| 1 |
The quantities of a commodity offered for sale at different prices during a given period of time are called |
- A. Supply
- B. Demand
- C. Stock
- D. None of these
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| 2 |
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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| 3 |
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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| 4 |
The price of a product double due to which its quantity demand falls to one half. The elasticity of demand for product will be: |
- A. Equal to unity
- B. Lass than unity
- C. Greater than unity
- D. Equal to zero
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| 5 |
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called |
- A. Law of Supply
- B. Law of Demand
- C. Law of equilibrium
- D. None of these
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| 6 |
In May 2012, firm was supplying 1000 kg of sugar at market price of Rs. 60/- per kg. During June 2012, firm's supply of sugar had decreased to 900 kg at price Rs. 40/- per kg. These changes show that supply of sugar is |
- A. Perfectly elastic
- B. Perfectly inelastic
- C. Less elastic
- D. More elastic
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| 7 |
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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| 8 |
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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| 9 |
The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will. |
- A. Fall
- B. Rise
- C. Remain the same
- D. Fluctuate
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| 10 |
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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