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Theory Of Demand And Supply

20 Questions  I  By Sweetsalman123
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1.  Which one is not an assumption of the theory of demand based on analysis of indifference curves?
A.
B.
C.
D.
2.  All of the following are determinants of demand except:
A.
B.
C.
D.
3.  Contraction of demand is the result of :   
A.
B.
C.
D.
4.  When supply curve moves to the left it means
A.
B.
C.
D.
5.  Elasticity of supply is greater than one when
A.
B.
C.
D.
6.  Chicken and fish are substitutes. If the price of chicken increases, the demand for fish will          
A.
B.
C.
D.
7.  The quantity supplied of a good or service is the amount that       
A.
B.
C.
D.
8.  The luxury goods like jewellery and fancy articles will have         
A.
B.
C.
D.
9.   If the quantity supplied is exactly equal to the relative change in price then the elasticity of supply is
A.
B.
C.
D.
10.  If the price of Pepsi decreases relative to the price of Coke and 7-UP, the demand for :  
A.
B.
C.
D.
11.  At higher prices people demand more of certain goods not for their worth but for their prestige value - This is called
A.
B.
C.
D.
12.  Suppose a department store has a sale on its silverware. If the price of a plate-setting is reduced from Rs. 300 to Rs. 200 and the quantity demanded increases from 3,000 plate- settings to 5,000 plate-settings, what is the price elasticity of demand for silverware?
A.
B.
C.
D.
13.  The price of tomatoes increases and people buy tomato puree. You infer that tomato puree and tomatoes are
A.
B.
C.
D.
14.  Contraction of supply is the result of :
A.
B.
C.
D.
15.   The supply curve for perishable commodities is ___________.  
A.
B.
C.
D.
16.  If the percentage change in supply is less than the percentage change in price it is called                                                                
A.
B.
C.
D.
17.  If regardless of changes in its price, the quantity demanded of a good remains unchanged, then the demand curve for the good will be :
A.
B.
C.
D.
18.  The supply curve shifts to the right because of ____________.        
A.
B.
C.
D.
19.  When economists speak of the utility of a certain good, they are referring to
A.
B.
C.
D.
20.  If, as people's income increases, the quantity demanded of a good decreases, the good is called        
A.
B.
C.
D.
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