Theory Of Demand And Supply

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 Theory Of Demand And Supply

  
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1.  Demand for a commodity refers to :
A.
B.
C.
D.
2.  Contraction of demand is the result of :   
A.
B.
C.
D.
3.  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.
4.  Which of the following pairs of goods is an example of substitutes?
A.
B.
C.
D.
5.  In the case of a straight line demand curve meeting the two axes, the price-elasticity of demand at the mid-point of the line would be :
A.
B.
C.
D.
6.  The Law of Demand, assuming other things to remain constant, establishes the relationship between :
A.
B.
C.
D.
7.  Identify the factor which generally keeps the price-elasticity of demand for a good low :
A.
B.
C.
D.
8.  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.
9.  In the case of an inferior good, income elasticity oi demand is :
A.
B.
C.
D.
10.  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.
11.  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.
12.  The law of demand is :
A.
B.
C.
D.
13.  All of the following are determinants of demand except:
A.
B.
C.
D.
14.  A movement along the demand curve for soft drinks is best described as :
A.
B.
C.
D.
15.  If the price of Pepsi decreases relative to the price of Coke and 7-UP, the demand for :  
A.
B.
C.
D.
16.  If a good is a luxury, its income elasticity of demand is :
A.
B.
C.
D.
17.  The price of hot dogs increases by 22% and the quantity of hot dogs demanded falls by 25%. This indicates that demand for hot dogs is :
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.  Given the following four possibilities, which one results in an increase in total consumer expenditures?
A.
B.
C.
D.
20.  The price elasticity of demand for hamburger is      
A.
B.
C.
D.
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