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Demand for electricity power is elastic because_______ a)It is available at a very high price b)It is essential for life c)It has many uses d)It has many substitutes |
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Cross elasticity of perfect substitutes is:
a)Zero
b)Negative
c)One
d)Infinity |
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If demand is parallel to x axis, what will be the nature of the elasticity in that case:-
a) Perfectly Elastic b) Perfectly Inelastic c) Slightly Elastic d) Slightly Inelastic |
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In case of substitute goods, cross elasticity is_______:
a)Negative
b)Zero
c)Positive
d)None of these |
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Elasticity between two points: a)Point elasticity b)Arc elasticity c)cross elasticity d)None |
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The demand of which type of goods do not decrease with increase in its price:
a)Comforts
b)Luxury
c)Necessities
d)Capital goods |
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Expansion and contraction of demand curve occurs due to:
a)Change in the price of commodity
b)Change in the price of substitute
c)Change in income
d)None |
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Law of demand is a_________ a)Quantitative statement b)Qualitative statement c)Both (a) and (b) d)Hypothetical |
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What is income elasticity of demand, when income changes by 20% and demand changes by 40% a)1/2 b)2 c)0.33 d)None |
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Cross elasticity of demand in monopoly market is:- a)One b)Zero c)Infinite d)None Of the above |
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If the price of any complement goods rises:
a)Demand curve shifts to left b)Demand curve shifts to right c)Demand curve moves downwards d)Demand curve moves upward |
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What is the value of elasticity of demand if the demand for the good is perfectly elastic?
a)0 b)1 c)Infinity d)Less than 0 |
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For a commodity with a unitary elastic demand curve if the price of the commodity rises, then the consumer's total expenditure on this commodity would:-
a)Increase b)Decrease c)Remains constant d)Either increase or decrease |
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Compute income elasticity if demand increases by 5% and income by 1% a)5 b)1/5 c)0 d)None |
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Which factor generally keeps the price-elasticity of demand for a good low:-
a)Variety of uses for that good b)Its low price c)Close substitutes for that good d)High proportion of the consumer's income |
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What is an Engels curve?
a)Another name of demand curve
b)Curve showing both demand and supply curves
c)Curve named after Lord Engels
d)All of the above |
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The price of hot dogs increased by 22% and the quantity demanded falls by 25% this indicates that demand for hot dogs is: a)Elastic b)Inelastic c)Unitary elastic d)Perfectly elastic |
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Movement along the same demand curve shows:
a)Expansion of demand
b)Expansion of supply
c)Expansion and contraction of demand
d)Increase and decrease of demand |
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Movement along the same demand curve shows:
a)Expansion of demand
b)Expansion of supply
c)Expansion and contraction of demand
d)Increase and decrease of demand |
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In case of inferior goods like bajra, a fall in its price tends to: a)Make the demand remain constant b)Reduce the demand c)Increase the demand d)Change the demand in an abnormal way |
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