

Point elasticity

Income elasticity

Cross elasticity

The price at which entrepreneur has a sufficient time to meet the demand, is called

Choose an answer

Market price

Normal price

Reserve price

Normal price

The price at which quantity demanded and supplied are equal

Choose an answer

Equilibrium price

Reserve price

Fixed price

Variable price

Demand for luxuries goods is:

Choose an answer

Perfectly elastic

Less elastic

Perfectly inelastic

More elastic

More Classes

Other Links

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer