Theory Of Demand And Supply

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 Theory Of Demand And Supply

  
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1.  If price of air-cordifioner increases from Rs. 30,000 to Rs. 30,010 and resultant change in demand is negligible we use the measure of__________to measure elasticity.            
A.
B.
C.
D.
2.  With a fall in the price of a commodity:
A.
B.
C.
D.
3.  Which of the following goods is likely to have perfectly inelastic demand?
A.
B.
C.
D.
4.   If the quantity supplied is exactly equal to the relative change in price then the elasticity of supply is
A.
B.
C.
D.
5.  An indifference curve slopes down towards right since more of one commodity and less of another result in :
A.
B.
C.
D.
6.  Demand for a commodity refers to :
A.
B.
C.
D.
7.  Elasticity of supply refers to the degree of responsiveness of supply of a good to changes in its :
A.
B.
C.
D.
8.  The Law of Demand, assuming other things to remain constant, establishes the relationship between :
A.
B.
C.
D.
9.  A vertical supply curve parallel to Y axis implies that the elasticity of supply is :
A.
B.
C.
D.
10.  Which of the following pairs of goods is an example of substitutes?
A.
B.
C.
D.
11.  The elasticity of supply is defined as the
A.
B.
C.
D.
12.  Contraction of supply is the result of :
A.
B.
C.
D.
13.  If the local pizzeria raises the price of a medium pizza from Rs.60 to Rs. 100 and quantity ] demanded falls from 700 pizzas a night to 100 pizzas a night, the price elasticity of demand
A.
B.
C.
D.
14.  An increase in the demand for computers and an increase in the number of sellers of I computers will
A.
B.
C.
D.
15.  When income increases the money spent on necessaries of life may not increase in the same proportion, This means
A.
B.
C.
D.
16.  In a very short period the supply
A.
B.
C.
D.
17.  All of the following are determinants of demand except:
A.
B.
C.
D.
18.  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.
19.  The quantity supplied of a good or service is the amount that       
A.
B.
C.
D.
20.  Suppose the demand for meals at a medium-priced restaurant is elastic. If the management of the restaurant is considering raising prices, it can expect a relatively :
A.
B.
C.
D.
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