Theory Of Demand And Supply

20 Questions  I  By Sweetsalman123
Theory Of Demand And Supply

  
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1.  Elasticity of supply is measured by dividing the percentage change in quantity supplied of a good by 
A.
B.
C.
D.
2.  A movement along the demand curve for soft drinks is best described as :
A.
B.
C.
D.
3.   If the quantity supplied is exactly equal to the relative change in price then the elasticity of supply is
A.
B.
C.
D.
4.  All but one of the following are assumed to remain the same while drawing an individual's demand curve for a commodity. Which one is it?
A.
B.
C.
D.
5.  Identify the coefficient of price-elasticity of demand when the percentage increase in the quantity of a good demanded is smaller than the percentage fall in its price :
A.
B.
C.
D.
6.  An increase in price will result in an increase in total revenue if :
A.
B.
C.
D.
7.  Elasticity of supply is greater than one when
A.
B.
C.
D.
8.  Identify the factor which generally keeps the price-elasticity of demand for a good low :
A.
B.
C.
D.
9.  Suppose the price of movies seen at a theater rises from Rs. 120 per person to Rs. 200 per person. The theater manager observes that the rise in price causes attendance at a given movie to fall from 300 persons to 200 persons. What is the price elasticity of demand for movies?
A.
B.
C.
D.
10.  The good which cannot be consumed more than once is known as                  
A.
B.
C.
D.
11.  Chicken and fish are substitutes. If the price of chicken increases, the demand for fish will          
A.
B.
C.
D.
12.  Demand is the         
A.
B.
C.
D.
13.  A discount store has a special offer on CDs. It reduces their price from Rs.150 to Rs. 100. Suppose the store manager observes that the quantity demanded increases from 700 CDs to 1,300 CDs. What is the price elasticity of demand for CDs?
A.
B.
C.
D.
14.  The supply curve shifts to the right because of ____________.        
A.
B.
C.
D.
15.  Which of the following statements is incorrect?
A.
B.
C.
D.
16.  An increase in the number of sellers of bikes will increase the
A.
B.
C.
D.
17.  The Law of Demand, assuming other things to remain constant, establishes the relationship between :
A.
B.
C.
D.
18.  The consumer is in equilibrium at a point where the budget line :
A.
B.
C.
D.
19.  Demand for a good will tend to be more inelastic if it exhibits which of the following characteristics?
A.
B.
C.
D.
20.  All of the following are determinants of demand except:
A.
B.
C.
D.
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