| 1 |
Supply of a commodity means |
- A. willingness to sell a certain quantity
- B. physical stocks available
- C. planned production
- D. total production in a given period
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| 2 |
If price changes by one % and supply changes by 2% then supply is |
- A. elastic
- B. inelastic
- C. indeterminate
- D. static
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| 3 |
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be. |
- A. Equal to unity
- B. Less than unity
- C. Greater than unity
- D. Equal to zero
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| 4 |
If the price of a product increase from Rs. 12 per unit and as a consequence quantity demand of the product falls from 100 units to 50 units . The price elasticity of the product will be. |
- A. 2.5
- B. 0.5
- C. 1.5
- D. 3.5
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| 5 |
If the price of a product rises, quantity demand if its substitute will. |
- A. Fall
- B. Rise
- C. Remain unchanged
- D. Fluctuate
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| 6 |
Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer. |
- A. Increase
- B. Falls
- C. Remains the same
- D. None of the three
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| 7 |
Which one is increasing function of price |
- A. demand
- B. utility
- C. supply
- D. consumption
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| 8 |
Elasticity of demand in case of minor change in price and quantity demand will be . |
- A. Income elasticity of demand
- B. Cross elasticity of demand
- C. Point elasticity of demand
- D. Arc elasticity of demand
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| 9 |
During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to |
- A. rightward
- B. leftward
- C. downward
- D. no direction
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| 10 |
The total quantity of a commodity available in or near the market which can be brought for sale at a short notice |
- A. Stock
- B. Supply
- C. Demand
- D. None of these
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