| 1 |
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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| 2 |
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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| 3 |
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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| 4 |
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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| 5 |
The method to measure the elasticity of demand is : |
- A. Percentage method
- B. Total outlay approach
- C. Geometric approch
- D. All the three
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| 6 |
It describes the law of supply |
- A. supply curve
- B. supply schedule
- C. supply equation
- D. all the three
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| 7 |
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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| 8 |
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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| 9 |
Long period supply curve is |
- A. relatively flatter
- B. relatively steeper
- C. more elastic
- D. a and c of above
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| 10 |
An increases in demand would cause supply curve to |
- A. shift to the left
- B. shift to the right
- C. change in slope of supply curve
- D. no effect on supply
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