Question # 1

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

Choose an answer

Supply

Demand

Stock

None of these

Supply curve will shift when

Choose an answer

price falls

price rises

demand shifts

technology changes

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.

Choose an answer

Equal to unity

Greater than unity

Less than unity

Equal to zero

The price of a product double due to which its quantity demand falls to one half. The elasticity of demand for product will be:

Choose an answer

Equal to unity

Lass than unity

Greater than unity

Equal to zero

The method to measure the elasticity of demand by the unitary method was introduced by.

Choose an answer

Alfred Marshall

Robbins

Adam Smith

Malthus

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

Choose an answer

Perfectly elastic

Perfectly inelastic

Less elastic

More elastic

The method to measure the elasticity of demand is :

Choose an answer

Percentage method

Total outlay approach

Geometric approch

All the three

The elasticity f demand in case of substitute is called.

Choose an answer

Income elasticity of demand

Priceelasticity of demand

Crosselasticity of demand

None of the three

Who present the Arc Elasticity formula for the measurement of elasticity of demand.

Choose an answer

R.G.D Allen

Pareto

J.R. Hicks

Robbins

An increases in demand would cause supply curve to

Choose an answer

shift to the left

shift to the right

change in slope of supply curve

no effect on supply

The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.

Choose an answer

Fall

Rise

Remain the same

Fluctuate

It describes the law of supply

Choose an answer

supply curve

supply schedule

supply equation

all the three

When a supply of a commodity increases without change in price it is called

Choose an answer

fall in supply

expansion in supply

contraction in supply in

rise in supply

If elasticity of supply is greater than one. supply curve will be

Choose an answer

horizontal

vertical

passing through origin

touching y-axis

If price changes by one % and supply changes by 2% then supply is

Choose an answer

elastic

inelastic

indeterminate

static

Supply of a commodity means

Choose an answer

willingness to sell a certain quantity

physical stocks available

planned production

total production in a given period

The composite demand for a product is generally:

Choose an answer

Elastic

Inelastic

Equal to unity

Equal to zero

The quantities of a commodity offered for sale at different prices during a given period of time are called

Choose an answer

Supply

Demand

Stock

None of these

Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.

Choose an answer

Increase

Falls

Remains the same

None of the three

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.

Choose an answer

2.5

0.5

1.5

3.5

Supply curve

Choose an answer

is vertical in long run

is flatter in long run

is same in long and short run

is horizontal in both short and long run

When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.

Choose an answer

Equal to unity

Less than unity

Greater than unity

Equal to zero

More Classes

Other Links

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer