Theory Of Demand And Supply

20 Questions  I  By Sweetsalman123
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1.  When economists speak of the utility of a certain good, they are referring to
A.
B.
C.
D.
2.  Which of the following pairs of goods is an example of substitutes?
A.
B.
C.
D.
3.  If the price of Pepsi decreases relative to the price of Coke and 7-UP, the demand for :  
A.
B.
C.
D.
4.  Demand is the         
A.
B.
C.
D.
5.  The consumer is in equilibrium when the following condition is satisfied : (a) «math xmlns=¨http://www.w3.org/1998/Math/MathML¨»«mfrac»«mrow»«mi»M«/mi»«msub»«mi»U«/mi»«mi»X«/mi»«/msub»«/mrow»«mrow»«mi»M«/mi»«msub»«mi»U«/mi»«mi»Y«/mi»«/msub»«/mrow»«/mfrac»«mo»§nbsp;«/mo»«mo»§gt;«/mo»«mfrac»«msub»«mi»P«/mi»«mi»X«/mi»«/msub»«msub»«mi»P«/mi»«mi»Y«/mi»«/msub»«/mfrac»«mo»§#183;«/mo»«/math» (b) «math xmlns=¨http://www.w3.org/1998/Math/MathML¨»«mtable columnalign=¨left¨ rowspacing=¨0¨»«mtr»«mtd/»«/mtr»«mtr»«mtd»«mfrac»«mrow»«mi»M«/mi»«msub»«mi»U«/mi»«mi»X«/mi»«/msub»«/mrow»«mrow»«mi»M«/mi»«msub»«mi»U«/mi»«mi»Y«/mi»«/msub»«/mrow»«/mfrac»«mo»§nbsp;«/mo»«mo»§lt;«/mo»«mfrac»«msub»«mi»P«/mi»«mi»X«/mi»«/msub»«msub»«mi»P«/mi»«mi»Y«/mi»«/msub»«/mfrac»«mo»§#183;«/mo»«/mtd»«/mtr»«/mtable»«/math» (c) «math xmlns=¨http://www.w3.org/1998/Math/MathML¨»«mfrac»«mrow»«mi»M«/mi»«msub»«mi»U«/mi»«mi»X«/mi»«/msub»«/mrow»«mrow»«mi»M«/mi»«msub»«mi»U«/mi»«mi»Y«/mi»«/msub»«/mrow»«/mfrac»«mo»§nbsp;«/mo»«mo»=«/mo»«mfrac»«msub»«mi»P«/mi»«mi»X«/mi»«/msub»«msub»«mi»P«/mi»«mi»Y«/mi»«/msub»«/mfrac»«/math» (d) None of the above.
A.
B.
C.
D.
6.  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.
7.  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.
8.  Supply is a__________________ concept.               
A.
B.
C.
D.
9.  When supply curve moves to right it means    
A.
B.
C.
D.
10.  Elasticity of supply refers to the degree of responsiveness of supply of a good to changes in its :
A.
B.
C.
D.
11.  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.
12.  If price of computers increases by 10% and supply increases by 25%. The elasticity of supply is :
A.
B.
C.
D.
13.  If the demand is more than supply then the pressure on price will be
A.
B.
C.
D.
14.  If the supply of bottled water decreases, the equilibrium price ____________and the equilibrium quantity _________.
A.
B.
C.
D.
15.  The good which cannot be consumed more than once is known as                  
A.
B.
C.
D.
16.  A relative price is      
A.
B.
C.
D.
17.  The luxury goods like jewellery and fancy articles will have         
A.
B.
C.
D.
18.  Which of the following statements is correct?                                                              
A.
B.
C.
D.
19.  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.
20.  The quantity supplied of a good or service is the amount that       
A.
B.
C.
D.
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