Practice Test

Q1) ________ refers to how much quantity of a product or a sevice is desired by the buyers. Show Answer

Q2) The ______ is the amount of a product people are willing to buy at a certain price. Show Answer

Q3) Which of the following things is/are essential for a desire for a commodity to become effective demand? Show Answer

Q4) As per ________, " A fall in the price of a commodity causes a household to buy more of that commodity and less of the other commodities which compete with it, while rise in price causes the household to buy less of this commodity and more competing commodities." Show Answer

Q5) According to law of demand, ________, if the price of a the commodity falls, the quantity demanded of it will rise and the price of a commodity rises, its quantity demand will decline Show Answer

Q6) As per law of demand, other things being equal, if the price of a commodity _______, the quantity demanded of it will rise. Show Answer

Q7) According to law of demand, other things being equal, if the price of a commodity rises, its quantity demanded will _______ Show Answer

Q8) The law of demand assumes that ________ remain the same in a given period. Show Answer

Q9) The law of demand , assuming other things to remain constant, establishes the relationship between:_______ Show Answer

Q10) The law of demand assumes that ________ remain the same in a given period. Show Answer

Q11) As per the law of demand, there is ______ between price and quantity demanded, other things being same. Show Answer

Q12) Ceteris Paribus means ________ Show Answer

Q13) Demand for goods by an individual or the markets as a whole conventionally expressed in the form of:___________ Show Answer

Q14) A _______ of an individual buyer is an algebraic form of expressing his demand behaviour Show Answer

Q15) A ______ is a tabular form of describing the relationship between quantities demanded of good in response to its price per unit, while all non-price determining variables remain unchanged Show Answer

Q16) ________ is a grahical presentation of the demand schedule Show Answer

Q17) A demand curve ______ Show Answer

Q18) In economics_________ of a good is its expected capacity to satisfy a human want. Show Answer

Q19) Which of the following factors or principles is / are responsible for the operation of law of demand, or for the downward slope of the demand curves ? Show Answer

Q20) Which of the following factors or principles is / are responsible for the operation of law of demand, or for the downward slope of the demand curves ? Show Answer

Q21) Which of the following factors or principles is / are responsible for the operation of law of demand, or for the downward slope of the demand curves ? Show Answer

Q22) If the demand changes due to change in price, it is called________ Show Answer

Q23) if the demand changes due to change in other things, it is called as __________ Show Answer

Q24) When a consumer moves from one point to another on the same demand curve it is called as __________ Show Answer

Q25) When the entire demand curve shifts its position it is called as __________ Show Answer

Q26) If due to increase in 'price' , quantity demanded goes downward it is known as _______ Show Answer

Q27) If due to decrease in 'price' , quantity demanded goes upward it is known as _______ Show Answer

Q28) If due to change in other things, quantity demanded goes upward it is known as _________ Show Answer

Q29) If due to change in other things, quantity demanded goes downward it is known as _________ Show Answer

Q30) Contraction of demand is the result of: _____________ Show Answer

Q31) There is no exception to law of demand Show Answer

Q32) Which of the following is/ are exception to the law of demand? Show Answer

Q33) Goods which are consumed by weaker section of society are known as __________ Show Answer

Q34) Goods which are used by rich people to show their status are known as ________ Show Answer

Q35) Some special varities of inferior goods are termed as ______________ Show Answer

Q36) Which of the following is giffen goods? Show Answer

Q37) Which of the following is not Giffen goods? Show Answer

Q38) An increase in consumer income, will increase demand for a _________ but decrease demand for a _________ Show Answer

Q39) The first determinant of the demand for a goods is___________ Show Answer

Q40) Which of the following can be treated as determinant of demand? Show Answer

Q41) All of the following are determinants of demand except;________ Show Answer

Q42) Which of the following can be treated as determinant of demand? Show Answer

Q43) _______and ________do not directly affect the demand cruve. Show Answer

Q44) _________are those goods which are consumed simultaneously like car and petrol. Show Answer

Q45) ________are those goods that can be substituted for each other like coffee and tea. Show Answer

Q46) Ball-pen and refill are example of _______ Show Answer

Q47) Motor cycle and scooter are example of ______ Show Answer

Q48) Car and petrol are example of _______ Show Answer

Q49) Which of the following Pairs of goods is an example of substitutes Show Answer

Q50) If the price of ipods increases and as a consequence, the demand for MP3s increases, then ipods and MP3s are________ Show Answer

Q51) The _________ refers to the amount of a certain good producers are willing to supply when receiving a certain price. Show Answer

Q52) According to _______, supply always means a schedule of possible prices and amounts that would be sold at each price. Show Answer

Q53) __________ states: " other things being equal, the quantity of any commodity that firms will produce and offer for sale is positively related to commoditys own price, rising when the price rises and falling when the price falls." Show Answer

Q54) The law of supply states that a firm will produce and offer to sell greater quantity of a product or service as the price of that product or service rises, other things being equal. Show Answer

Q55) There is ________between price and quantity supplied. Show Answer

Q56) Suppy for goods by an individual or the market as a whole is conventionally expressed in the form of:______________ Show Answer

Q57) A ___________ of an individual supplier is an algebraic form of expressing his behaviour with regard to what he offers in the market at prevailing prices Show Answer

Q58) A________is a tabular statement that shows different quantity or service that are offered by the firm or producer in the market for sale at different prices at a given time. Show Answer

Q59) The individual________ is a graphical representation of the information given in individual supply schedule. Show Answer

Q60) ________relates to the supply of a good or service by one firm at different prices ,other things remains constant or equal. Show Answer

Q61) _______is the sum of the amount of good supplied for sale by all the firms or producers in the market at different prices during a given time. Show Answer

Q62) The supply curve slopes__________ Show Answer

Q63) Law of supply states that there exist _________ between the price of a product and its quantity supplied , ceteris paribus. Show Answer

Q64) If the supply changes due to change in price,it is called ________ Show Answer

Q65) If the supply changes due to change in other things ( determinants), it is called as __________ Show Answer

Q66) When a consumer moves from one point to another on the same supply curve it is called as __________ Show Answer

Q67) When the entire supply curve shifts its position it is called as ________ Show Answer

Q68) If due to increase in 'Price', Quantity supplied goes upward it is known as ____________ Show Answer

Q69) If due to decrease in Price, quantity supplied goes downward it is known as _________ Show Answer

Q70) IF due to changein other things quantity supplied goes upward it is known as ______ Show Answer

Q71) If due to chage in other things (determinanants) quantity supplied goes downwards it is known as __________ Show Answer

Q72) If the demand curve for a good is horizontal and the price is positive, then a leftward shift of the supply curve results in ___________ Show Answer

Q73) Which of the following can be treated as determinant of Supply? Show Answer

Q74) Which of the following can be treated as determinants of supply? Show Answer

Q75) Which of the following can be treated as determinants of supply? Show Answer

Q76) In economics equilibrium is a situation in which _________ Show Answer

Q77) In economics, equilibrium is a situation in which _______ Show Answer

Q78) The equilibrium is the state when _______ Show Answer

Q79) If the graphical presentation s made for demand and supply curve equilibrium is attained when________ Show Answer

Q80) ____________ is defined as the responsiveness of the quantity demanded of a good to the changes in one of the variables on which demand depends or we can say that it is the percentage change in quantity demanded divided by the percentage change in one of the variables on which demand depends Show Answer

Q81) __________ of demand is the degree of responsiveneess of the demand for a commodity to a change in its price Show Answer

Q82) The formula for calculating price elasticity of demand is _____________ Show Answer

Q83) When a very insignificant change in price leads to an infinite change in quantity demanded it is called as _________ Show Answer

