| 1 |
Who present the Arc Elasticity formula for the measurement of elasticity of demand. |
- A. R.G.D Allen
- B. Pareto
- C. J.R. Hicks
- D. Robbins
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| 2 |
The demand for a product is inelastic. In order to increase government revenue, the finance minister will : |
- A. Lower down the tax rate
- B. Increase the tax rate
- C. Not change the tax rate
- D. Double the tax rate
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| 3 |
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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| 4 |
A schedule of the amount of a good that would be offered for sale at all possible prices, at any one instant of time or during any period of time are called |
- A. Supply
- B. Demand
- C. Stock
- D. None of these
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| 5 |
Products A and B are substitutes whereas A and C are complement. With a rise in the price of product A, quantity demand of: |
- A. Product B will go up
- B. Product will fall
- C. Both the above will take place
- D. Nothing will take place
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| 6 |
With a fall in price quantity demand changes in such a way that total expenditure of the consumer remain constant, elasticity of demand will be. |
- A. Equal to unity
- B. Greater than unity
- C. Less than unity
- D. Equal to zero
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| 7 |
In case of perfectly elastic demand curve, the demand curve will be parallel to the. |
- A. Horizontal Axis
- B. Vertical Axis
- C. None of the above
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| 8 |
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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| 9 |
With a fall in the price of a Giffen good or inferior good its quantity demand will. |
- A. Fall
- B. Rise
- C. Remain unchanged
- D. None of three
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| 10 |
The elasticity f demand in case of substitute is called. |
- A. Income elasticity of demand
- B. Priceelasticity of demand
- C. Crosselasticity of demand
- D. None of the three
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