Theory Of Demand And Supply

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Theory Of Demand And Supply

  
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1.  The second glass of lemonade gives lesser satisfaction to a thirsty boy. This is a clear case of       
A.
B.
C.
D.
2.  Point elasticity is useful for which of the following situations?
A.
B.
C.
D.
3.  Which of the following statements is incorrect?
A.
B.
C.
D.
4.  Demand is the         
A.
B.
C.
D.
5.  The price elasticity of demand is defined as the responsiveness of :
A.
B.
C.
D.
6.  If price of computers increases by 10% and supply increases by 25%. The elasticity of supply is :
A.
B.
C.
D.
7.  The goods that exhibit direct price-demand relationship are called:                                                                                 
A.
B.
C.
D.
8.  Given the following four possibilities, which one results in an increase in total consumer expenditures?
A.
B.
C.
D.
9.  In the case of an inferior good, income elasticity oi demand is :
A.
B.
C.
D.
10.  With a fall in the price of a commodity:
A.
B.
C.
D.
11.  Demand for a commodity refers to :
A.
B.
C.
D.
12.  A relative price is      
A.
B.
C.
D.
13.  Which one is not an assumption of the theory of demand based on analysis of indifference curves?
A.
B.
C.
D.
14.  Demand for a good will tend to be more elastic if it exhibits which of the following characteristics?
A.
B.
C.
D.
15.  Which of the following goods is likely to have perfectly inelastic demand?
A.
B.
C.
D.
16.  The supply function is given as Q= -100 + 10P. Find the elasticity using point method, when price is Rs.15.
A.
B.
C.
D.
17.  By consumer surplus economists mean
A.
B.
C.
D.
18.  A horizontal supply curve parallel to the quantity axis implies that the elasticity of supply is :
A.
B.
C.
D.
19.  If, as people's income increases, the quantity demanded of a good decreases, the good is called        
A.
B.
C.
D.
20.  If electricity demand is inelastic, and electric rates increase, which of the following is likely to occur?  
A.
B.
C.
D.
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