Q84) Quantity demanded does not change with the change in price is called as ________ Show Answer

Q85) When a small change in price causes a greater change in the quantity demanded is called as _______ Show Answer

Q86) Where a greater change in price leads to a smaller change in quantity demanded, it is called as _________ Show Answer

Q87) When a change in price results in exaclty the same percentage change in the quantity demanded of a commodity, it is called as _____________ Show Answer

Q88) Perfectly elastic demand means: _______ Show Answer

Q89) Perfectly inelastic demand means: _________ Show Answer

Q90) Relatively elastic demand means: ________ Show Answer

Q91) Relatively inelastic demand means: ________ Show Answer

Q92) Unitary elastic demand means: ______ Show Answer

Q93) Price elasticity of demand can be measured through: _________ Show Answer

Q94) According to percentage method or arithmetic method of elasticity of demand, if the percentage change in quantity demanded is greater than the percentage change in price, the elasticity will be _____________ Show Answer

Q95) According to percentage method or arithmetic method of elasticity of demand, if the percentage change in quantity demanded is less than the percentage change in price, the elasticity is said to be ___________ Show Answer

Q96) According to percentage method or arithmetic method of elasticity of demand, if the percentage change in quantity demanded and price is same, the elasticity is said to be _____________ Show Answer

Q97) Total expnditure method was formulated by ___________ Show Answer

Q98) According to total expenditure method of elasticity of demand, if it is found that total expenditure remains the same, elasticity of demand is said to be _______ Show Answer

Q99) According to total expenditure method of elasticity of demand, if total expenditure increases due to increase in price the , elasticity of demand is said to be _______ Show Answer

Q100) According to total expenditure method of elasticity of demand, if total expenditure diminished with the decrease in price , elasticity of demand is said to be _______ Show Answer

Q101) According _____________, elasticity of demand is measured on different points on a straight line demand curve. Show Answer

Q102) According to graphic or point method of elasticity of demand, at mid-point on a straight line demand curve, elasticity will be equal to Show Answer

Q103) According to graphic method or point method of elasticity of demand, at higher points on a straight line demand curve, but to the left ot mid point elasticity will be equal to ________ Show Answer

Q104) According to graphic method or point method of elasticity of demand, at lower points on a straight line demand curve, but to the right to mid point elasticity will be equal to ________ Show Answer

Q105) According to graphic or point method of elasticity of demand the price elasticity of demand at a point on straight line is equal to ________ of the demand curve Show Answer

Q106) Price elasticicty of demand is dependent upon __________ Show Answer

Q107) Price elasticicty of demand is dependent upon __________ Show Answer

Q108) The demand is _________ for moderate priced goods Show Answer

Q109) The demand for very costly and very cheap goods is ____________ Show Answer

Q110) If a good has a close substitutes, the price elasticity of demand for a commodity will be ________ as some other commodities can be used for it Show Answer

Q111) Which of the following has inelastic demand? Show Answer

Q112) Elasticity of demand for a good is not dependent upon the proportion of a consumer's budget spent on it. Show Answer

Q113) If individuals are habituated of some commodities the demand for such commodities will be usually _______ Show Answer

Q114) The demand for necessities is ________ Show Answer

Q115) The demand for comforts and luxuries is _________ Show Answer

Q116) A commdity which has several uses will have an ________ demand such as milk, wood etc. Show Answer

Q117) A commodity having only one use will have _______ demand Show Answer

Q118) Usually the deamnd for commodities, the consumption of which can be postponed has ________ demand as the price rise and is expected to fall again. Show Answer

Q119) The Change in demand of a goods X in response to a change in the price of Goods Y is called ___________ Show Answer

Q120) Cross price elasticity is __________ if the change in the price of goods Y causes a change in quantity demanded of goods X in same direction Show Answer

Q121) Cross price elasticity is __________ if the change in the price of goods Y causes a change in quantity demanded of goods X in opposite direction Show Answer

Q122) Cross price elasticity is __________, if a change in price of Goods Y does not affect the quantity demanded Goods X Show Answer

Q123) in case of ______ cross elasticity is infinite Show Answer

Q124) In case of ______, cross elasticity is positive Show Answer

Q125) in case of ________ cross elasticity is negative Show Answer

Q126) A positive cross elasticity of demand coefficient indicates that _________ Show Answer

Q127) ________ is a degree of responsiveness of quantity demanded of goods to a change in income of consumers Show Answer

Q128) ________ have a positive income elasticity of demand so as consumers income rises demand also increases Show Answer

Q129) _______ have a negative income elastcity of demand falls when income rises Show Answer

Q130) ______ have an income elasticity of demand Ed > 1 Show Answer

Q131) The supply is said to be ________ when a very insignificant changein price leads to an infinite change in quantity supplied Show Answer

Q132) The supply is said to be ________, when a change in price producees no change in quantity supplied of a commodity Show Answer

Q133) The supply is ______ when a greater change in price leads to smaller change in quantity supplied Show Answer

Q134) Perfectly elastic supply means _______ Show Answer

Q135) Perfectly inelastic supply means ________ Show Answer

Q136) Relatively elastic supply means: ________ Show Answer

Q137) Relatively inelastic supply means: ________ Show Answer

Q138) Unitary elastic supply means: ______ Show Answer

Q139) The price of goods X increases by 22% and quantity of goods X demanded falls by 25% this indicates that demand for goods X is Show Answer

Q140) Suppose the price of commodity rises from Rs. 120 to Rs. 200, it is observed that the rise in price causes quantity demanded to fall from 300 to 200. What is the price elasticity of demand for commodity. Show Answer

Q141) If the price of a commodity is reduced from Rs. 300 to Rs. 200 and the quantity demanded increases from 3000 to 5000. what is the price elasticity of demand Show Answer

Q142) A discount store has a special offer on CD's . It reduces their prices from Rs. 150 to Rs. 100 suppose the store manager observes that the quantity demanded increases from 700 CD's to 1300 CD's.What is the price elasticity of demand for CD's Show Answer

Q143) Suppose the consumer income increases from Rs. 30 000 to Rs. 36 000. As a result the consumer increases her purchase of CD's From25 to 30. what is the consumers income elasticity of demand for CD's Show Answer

Q144) the price of commodity decreases from rs. 6 to Rs. 4 and his demand for goods increases from 10 units to 15 units find the co-efficent of price elasticity of demand: Show Answer

Q145) a consumer buys 50 units of commodity @ Rs. 4 per unit. When its price falls by 25 % it demand rises to 100 units find out price elasticity of demand Show Answer

Q146) When the price of the commodity X is Rs. 20 per unit it's quantity demanded is 50 units, and when the price goes upto Rs. 40 per unit its quantity demanded falls to 25 units. Find the price elasticy coefficeint and give its interpretration Show Answer

Q147) A consumer spends Rs. 80 on a commodity when its price is Re. 1 per unit and spend Rs. 96 when the price is Rs. 2 per unit. Calculate the price elasticity coefficient of demand for commodity. Show Answer

Q148) Consumer X buys 100 units of commodity at Rs. 8 per unit. When its price falls by 50 %, the demand rises to 200 units. Find out the price elasticity of demand for this product. Show Answer

Q149) When the income of the consumer is Rs.40, his demand for a particular commodity is 8 units. When his income goes up to Rs. 50 his demand for that commodity becomes 10 units calculate his income elasticity of demand for the commodity. Show Answer

Q150) 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 Show Answer

Q151) Calculate cross elasticity of demand when demand for X increase from 10 units to 15 units and price of Y increase from Rs. 3 to Rs. 6 per unit Show Answer

Q152) If the price elasticity of demand for a goods is 0.70, the demand for the goods can be described as : _______ Show Answer

Q153) Price elasticicty of demand is dependent upon __________
Show Answer

Q154) Cross price elasticity is _________ if the slighest change in the price of Goods Y causes a substantial change in the quantity demanded of Goods X.
Show Answer

Q155) __________ defines market as, "not any particular market place in which things are bought and sold, but the whole of any region in which buyers and sellers are in such free intercourse with each other that the prices of the same goods tend to equality easily and quickly". Show Answer

Q156) According to_____, " Market means the general field within which, the force determining the price of particular product operate". Show Answer

Q157) _______ explain the term market as " any organization whereby buyers and sellers of a good are kept in close touch with each other". Show Answer

Q158) Which of the following is/ are basic components of market? Show Answer

Q159) ________ refers to a market structure in which a large number of firms produce identical goods and sell them at a uniform price, where firms have the freedom of entry and exit and all the buyers and sellers have full knowledge of the market conditions. Show Answer

Q160) Which of the following is feature of ' Perfect Competition' ? Show Answer

Q161) Which of the following is feature of ' Perfect Competition' ? Show Answer

Q162) Which of the following is feature of ' Perfect Competition' ? Show Answer

Q163) Which of the following is feature of ' Perfect Competition' ? Show Answer

Q164) Which of the following is not a feature of ' Perfect Competition'? Show Answer

Q165) Under which of the following forms of market structure does a firm have no control over the price of its product? Show Answer

Q166) In a perfect competition, product supplied by one firm is a perfect substitute of that supplied by another. Show Answer

Q167) In a perfect competition, every firm in the industry is a price maker. Show Answer

Q168) In a perfect competition, the demand for product of the firm is _______. Show Answer

Q169) In a perfect competition, single buyer or seller may have influence on the price. Show Answer

Q170) In a perfect competition, every buyer and seller may not have knowledge of the market. Show Answer

Q171) In a perfect competition, seller has to incur selling expenses because his product has to be differentiated from the products supplied by other sellers. Show Answer

Q172) Agricultural goods markets depict characteristics close to ______. Show Answer

Q173) Since a perfectly competitive firm is a price taker, it is faced with a straight line demand curve i.e. AR is _______. Show Answer

Q174) What is the shape of the demand curve faced by a firm under perfect competition? Show Answer

Q175) In a perfect competition, the firm will be in equilibrium when _____. Show Answer

Q176) The short run average cost curve (SAC) is ____. Show Answer

Q177) In a perfect competition, the firms have _____. Show Answer

Q178) On account of law of ______, the average variable cost curve is U-shaped. Show Answer

Q179) In a perfect competition operating under long run, no firm is able to earn an abnormal profit. Show Answer

Q180) These short run cost curves (SACs) are also called as _______. Show Answer

Q181) In a perfect competition in long run firm gets equilibrium where it is operating under ____. Show Answer

Q182) For the price-taking firm: ________ Show Answer

Q183) If under perfect completion, the price line lies below the average cost curve, the firm would ______. Show Answer

Q184) In a perfect competition which curve among following will be a straight line? Show Answer

Q185) The term monopoly means a ______. Show Answer

Q186) The monopolist is _______. Show Answer

Q187) A monopoly firm faces a ______ for his product. Show Answer

Q188) Which of the following is feature of 'Monopoly firm'? Show Answer

Q189) Which of the following is not a feature of ' Monopoly firm'? Show Answer

Q190) Which of the following is not a feature of ' Monopoly firm'? Show Answer

Q191) All of the following are characteristics of a monopoly except: _______. Show Answer

Q192) In a monopoly, the monopolist can ______. Show Answer

Q193) According to "total revenue & total cost" approach, a monopoly firm attains equilibrium when the difference between its total revenue and total cost is the ______. Show Answer

Q194) According to "marginal revenue marginal cost approach" approach, a monopoly firm attains equilibrium when _______. Show Answer

Q195) During short run monopolist may ________. Show Answer

Q196) The art of selling the same commodity produced under a single control to different buyers at different prices is called _______. Show Answer

Q197) Essential condition(s) for price discrimination is/are _______. Show Answer

Q198) Essential condition(s) for price discrimination is/are _______. Show Answer

Q199) _______ is the basic objective before a discriminating monopolist. Show Answer

Q200) Under price discrimination, the seller charges ______ in market having the less elastic demand. Show Answer

Q201) Under price discrimination, the seller charges ______ in market having the elastic demand. Show Answer

Q202) A non-discriminating monopolist will find that marginal revenue is _______. Show Answer

Q203) A monopolistic competition is defined as that market struture each seller produces a _____. Show Answer

Q204) The concept of product differentiation means that _______. Show Answer

Q205) Which of the following method is adopted for product differentiation? Show Answer

Q206) Which of the following is/are feature of monopolistic competition? Show Answer

Q207) Which of the following is/are feature of monopolistic competition? Show Answer

Q208) Which of the following is not feature of monopolistic competition? Show Answer

Q209) Which of the following is not feature of monopolistic competition? Show Answer

Q210) Monopolistic competition differs from perfect competition primarily because ______. Show Answer

Q211) In short run a firm operating under monopolistic competition may ________. Show Answer

Q212) In monopolistic competition, firms earn only ______. Show Answer

Q213) A monopolist will maximize profit ______. Show Answer

Q214) Free entry and exit condition exist in _____. Show Answer

Q215) Single firm in industry is feature of _____. Show Answer

Q216) Large number of buyer exists in ______. Show Answer

Q217) Uniform price is a feature of ______. Show Answer

Q218) Firm in industry is 'price taker'. This is feature of ______. Show Answer

Q219) Firm in industry is 'price maker'. This is feature of ______. Show Answer

Q220) Price elasticity of demand for individual firm is perfectly elastic. This is a feature of ____. Show Answer

Q221) Product differentiation is a feature of ______. Show Answer

Q222) No selling costs exist. This is a feature of _____. Show Answer

Q223) Tooth paste industry is example of _______. Show Answer

Q224) Price discrimination take place in ______. Show Answer

Q225) Under which market situation demand curve is linear and parallel to X-axis? Show Answer

Q226) AR=MR=P , is a feature of ______. Show Answer

Q227) Under ______ market condition, firms in industry make normal profit in the long run. Show Answer

Q228) The meaning of the word ’Economic’ is most closely connected with the word Show Answer

Q229) Human wants are - Show Answer

Q230) “Ends� refer to - Show Answer

Q231) “Means� refer to - Show Answer

Q232) “Resources “ refers to Show Answer

Q233) The means of satisfying wants are Show Answer

Q234) Which of the following is an economic activity ? Show Answer

Q235) Which of the following is not an economic activity ? Show Answer

Q236) Which of the following is an economic activity ? Show Answer

Q237) Which of the following is an economic activity ? Show Answer

Q238) Which is the following is not correct ?Economic is viewed as Show Answer

Q239) Adam Smith considered Economics as - Show Answer

Q240) Which of these Economists did not consider Economic as science of wealth ? Show Answer

Q241) 14. Alfred Marshal considered Economics as - Show Answer

Q242) A.C. Pigou considered Economics as - Show Answer

Q243) Economics=study of wealth +study of Man. this definition of economics is attributed to - Show Answer

Q244) Lionel Robbins considered economics as Show Answer

Q245) Which of the following Economics considered Economics as science of choice making ? Show Answer

Q246) Find the correct match - Show Answer

Q247) Who expressed the view that “ Economics is neutral between ends ? Show Answer

Q248) ……..viewed Economics as a science of dynamic growth and development Show Answer

Q249) The law of Scarcity Show Answer

Q250) Which of the following is the best general definition of the study of economics ? Show Answer

Q251) What implication (s) does resource scarcity have for the satisfaction of wants Show Answer

Q252) Rational decision making requires that Show Answer

Q253) What is the “ Fundamental Premise� of Economics ? Show Answer

Q254) Consider the following and decide which ,economy if any is without scarcity Show Answer

Q255) Economics is the study of - Show Answer

Q256) Scarcity in Economics is an Show Answer

Q257) Resources are scare in relation to Show Answer

Q258) In a capitalist economy the allocation of resources is performed by Show Answer

Q259) Which of the following statements is incorrect? Show Answer

Q260) Inequalities of income do not perpetuate in Show Answer

Q261) Which of the following are the features of a fixed economy? Show Answer

Q262) Normative Economics is based on Show Answer

Q263) Dual system of pricing exist in Show Answer

Q264) In Inductive method, logic proceeds from Show Answer

Q265) In a capitalist economy, allocation of resources is done by Show Answer

Q266) A Capitalist Economy follows the policy of Show Answer

Q267) Economics is the science of choice making it implies Show Answer

Q268) Which of the following is a part of the subject matter of macro economics? Show Answer

Q269) The usual shape of PPC is _____ towards the origin. Show Answer

Q270) What will be the shape of PPC when marginal opportunity cost is constant? Show Answer

Q271) A capitalist economy is by and large _____ Show Answer

Q272) Deductive and Inductive methods are complimentary to each other. It is Show Answer

Q273) A free market economy’s driving force is Show Answer

Q274) "Economics is neutral between ends". This statement is given by Show Answer

Q275) A system of economy in which all the means of production are owned and controlled by the private individuals for the purpose of profit, is called Show Answer

Q276) Which of these is an example of micro economics ? Show Answer

Q277) Macro-Economics is the study of behavior of Show Answer

Q278) Micro-Economics is the study of behavior of : Show Answer

Q279) Micro-Economics is also called Show Answer

Q280) Macro- Economics is also called Show Answer

Q281) In Micro-Economics we study about Show Answer

Q282) The difference between Micro-Economics Show Answer

Q283) Which of the following is not a variable of Macro-Economics ? Show Answer

Q284) Which of the following is not a variable of Micro-Economics ? Show Answer

Q285) Price theory is the other name of Show Answer

Q286) Income theory is the other name of - Show Answer

Q287) Micro-Economics is also known as -- Show Answer

Q288) Price theory is an important constituent of ……..Economics Show Answer

Q289) Which of the following is not a v Micro-Economic subject matter ? Show Answer

Q290) Which of the following is covered in Macro Economics? Show Answer

Q291) Which of the following is covered in Macro Economics ? Show Answer

Q292) Which of the following is covered in Micro Economics ? Show Answer

Q293) Which of the following is covered in Micro Economics ? Show Answer

Q294) The branch of economic theory that deals with the problem of allocation of resources is Show Answer

Q295) State which of the following represents macro from the national point of view Show Answer

Q296) Which of the following falls under Micro Economics ? Show Answer

Q297) Which of the following does not fall under Macro Economics ? Show Answer

Q298) Which of the following statement is correct ? Show Answer

Q299) ……….deals with the problem of allocation of resources . Show Answer

Q300) Economics is - Show Answer

Q301) Every science has - Show Answer

Q302) Science studies ……and ………between two or more variables Show Answer

Q303) Scientific Data /Relationships are - Show Answer

Q304) Science has Show Answer

Q305) In Economics as a Science ,Cause and between related factors Show Answer

Q306) In Economics ,predication about behavior of variables in future - Show Answer

Q307) Economics is Show Answer

Q308) In Economics, generalization of theories is not possible due to the fact that Show Answer

Q309) Economics is Show Answer

Q310) Science is theoretical while art is Show Answer

Q311) Music is an example of - Show Answer

Q312) Art refers - Show Answer

Q313) Which of the following is not a feature of Art? Show Answer

Q314) Economics is both a Science and an art .This statement is Show Answer

Q315) Economics is not a social Science .This statement is Show Answer

Q316) Economics as a ………. science only explains “ What is “ Show Answer

Q317) Economics as a ………. science only explains “ ought to be� Show Answer

Q318) A ……….science is descriptive in nature . Show Answer

Q319) A ……….science is prescriptive in nature . Show Answer

Q320) A ……….science is also called Pure Science . Show Answer

Q321) A ……….science involves making value judgments i.e. what is good and what is bad . Show Answer

Q322) Which of the following statement is not true ? Show Answer

Q323) ………Economics explains economic phenomena according to their causes and effects Show Answer

Q324) Which of the following statement is not true about Positive and Normative Science ? Show Answer

Q325) Which of the following is a Normative Statement ? Show Answer

Q326) Which of the following statements would you consider to be a Normative one ? Show Answer

Q327) An example of ‘Positive ‘ economic analysis would be Show Answer

Q328) 52. Ram may con harvest this year is poor
Lakshman : don’t worry .price increases will compensate for the fail in quantity supplied
Krishana : climate affects crop yields some years are bad ,others are good
Balram : The government ought to gurantee that our income will not fall
In this conversation ,the normative statement is made by
Show Answer

Q329) Which of the following statement is normative ? Show Answer

Q330) Economics as a positive science should be neutral between ends .This statement is Show Answer

Q331) Which of these is false ,if economics is considered as a positive Science ? Show Answer

Q332) Which of these is true ,if economics is considered as a positive Science ? Show Answer

Q333) Which of these is false, if Economics is considered as a Normative Science ? Show Answer

Q334) Which of these is true ,if economics is considered as a Normative Science ? Show Answer

Q335) Which of these Economics were of the view that economics is a Normative Science Show Answer

Q336) Which of these Economics were of the view that economics is a positive Science ? Show Answer

Q337) When we specify that economists should not concerned with whether the society should use its resources towards producing medicines or machine guns, we consider Economics as - Show Answer

Q338) When we specify that economists should not be concerned with whether an individual should use his income towards purchasing cigarettes or rice , we consider Economics as - Show Answer

Q339) Economics is concerned only with study of economic decision of individuals ,and not with the moral or ethical aspects thereof .This statement consider Economics as - Show Answer

Q340) Economics has - Show Answer

Q341) While laying down theories (like law of demand law of supply ) ,the ……aspect of Economics is projected and bought out Show Answer

Q342) While dealing with issues like how the National Income should be distributed ,what should be the wage rate etc the ……..aspect of Economics is projected and bought out

Show Answer

Q343) Economic Laws are essentially ……..and ……… Show Answer

Q344) Economic laws are - Show Answer

Q345) Economic laws are merely statements of economic tendencies .This statement is Show Answer

Q346) Which of the following is true about economic Laws ? Show Answer

Q347) Which of the following statement is true about Economic Laws ? Show Answer

Q348) Economic laws are Show Answer

Q349) Economic Laws are – Show Answer

Q350) Economic Laws are statements which explain-

Show Answer

Q351) Which of these is law of Economics ? Show Answer

Q352) Which of these is a not a law of Economics ? Show Answer

Q353) Economic Laws are - Show Answer

Q354) Economic Laws are - Show Answer

Q355) The methods to derive economic laws are - Show Answer

Q356) In Deductive Method ,the logic proceeds from Show Answer

Q357) In Deductive Method ,first ………and then ……… Show Answer

Q358) In_______ Method certain assumptions are made first before analyzing the data Show Answer

Q359) ____Method is based on abstract reasoning and subsequent verification with facts Show Answer

Q360) ____Method is also called A period Method . Show Answer

Q361) The other means for Deductive Method are Show Answer

Q362) Demand Theory ,supply Theory, etc have been derived based on Show Answer

Q363) Which of the following steps relates only to Deductive Method in Economics ? Show Answer

Q364) In deduction Method ,the logic proceeds from - Show Answer

Q365) In Inductive Method ,first ………and then ……… Show Answer

Q366) Inductive Method is ……. Based on the observation of particular facts . Show Answer

Q367) 91. Researches in Micro-Economics e.g. principle of acceleration describing the relationship between income and consumption ,have been derived based on -- Show Answer

Q368) ____Method is based on initial analysis of facts and subsequent reasoning there form Show Answer

Q369) For deriving economic laws ,Deductive and Inductive Methods are -- Show Answer

Q370) Human behavior cannot always be observed experimented and collected as data .This principle is recognized by Show Answer

Q371) Facts observed in a certain situation cannot be generalized and universally applied .This principle is recognized by - Show Answer

Q372) ……..Method uses statistical techniques extensively to analyze data Show Answer

Q373) 'Economics is the study of mankind in the ordinary business of life’ was given by Show Answer

Q374) The branch of economics theory that deals with the problem of allocation of resources is Show Answer

Q375) A study of how increase in the corporate income tax rate will affect the natural unemployment rate is an example of Show Answer

Q376) If a point falls inside the production possibility curve, what does it indicate? Show Answer

Q377) The word 'Economics' originates from the word — Show Answer

Q378) The word 'Economics' originates from the _____ world 'Oikonomikos' Show Answer

Q379) It is assumed in economic theory that Show Answer

Q380) 'Oikos', which means — Show Answer

Q381) 'Nomos', which means — Show Answer

Q382) The task of economic science is to — Show Answer

Q383) The meaning of Greek word 'oikonomikus' is — Show Answer

Q384) As per the old economists, economics means _____ Show Answer

Q385) The _____ of the discipline of economics is to study the working of an economy and the issues by it. Show Answer

Q386) The nature of economic problems and their solutions is closely linked with the _____ of the economic system. Show Answer

Q387) Economics is _____
A. Science
B. An Art
Select the correct answer from the options given below —
Show Answer

Q388) Economics is a _____
I. Physical science
II. Pure science
III. Social science
IV. Statistical science
Select the correct answer from the options given below —
Show Answer

Q389) What is the " fundamental premise of economics" ? Show Answer

Q390) The central problem in economics is that of — Show Answer

Q391) Which of the following is not one of the central questions that the study of economics is supposed to answer? Show Answer

Q392) Economics may be defined as the science that explains — Show Answer

Q393) Economic choices can be summarized in five big questions. They are — Show Answer

Q394) Study of an economy includes: Alternative forms of an economy like _____ economy. Show Answer

Q395) Human wants may be classified into: _____ Show Answer

Q396) Wants can be satisfied by the consumption of ………., are economic wants. Show Answer

Q397) In a free market economy the allocation of resources is determined by — Show Answer

Q398) A capitalist economy uses _____ as the principal means of allocating resources. Show Answer

Q399) In a free market economy, when consumers increase their purchase of a good and the level of _____ exceeds _____ then prices tend to rise. Show Answer

Q400) Which of the following can be treated as characteristic of economic wants?
1. Even if satisfied, the wants have a tendency to re-emerge.
2. With the passage of time, the wants tend to increase in number and in variety.
Select the correct answer from the options given below —
Show Answer

Q401) Which of the following would be considered a disadvantage of allocating resources using a market system? Show Answer

Q402) Wants are — Show Answer

Q403) The "means" available for satisfaction of wants are _____ Show Answer

Q404) In a mixed economy, .......... Show Answer

Q405) "If economists were laid end to end, they would not reach a conclusion." This is said by — Show Answer

Q406) Arrange the following in proper from: Stages as Economics developed as a subject:
I. Material Welfare Definition
II. Wealth Definition
III. Development and Growth Definition
IV. Scarcity and Choice Definition
Select the correct answer from the options given below—
Show Answer

Q407) Which of the following is the best general definition of the study of Economics? Show Answer

Q408) Who is considered to be the founding father of economics? Show Answer

Q409) During the eighteenth and the early part of nineteenth century, Adam Smith, considered to be the founding father of modem economics, along with economist(s) like —
X. Alfred Marshall
Y. J. B. Say
Z. Walker
Select the correct answer from the options given below —
Show Answer

Q410) Who systematized the concept in the form the book which was entitled as, "An Enquiry into the Nature and Cause of the Wealth of Nations"? Show Answer

Q411) Adam Smith systematized the concept in the form the book which was entitled as — Show Answer

Q412) Adam Smith systematized the concept in the form the book which was entitled as, "An Enquiry into the Nature and Cause of the Wealth of Nations" published in — Show Answer

Q413) Who of the following referred economics as the "science of wealth"?
(X) J. B. Say
(Y) Walker
(Z) Adam Smith
Select the correct answer from the options given below —
Show Answer

Q414) Who of the following referred 'economics' as the science of wealth? Show Answer

Q415) Who of the following referred 'economics' as the science of wealth? Show Answer

Q416) _____ assumed that, the wealthier a nation, the happier its citizens are. Show Answer

Q417) The central point in Adam Smith's definition is — Show Answer

Q418) Who defined Economics in terms of "The Science of Wealth"? Show Answer

Q419) Which of the following is merit of 'Wealth Definition'? Show Answer

Q420) Which of the following is demerit of 'Wealth Definition'? Show Answer

Q421) Which of the following is demerit of 'Wealth Definition'? Show Answer

Q422) Which of the following is demerit of 'Wealth Definition'? Show Answer

Q423) "The produce of the earth all that is derived from its surface by the united application of labour, machinery and capital is divided among three classes of the community, namely, the proprietor of the land, the owner of the stock of capital necessary for its cultivation, and the labourers by whose industry it is cultivated." Thus, "to determine the laws which regulate this distribution is the principal problem in Political Economy". This is said by — Show Answer

Q424) Welfare definitions of economics were propounded by — Show Answer

Q425) Welfare definitions of economics was propounded by Alfred Marshall and supported by economists like —
(I) A.C. Pigou
(II) J.N. Keynes
(III) Lionel Robbins
Select the correct answer from the options given below —
Show Answer

Q426) As per _____, "Economics is a study of man in the ordinary business of life. It enquires how he gets his income and how he uses it. Thus, it is on the one side, the study of wealth and on the other and more important side, a part of the study of man". Show Answer

Q427) Alfred Marshall published his book, "_____" Show Answer

Q428) Alfred Marshall published his book, "Principles of Economics" in — Show Answer

Q429) According to Marshall, "End is the _____". Show Answer

Q430) Who was the pioneer of welfare thought? Show Answer

Q431) "The range of our inquiry becomes restricted to that part of social welfare that can be brought directly or indirectly into relation with the measuring rod of money". This definition is given
by-
Show Answer

Q432) A. C. Pigou published his book "_____" Show Answer

Q433) Pigou's definition of economics, was restricted only to economic systems: Show Answer

Q434) Welfare definitions of economic are more relevant, comprehensive and scientific than wealth definitions. Show Answer

Q435) As per _____, Economics is being regarded as "an engine of social betterment". Show Answer

Q436) Who first recognized the significance of human welfare? Show Answer

Q437) The important feature(s) of Marshall's definition: ………. Show Answer

Q438) Some of the more important criticism against the welfare definitions is/are — Show Answer

Q439) Who offered most scientific definition of economics? Show Answer

Q440) Lionel Robbins has offered most scientific definition in his famous book, titled ".........." Show Answer

