Question # 1

Elasticity of supply if perishable goods is

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Equal to unity

More than unity

Less than unity

Zero

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

Unity method to measure elasticity of supply is presented by

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Adam Smith

Robbins

Marshall

Faruson

Market equilibrium is determined when

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Demand = supply

Demand > supply

Demand < supply

Demand = zero

Finance minister imposes tax on the goods having more elastic demand

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At low rate

At high rate

At the same rate

At zero rate

A textile mill produces 2000 meters cloth. Entrepreneur offers 1500 meters cloth to sell at price Rs 100 per meter and 500 meters cloth keeps with him. Cloth kept by the entrepreneur is called

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Total production

Supply

Stock

Surplus production

If supply does not change, then due to fall of demand

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Equilibrium price decreases

Equilibrium price increases

Equilibrium price does not change

Equilibrium quantity increases

Quickly destroyable goods are called

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Superior goods

Inferior goods

Perishable goods

Giffen godds

Price of perishable goods is determined

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In the market period

In the short period

In the middle period

In the long period

The cause of shifting of supply curve is

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Change in price

Other factors

change in serving

change in demand

Non elastic demand curve is

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positive

negative

vertical

horizontal

Elasticity of supply is the name of

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Change in price

Change in income

Feature of change in supply

Change in price and income

If demand did not influence by the charge in price, that is called:

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Elasticity of demand = 1

Elasticity of demand < 1

Elasticity of demand > 1

Elasticity of demand = 0

If demand and supply both fall in the same proportion

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Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity increases

Unitary method for Elasticity of demand was presented by:

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Marshall

Keynes

Robbins

Adam smith

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

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

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