Question # 1

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

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

The goods which can be used in place of each other, are called

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Complimentary goods

Substitute goods

Alternative goods

Jointly demanded goods

Demand for the commodities whose use can be postponed is

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Less elastic

More elastic

Perfectly inelastic

infinitely elastic

Income elasticity of demand is concerned with

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Income and consumption of wealth

Income and demand for good

Price and income of the consumer

Price and demand for good

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

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Negative

Positive

Horizontal

Vertical

In order to satisfy some wants, more than one commodities are needed. Demand for such commodities is called

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Joint demand

Composite demand

Derived demand

Direct demand

If the ratio of change in demand is less than the ratio of change in price, elasticity of demand will be

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More than unity

Less than unity

Equal to unity

Zero

Supply curve shifts due to better technique of production

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Rightward

Leftward

Does not change

Vertical

Demand for the goods which have different uses, is

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More elastic

Less elastic

Infinity

Zero elastic

If the percentage change in supply is more than the percentage change in price, then elasticity of supply is called

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Equal to unity

Less than unity

More than unity

Infinite

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

Which one is not condition of perfect competition

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Homogeneity of good

Difference in price of good

Large number of buyers and sellers

Perfect knowledge of market

Price is determined under perfect competition

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By sellers

By buyers

By government

By forces of demand and supply

Another name of unitary method is

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Total satisfiaction method

Total expenditure method

Total revenue method

Both 2nd and 3rd

The demand curve slopes

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upwards

Horizontal

vertical

downward to the right

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

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