| 1 |
A fall fall in supply will take place due to a: |
- A. Business collusion
- B. Bumper crop
- C. Fall in custom duty
- D. Fall in income
|
| 2 |
If price is set above equilibrium level, there will be |
- A. surplus commodity in the market
- B. shortage of commodity in the market
- C. supply curve will shift
- D. demand curve will shift
|
| 3 |
When there is big change in quantity supplied resulting from a minor change inits price,its elasticity of supply will be. |
- A. Equal to unity
- B. Less than unity
- C. Equal to zero
- D. Greater than unity
|
| 4 |
When the supply curve of a product is parallel to the vertical axis, it would mean that; |
- A. Different quantities of a product are supplied at the same price.
- B. Different quantities of a product are supplied at different price.
- C. Same quantities of a product are supplied at different price.
- D. None of three
|
| 5 |
Demand and supply forces determine market price |
- A. only in perfect competition
- B. only in monopoly market
- C. in both markets
- D. none of the above
|
| 6 |
Markets where firms supply goods and services demanded by households are |
- A. factor market
- B. product market
- C. open markets
- D. resource markets
|
| 7 |
A producers has one thousand tons of rice to be offered for sale at a certain price in future, it will be called. |
- A. Supply of output
- B. Production
- C. Buffer stock
- D. Stock
|
| 8 |
Extension of supply will take place as a consequence of: |
- A. Change in price
- B. Change in population
- C. Change in technology
- D. Change in money supply
|
| 9 |
Market Price of Perishable |
- A. Commodities
- B. Utility
- C. Consumer
- D. None of these
|
| 10 |
In case of a fall in supply. |
- A. Quantity supplied falls at the same price.
- B. Quantity supplied rises at the same price.
- C. Quantity supplied remain at the lower price.
- D. None of the three
|