Q441) Consider the following and decide which, if any, economy is without scarcity: Show Answer

Q442) As per _____, "Economics is the science, which studies human behaviours as a relationship between ends and scarce means which have alternative uses." Show Answer

Q443) "Economics is the science, which studies human behaviours as a relationship between _____ which have alternative uses." Show Answer

Q444) Scarcity is a situation in which _____ Show Answer

Q445) As per Robbins definition; Economics is a — Show Answer

Q446) As per Robbins definition; Ends refer to the — Show Answer

Q447) As per Robbins definition; Human wants are — Show Answer

Q448) What implication(s) does resource scarcity have for the satisfaction of wants? Show Answer

Q449) Economic goods are considered scarce resources because they — Show Answer

Q450) According to _____, economists should concentrate upon the study of the manner in which an economy tries to solve its problem of scarcity of means of satisfaction as compared with its needs. Show Answer

Q451) Robbins' definition is superior to the earlier definition because of — Show Answer

Q452) Which of the following can be treated as demerit of Robbins' definition? Show Answer

Q453) On which of the following themes of economics Samuelson has emphasized? Show Answer

Q454) Rational decision making requires that - Show Answer

Q455) As per _____, "Economics is the study of how people and society end up choosing, with or without the use of money, to employ scarce productive resources that could have alternative uses to produce various commodities over time and distributing them for consumption, now or in the future, among various persons or groups in society. It analyses costs and benefits of improving patterns of resource allocation". Show Answer

Q456) Paul A Samuelson has propounded what has come to be known as the _____ oriented definition of economics. Show Answer

Q457) Paul A Samuelson written a book titled — Show Answer

Q458) The law of scarcity: ………. Show Answer

Q459) Who expressed the view that "Economics is neutral between end"? Show Answer

Q460) A subject is considered science if —
X. It is systematized body of knowledge which traces the relationship between cause and effect.
Y. It is capable of measurement.
Z. It has its own methodological apparatus.
Select the correct answer from the options given below —
Show Answer

Q461) Who said that "An art is a system of rules for the achievement of a given end."? Show Answer

Q462) Economics is _____ Show Answer

Q463) _____ analyses cause and effect relationship between variables but it does not pass value judgment. Show Answer

Q464) A positive science states - "………." Show Answer

Q465) Who of the following treated Economics as positive science? Show Answer

Q466) Who of the following treated Economics as normative science? Show Answer

Q467) In a ………. we study a phenomenon as it exists. Show Answer

Q468) Which of the following remains strictly neutral as regards ends? Show Answer

Q469) Which of the following deals with things as they ought to be? Show Answer

Q470) Positive science is _____ Show Answer

Q471) An example of 'positive' economic analysis would be: ………. Show Answer

Q472) Which of the following is positive statement? Show Answer

Q473) Which of the following statements would you consider to be a normative one? Show Answer

Q474) Positive economic analysis _____ Show Answer

Q475) Which of the following is normative statement? Show Answer

Q476) Which of the following is an example of a normative statement? Show Answer

Q477) Which of the following is a normative statement? Show Answer

Q478) Which of the following is defined as branch of economic analysis that studies the economic behaviour of the individual unit, a particular household, or a particular firm? Show Answer

Q479) A study of how increases in the corporate income tax rate will affect the national unemployment rate is an example of — Show Answer

Q480) _____ may be defined as that branch of economic analysis which studies behaviour of not one particular unit, but of all the units combined together. Show Answer

Q481) Macro economics is the study of — Show Answer

Q482) Which of the following does not suggest a macro approach for India? Show Answer

Q483) _____ is a study of one particular unit rather than all the units combined together. Show Answer

Q484) From the national point of view which of the following indicates micro approach? Show Answer

Q485) _____ is a study in aggregates. Show Answer

Q486) Micro and Macro Economics were coined by _____ during the twenties, and since then they are frequently used by economists for economic analysis. Show Answer

Q487) The branch of economic theory that deals with the problem of allocation of resources is - Show Answer

Q488) The publication of _____ General Theory, in 1936, gave a strong impetus to the growth and development of modern macro economics. Show Answer

Q489) We mainly study the following in Micro-Economics —
(1) Product pricing
(2) Consumer behaviour
(3) Factor pricing
Select the correct answer from the options given below —
Show Answer

Q490) We mainly study the following in Micro-Economics — Show Answer

Q491) We mainly study the following in Macro-Economics —
I. National income and output
II. General price level
III. Balance of trade and payments
Select the correct answer from the options given below —
Show Answer

Q492) We mainly study the following in Macro-Economics: ………. Show Answer

Q493) We mainly study the following in Micro-Economics: ………. Show Answer

Q494) The study of microeconomics includes the study of _____ Show Answer

Q495) We mainly study the following in Macro-Economics: _____ Show Answer

Q496) Micro-economics deals with — Show Answer

Q497) Micro and macro are not two independent approaches to economic analysis but they are complementary to each other. Show Answer

Q498) Which of the following is not a micro economic subject matter? Show Answer

Q499) Central problems of an economy is/ are: Show Answer

Q500) Central problems of an economy is/ are: ….. Show Answer

Q501) In economics the central problem is: Show Answer

Q502) Who used the concept of the production possibility curve to explain the economic problem of a society? Show Answer

Q503) A _____ is the locus of all such combinations of two commodities which can be produced in a country with its given resources and technology. Show Answer

Q504) Production possibility curve is _____ to origin. Show Answer

Q505) Due to limited availability of natural resources, the country cannot choose any such combination like ‘_____’. Show Answer

Q506) If the country chooses the combination point M, i.e., if it produces OX0 of paddy and OY0 of natural rubber then it would indicate — Show Answer

Q507) If the country chooses any combination of N and T on the production possibility curve, it implies — Show Answer

Q508) If new resources are available or if the level of technology is improved (e.g., application of high-yielding varieties of seeds, better methods of cultivation, better irrigational facilities, etc.) then the whole production possibility curve will shift .......... Show Answer

Q509) _____ is the value of alternative foregone in order to have something else. Show Answer

Q510) Which of the following are assumptions underlying the PPC? Show Answer

Q511) Which of the following bundles of goods could not be produced with the resources the economy currently has? Show Answer

Q512) An economy achieves "productive efficiency" when: Show Answer

Q513) Which point on the PPF shows a "productively efficient" level of output? Show Answer

Q514) Which of the following clearly represents a movement toward greater productive efficiency? Show Answer

Q515) Which of the following illustrates a decrease in unemployment using the PPF? Show Answer

Q516) If the PPF is linear, i.e., a straight line, which of the following is true? Show Answer

Q517) Periods of less than full employment correspond to _____ Show Answer

Q518) Which of the following would not result in right- ward shift of the PPF? Show Answer

Q519) During presidential election campaigns, candidates often promise both more "gun" and more "butter" if they are elected. Assuming unemployment is not a problem, what possible assumption are they making but not revealing to their audience? Show Answer

Q520) Which of the following represents the concept of trade-offs? Show Answer

Q521) Which of the following would not move the PPF for this economy closer to point W? Show Answer

Q522) Moving from point A to point D, what happens to the opportunity cost of producing each additional unit of consumer goods? Show Answer

Q523) What is the opportunity cost of moving from point A to point B? Show Answer

Q524) Unemployment or under-employment of one or more resources is illustrated by production at point: ………. Show Answer

Q525) Which of the following is a reason for the curvature or bowed-out shape of the PPF? Show Answer

Q526) Which of the following is a reason for the negative slope of the PPF? Show Answer

Q527) If the marginal (additional) opportunity cost is a constant then the PPC would be — Show Answer

