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Theory Of Demand And Supply

20 Questions  I  By Sweetsalman123
Theory Of Demand And Supply

  
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1.  Comforts lies between the        
A.
B.
C.
D.
2.  By consumer surplus economists mean
A.
B.
C.
D.
3.  Chicken and fish are substitutes. If the price of chicken increases, the demand for fish will          
A.
B.
C.
D.
4.  Given the following four possibilities, which one results in an increase in total consumer expenditures?
A.
B.
C.
D.
5.  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.
6.  If regardless of changes in its price, the quantity demanded of a good remains unchanged, then the demand curve for the good will be :
A.
B.
C.
D.
7.  The way in which rational consumers allocate their expenditure on goods and services is best described by ________________.
A.
B.
C.
D.
8.  When supply curve moves to the left it means
A.
B.
C.
D.
9.  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.
10.  The second glass of lemonade gives lesser satisfaction to a thirsty boy. This is a clear case of       
A.
B.
C.
D.
11.  An increase in the supply of a good is caused by :  
A.
B.
C.
D.
12.  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.
13.   The supply curve for perishable commodities is ___________.  
A.
B.
C.
D.
14.  Which of the following pairs of goods is an example of substitutes?
A.
B.
C.
D.
15.  If the demand for a good is inelastic, an increase in its price will cause the total expenditure of the consumers of the good to :
A.
B.
C.
D.
16.  The quantity demanded of a good or service is the amount that
A.
B.
C.
D.
17.  With a fall in the price of a commodity:
A.
B.
C.
D.
18.  If, as people's income increases, the quantity demanded of a good decreases, the good is called        
A.
B.
C.
D.
19.  Identify the factor which generally keeps the price-elasticity of demand for a good low :
A.
B.
C.
D.
20.  The Law of Demand, assuming other things to remain constant, establishes the relationship between :
A.
B.
C.
D.
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