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Related Questions |
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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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For what type of good does demand fall with a rise in income levels of households?
a)Inferior goods
b)Substitutes
c)Luxuries
d)Necessities
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In case of an inferior good, the income elasticity of demand is:
a)Positive
b)Zero
c)Negative
d)Infinite
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Demand for a commodity refers to:-
a)Desire for the commodity b)Need for the commodity c)Quantity demanded of that commodity d)Quantity of the commodity demanded at a certain price during any particular period of time
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