Q528) Which of the following is likely to cause an inward shift in a country's PPC? Show Answer

Q529) The various combinations of goods that can be produced in any economy when it uses its available sources and technology efficiently are depicted by — Show Answer

Q530) Production Possibilities curve is also known as — Show Answer

Q531) A _____ is one which is characterized by free markets and the absence of government intervention in the economy. Show Answer

Q532) _____ is an organization of the society in which the material means of production are owned by the whole commodity and operated by organs, representative of and responsible to, all members of community according to a general plan, all members of community being entitled to get benefits from the results of such socialist planned production on the basis of equal rights. Show Answer

Q533) A _____ has been defined as a system in which the public sector and the private sector are allotted their respective roles simultaneously in promoting the economic welfare of the community. Show Answer

Q534) Capital intensive technique would get chosen in a _____ Show Answer

Q535) Which of the following is feature of capitalist economic system? Show Answer

Q536) Features of capitalist economic system is/are: _____ Show Answer

Q537) Labour intensive technique would get chosen in a _____ Show Answer

Q538) Which of the following is characterized by the policy of laissez-faire on the part of the State Authorities? Show Answer

Q539) In capitalism, all economic activities are guided by- Show Answer

Q540) Freedom of choice is the advantage of — Show Answer

Q541) Consumer sovereignty is a feature of — Show Answer

Q542) In an economy people have the freedom to buy or not to buy the goods offered in the market place, and this freedom to choose what they buy dictates what producers will ultimately produce. The key term defining this condition is Show Answer

Q543) Which of the following country have features of capitalistic economic system? Show Answer

Q544) Socialist economy is a — Show Answer

Q545) In which economic system all the means of production are owned and controlled by private individuals for profit. Show Answer

Q546) In the words of _____, "Socialism is an organization of the society in which the material means of production are owned by the whole commodity and operated by organs, representative of and responsible to, all members of community according to a general plan, all members of community being entitled to get benefits from the results of such socialist planned production on the basis of equal rights." Show Answer

Q547) According to _____, "The fundamental character of socialism consists in its abolition of class relations which form the basis of Capitalist production through expropriation of the propertied class and the socialization of land and capital." Show Answer

Q548) The erstwhile _____ is an example of socialist economy. Show Answer

Q549) Features of socialist economic system is/are: _____ Show Answer

Q550) Centralized economic planning is a feature of— Show Answer

Q551) Co-existence of public & private sector is a feature of — Show Answer

Q552) The term _____ refers to economy-wide fluctuations in production or economic activity such as income employment, savings and investment over several months or years. Show Answer

Q553) _____ occurs when national output is rising strongly at a rate faster than the trend rate of growth or long-term growth rate of about 2.5% per year. Show Answer

Q554) Characteristic(s) of an economic boom is/are: — Show Answer

Q555) Characteristic(s) of an economic boom is/are: _____ Show Answer

Q556) _____ occurs when the rate of growth decelerates - But national output is still rising. Show Answer

Q557) _____ means a fall in the level of real national output i.e. a period when the rate of economic growth is negative. Show Answer

Q558) _____ occurs when real national output picks up from the trough reached at the low point of the recession. Show Answer

Q559) What is one of the future consequences of an increase in the current level of consumption in the India? Show Answer

Q560) ‘Economics is the study of mankind in the ordinary business of life’ was given by: Show Answer

Q561) The branch of economics theory that deals with the problem of allocation of resources is: Show Answer

Q562) Which one is the feature of Marshall’s definition? Show Answer

Q563) A study of how increase in the corporate income tax rate will affect the natural unemployment rate is an example of: Show Answer

Q564) If a point falls inside the production possibility curve, what does it indicate? Show Answer

Q565) In which types of economy do consumers and producers make their choices bases on the market forces of demand and supply? Show Answer

Q566) Under a free economy, prices are: Show Answer

Q567) Which of the following falls under micro economics? Show Answer

Q568) Under Inductive method, the logic proceeds from: Show Answer

Q569) According to Robbins, ‘means’ are: Show Answer

Q570) Which of these would cause a rightward shift of the PPC curve? Show Answer

Q571) If the opportunity cost is constant, then PPC would be: Show Answer

Q572) Economics is the study of : Show Answer

Q573) Mixed economy means: Show Answer

Q574) Who defines economics in terms of Dynamic Growth and Development? Show Answer

Q575) Which of the following is likely to cause an inward shift in a country's PPC? Show Answer

Q576) When we are studying how a producer fixes the price of his products we are studying. Show Answer

Q577) Macro-economics doesn't include one example from the following: Show Answer

Q578) In Economics, the central economic problem means: Show Answer

Q579) All points on PPC show that goods and services are produced at: Show Answer

Q580) Which of the following is a cause of an economic problem? Show Answer

Q581) Scarcity definition of economics is given by Show Answer

Q582) The definition "Economies is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses" was given by: Show Answer

Q583) Economics is _________ . Show Answer

Q584) Economics is a Science which deals with wealth was referred by: Show Answer

Q585) In Micro Economics we study the Economic behavior of: Show Answer

Q586) Which of the following statements is correct? Show Answer

Q587) Economic goods are goods which: Show Answer

Q588) Which of the following mean an Economics activity? Show Answer

Q589) Which economy is now a myth only, as no country in the world is having that type of economy? Show Answer

Q590) Which of the following is considered production in Economics? Show Answer

Q591) Which of the following economies accrue the entire firm in an industry? Show Answer

Q592) Which of the following is not concerned with the problem of choice? Show Answer

Q593) Which of the following is not included in business economics? Show Answer

Q594) Welfare economics is concerned with Show Answer

Q595) The problem of 'what to produce' relates to Show Answer

Q596) Macro economics does not cover? Show Answer

Q597) Positive economics remains strictly neutral towards ends. This means that Show Answer

Q598) Normative economics is ________ in nature? Show Answer

Q599) Which of the following statement is incorrect? Show Answer

Q600) 'Economics is the study of mankind' was referred by: Show Answer

Q601) What kind of economics explains the phenomenon of cause and effect relationship? Show Answer

Q602) Which of the following steps relates only to deductive method in Economics? Show Answer

Q603) Economics is __________ in its methodology and __________ in its application: Show Answer

Q604) A study of how increases in the corporate income tax rate will affect the national unemployment rate is an example of ___________: Show Answer

Q605) The study of economics is not supposed to answer? Show Answer

Q606) According to __________ economics is the "the study of how in a civilized society one obtains the share of what other people have produced and of how the total product or society changes and is determined". Show Answer

Q607) Robbins neglect problem of: Show Answer

Q608) Who describe economics as neutral between ends i.e. pure science: Show Answer

Q609) Freedom of choice is the advantage of: Show Answer

Q610) Production Possibility Curve (PPC) is also known as: Show Answer

Q611) Who said 'Macro-economics examines forest and not the trees' who states this: Show Answer

Q612) Business Economics contains: Show Answer

Q613) The study of National Income is called Show Answer

Q614) Who said economics is the study of choice making decisions Show Answer

Q615) The economy is said to be __________ , when aggregate economic activity is declining. Show Answer

Q616) Opportunity costs are a result of _________ . Show Answer

Q617) Who said trade cycles are a purely monetary phenomenon? Show Answer

Q618) At which phase of Business cycle cost of living increases? Show Answer

Q619) Which of this is not covered under the scope of Business Economics? Show Answer

Q620) ______ is the want satisfying power of the product. Show Answer

Q621) _______ refer to the quantity of goods or services, that Consumers are willing and able to purchase/buy in a given market, at various prices, in a given period of time. Show Answer

