Principles of Economics Icom Part 1 English Medium Online Test With Answers

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Principles of Economics Icom Part 1 English Medium Online Test

Sr. # Questions Answers Choice
1 Flux method is also known as: Percentage method Unitary method Total expenditure method All of them
2 If two goods are substitute, cross Elasticity of demand will be: Zero Infinite Positive Negative
3 If two goods are complimentary, cross Elasticity of demand will be: Zero Infinite Positive Negative
4 Measurement of arc elasticity of demand was present: Keynes Marshall Adam smith R.G.D Allen
5 The goods which are jointly demanded are called: Substitute goods Complimentary goods Alternative goods None of these
6 Demand for luxuries goods is: Perfectly elastic Less elastic Perfectly inelastic More elastic
7 Demand for basic necessities of life is: Perfectly elastic Less elastic Perfectly inelastic More elastic
8 One of the following is not substitute good: Mobile and charger Petrol and CNG Burger and Shawarma Both b & c
9 A big change in demand and price is called: PointElasticity of demand ArcElasticity of demand CrossElasticity of demand PriceElasticity of demand
10 A slight change in demand and price is called: Point Elasticity of demand ArcElasticity of demand CrossElasticity of demand PriceElasticity of demand
11 If quantity demand changes due to the change in income, it is called: Point Elasticity of demand Arc Elasticity of demand Income Elasticity of demand Price Elasticity of demand
12 If the rate of change in price and quantity demand is in equal ratio, then Elasticity of demand is: Equal to zero Equal to one Smaller than one Greater than one
13 Unitary method for Elasticity of demand was presented by: Marshall Keynes Robbins Adam smith
14 Unitary method is also known as: Total revenue Total satisfaction Total utility Total expenditure
15 The rate of change in Qd due to change in price is called: Rise in demand Income Elasticity of demand Price Elasticity of demand Cross Elasticity of demand
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