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Theory Of Demand And Supply

20 Questions  I  By Sweetsalman123
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1.   The supply curve for perishable commodities is ___________.  
A.
B.
C.
D.
2.  The good which cannot be consumed more than once is known as                  
A.
B.
C.
D.
3.  When economists speak of the utility of a certain good, they are referring to
A.
B.
C.
D.
4.  If, as people's income increases, the quantity demanded of a good decreases, the good is called        
A.
B.
C.
D.
5.  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.
6.  Demand is the         
A.
B.
C.
D.
7.  The price of tomatoes increases and people buy tomato puree. You infer that tomato puree and tomatoes are
A.
B.
C.
D.
8.  The price elasticity of demand for hamburger is      
A.
B.
C.
D.
9.  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.
10.  Elasticity of supply is greater than one when
A.
B.
C.
D.
11.  If electricity demand is inelastic, and electric rates increase, which of the following is likely to occur?  
A.
B.
C.
D.
12.  Conspicuous goods are also known as      
A.
B.
C.
D.
13.  An increase in the number of sellers of bikes will increase the
A.
B.
C.
D.
14.  If the price of Pepsi decreases relative to the price of Coke and 7-UP, the demand for :  
A.
B.
C.
D.
15.  Elasticity of supply is measured by dividing the percentage change in quantity supplied of a good by 
A.
B.
C.
D.
16.  If good growing conditions increases the supply of strawberries and hot weather increases the demand for strawberries, the quantity of strawberries bought       .
A.
B.
C.
D.
17.  Chicken and fish are substitutes. If the price of chicken increases, the demand for fish will          
A.
B.
C.
D.
18.  If the quantity demanded of beef increases by 5% when the price of chicken increases by 20%, the cross-price elasticity of demand between beef and chicken is
A.
B.
C.
D.
19.  If the supply of bottled water decreases, the equilibrium price ____________and the equilibrium quantity _________.
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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