Economics Ics Part 1 English Medium Chapter 5 Online Test With Answers

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Economics Ics Part 1 English Medium Chapter 5 Online Test

Sr. # Questions Answers Choice
1 The product which have close substitute their demand is always. More elastic Perfectly elastic Perfectly inelastic Less elastic
2 Which one of the following pairs represent complementary demand for a product. Tea & coffe Butter & Margarine Shirt & shoes Shirt & trouser
3 Elasticity of demand in case of minor change in price and quantity demand will be . Income elasticity of demand Cross elasticity of demand Point elasticity of demand Arc elasticity of demand
4 If a change in demand is brought by a change in income, of demand will be. Income elasticity Price elasticity Cross elasticity Arcelasticity
5 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. Equal to unity Greater than unity Less than unity Equal to zero
6 When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be. Equal to unity Less than unity Greater than unity Equal to zero
7 The method to measure the elasticity of demand is : Percentage method Total outlay approach Geometric approch All the three
8 The method to measure the elasticity of demand by the unitary method was introduced by. Alfred Marshall Robbins Adam Smith Malthus
9 The elasticity f demand in case of substitute is called. Income elasticity of demand Priceelasticity of demand Crosselasticity of demand None of the three
10 The demand for a product is inelastic. In order to increase government revenue, the finance minister will : Lower down the tax rate Increase the tax rate Not change the tax rate Double the tax rate
11 The composite demand for a product is generally: Elastic Inelastic Equal to unity Equal to zero
12 In case of perfectly elastic demand curve, the demand curve will be parallel to the : Horizontal axis Vertical Axis None of the above
13 In case of perfectly elastic demand curve, the demand curve will be parallel to the. Horizontal Axis Vertical Axis None of the above
14 The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will. Fall Rise Remain the same Fluctuate
15 If the price of a product rises, quantity demand if its substitute will. Fall Rise Remain unchanged Fluctuate
16 Who present the Arc Elasticity formula for the measurement of elasticity of demand. R.G.D Allen Pareto J.R. Hicks Robbins
17 The price of a product double due to which its quantity demand falls to one half. The elasticity of demand for product will be: Equal to unity Lass than unity Greater than unity Equal to zero
18 Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer. Increase Falls Remains the same None of the three
19 Products A and B are substitutes whereas A and C are complement. With a rise in the price of product A, quantity demand of: Product B will go up Product will fall Both the above will take place Nothing will take place
20 With a fall in the price of a Giffen good or inferior good its quantity demand will. Fall Rise Remain unchanged None of three
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