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Theory Of Demand And Supply

20 Questions  I  By Sweetsalman123
Theory Of Demand And Supply

  
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1.  Elasticity of supply is greater than one when
A.
B.
C.
D.
2.  If electricity demand is inelastic, and electric rates increase, which of the following is likely to occur?  
A.
B.
C.
D.
3.  Which one is not an assumption of the theory of demand based on analysis of indifference curves?
A.
B.
C.
D.
4.  An increase in the demand for computers and an increase in the number of sellers of I computers will
A.
B.
C.
D.
5.  The supply function is given as Q= -100 + 10P. Find the elasticity using point method, when price is Rs.15.
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.  A vertical supply curve parallel to Y axis implies that the elasticity of supply is :
A.
B.
C.
D.
8.  An increase in the demand for cameras and an increase in the number of sellers of cameras will
A.
B.
C.
D.
9.  The price of tomatoes increases and people buy tomato puree. You infer that tomato puree and tomatoes are
A.
B.
C.
D.
10.  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.
11.  Which of the following statements is correct?                                                              
A.
B.
C.
D.
12.  Suppose a consumer's income increases from RS. 30,000 to Rs. 36,000. As a result, the consumer increases her purchases of compact discs (CDs) from 25 CDs to 30 CDs. What is the consumer's income elasticity of demand for CDs?
A.
B.
C.
D.
13.  Which of the following statements is incorrect?
A.
B.
C.
D.
14.  With a fall in the price of a commodity:
A.
B.
C.
D.
15.  The quantity demanded of a good or service is the amount that
A.
B.
C.
D.
16.  Chicken and fish are substitutes. If the price of chicken increases, the demand for fish will          
A.
B.
C.
D.
17.  The consumer is in equilibrium at a point where the budget line :
A.
B.
C.
D.
18.  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.
19.  The good which cannot be consumed more than once is known as                  
A.
B.
C.
D.
20.  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.
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