Q622) Demand refers to the quantity of goods or services that are willing and able to purchase/buy in a given market, at various prices, in a given period of time. Show Answer

Q623) ___________ Demand refers to the quantity of goods or services that are willing and able to purchase/buy in a given market, at various prices, in a given period of time. Show Answer

Q624) On which of the following the Effective Demand for a thing depends? Show Answer

Q625) For want to become an Effective, Demand, it must be backed by the Show Answer

Q626) Which of the following is an important aspect in Demand? Show Answer

Q627) In the Context of Demand, the availability of money with the Consumer, in order to purchase the Commodity is Called Show Answer

Q628) Purchasing Power refers to Show Answer

Q629) Purchasing Power refers to Show Answer

Q630) Unless Demand is backed by purchasing power or ability to pay, it does not constitute Demand. This statement is Show Answer

Q631) In the context of Effective Demand, Willingness to spend means Show Answer

Q632) For Demand to be effective, the Commodity should be available Show Answer

Q633) Demand arises in respect of Show Answer

Q634) Demand arises in respect of Show Answer

Q635) Demand arises in respect of Show Answer

Q636) Demand arises in respect of Show Answer

Q637) Demand for final Consumption arises in Show Answer

Q638) Demand for enter ideate consumption arises in Show Answer

Q639) Demand for recourses and factors of production is Show Answer

Q640) _________ individual demand is also called Show Answer

Q641) __________ household demand is also called Show Answer

Q642) Individual demand shows the quantities of demand for a commodity at various prices by Show Answer

Q643) Industry demand is also called Show Answer

Q644) Market demand is also called Show Answer

Q645) Market demand shows the quantities of demand of a commodity at various prices by- Show Answer

Q646) Market demand is the sum total of Show Answer

Q647) _________ is the sum total demand of all invidual in the market. Show Answer

Q648) If A = household demand and B = market demand, then Show Answer

Q649) If household demand and market demand are equal in a situation it means that Show Answer

Q650) The total demand for the product of an individual firm at various prices is known as Show Answer

Q651) If market demand and firms demand are equal in a situation, it means that Show Answer

Q652) If individual demand = market demand = firms demand, it means that Show Answer

Q653) Which of the following most the price level in the very short - run period? Show Answer

Q654) Which of the following is not a dettreminent of demand? Show Answer

Q655) Which of the following is a detriment of individual demand? Show Answer

Q656) When a consumer prefers a commodity due to presets attached to it, it is known as Show Answer

Q657) When a consumer wants a product by seeing another person use that product it is called Show Answer

Q658) Demonstration effect is generally found in respect of Show Answer

Q659) Goods covered by demonstration effect can be best described as Show Answer

Q660) In which of the following will the demonstration effect be high? Show Answer

Q661) ________ are goods which are consumed together or simultaneously. Show Answer

Q662) Complementary goods are goods which are consumed Show Answer

Q663) The demand for two-wheelers is likely to decrease with an increase in petrol prices because two-wheelers and petrol are Show Answer

Q664) Which of these is not a complementary good for pen? Show Answer

Q665) If an increase in the price of blue jeans leads to an increase in demand for tennis shoes, then blue jeans and tennis shoes are Show Answer

Q666) If two goods are compliments, it means that a rise in the price of one commodity will lead to Show Answer

Q667) In case of complimentary goods, increase in price of a product will Show Answer

Q668) In case of Complementary Goods, decrease in price of a product will Show Answer

Q669) If X and Y are Complementary Goods, the price of X and the Demand of Y are Show Answer

Q670) If X and Y are Complementary Goods, if there is an increase in Price of X, then Show Answer

Q671) If X and Y are Complementary Goods, if there is an decrease in Price of X, then Show Answer

Q672) __________ are goods which are consumed in place of one another. Show Answer

Q673) Subsititute Goods are goods which can be used Show Answer

Q674) Which of the following pairs of goods is an example of Substitutes? Show Answer

Q675) Which of the following is an example of Substitutes? Show Answer

Q676) Which of the following pairs of goods in an example of substitutes? Show Answer

Q677) In case of Substitute Goods, increase in price of a product will Show Answer

Q678) If X and Y are Substitute Goods, the price of X and the Demand of Y are Show Answer

Q679) When the Price of a Substitute of X Commodity falls, the Demand for X Show Answer

Q680) If the Price of Product A increases relative to the Price of Substitute B & C, the demand for Show Answer

Q681) If the Price of Pepsi decrease relative to the Price of Coke and 7- Up, the demand for Show Answer

Q682) If Tea and Coffee are Substitutes, a fall in the Prices of Tea leads to: (i) Rise in the demand for Tea. (ii) Fall in the supply of Coffee. (iii) Fall demand of X and Y will increase. (iv) Rise in the supply of Tea. Show Answer

Q683) If X and Y are Substitute Goods, if there is an increase in Price of X, then Show Answer

Q684) If X and Y are Substitute Goods, if there is an decrease in Price of X, then Show Answer

Q685) In which phase of the business cycle to Producers try to sell out their inventories? Show Answer

Q686) Which of the following Statements is not true about Individual Demand? Show Answer

Q687) What effect does an increase in the price of a product have on the Purchasing Power of the Consumer? Show Answer

Q688) The Demand for a commodity depends only upon the money income of the household. This statement is Show Answer

Q689) If demand decrease with an increase in money income of Consumers, such goods are called Show Answer

Q690) Giffen Goods are Show Answer

Q691) Inferior Goods are also called Show Answer

Q692) The Giffen Effect in respect of Inferior Goods was observed in the case of Show Answer

Q693) As income levels increase, the demand for goods satisfying Necessities of life, will be _________ to the increase in income. Show Answer

Q694) If Income Levels increase, and the demand for goods increase by less than proportionate extent, such goods will be Show Answer

Q695) If Income Levels increase, and the demand for goods increase by more than proportionate extent, such goods will be Show Answer

Q696) As Income Levels increase beyond a certain extent, such goods will be Show Answer

Q697) Generally, larger size of population of a country or a region implies _______ for all commodities as such. Show Answer

Q698) In case of unequal distribution of income in the country, the propensity to consume will be ________ and demand for Consumer Goods will be ___________. Show Answer

Q699) If the Consumers expect an increase in prices of the product in the future, its current demand will be Show Answer

Q700) If the Consumers expect a decrease in prices of the product in the future, its current demand will be Show Answer

Q701) Demand is affected by weather conditions and seasonal aspects also. This statement is Show Answer

Q702) Demand for Air Conditioners, Water Coolers, Refrigerators show an increase during Show Answer

Q703) ______ shows various combinations of two production that give same amount of satisfaction. Show Answer

Q704) Total utility is maximum when: Show Answer

Q705) An indifference curve is always: Show Answer

Q706) Marginal utility curve of a consumer is also his Show Answer

Q707) At equilibrium, the slope of the indifference curve is: Show Answer

Q708) The law of equi marginal utility considers price of money as: Show Answer

Q709) Marginal utility approach was given by: Show Answer

Q710) Indifference curves between income and leisure for an individual are generally: Show Answer

Q711) In case of a right angled indifference curve the goods are: Show Answer

Q712) Indifference curves never intersect each other due to Show Answer

Q713) A budget constraints line is a result of: Show Answer

Q714) The difference between what a consumer is ready to pay and what he actually pays is Show Answer

Q715) Total utility derived from the consumption of a commodity is equal to Rs. 5. Marginal utility is equal to 1 and consumer has bought 3 units. What will be his consumer surplus? Show Answer

Q716) A consumer buys two commodities X and Y, he would be in eualibrium when: Show Answer

Q717) _________ refers to how much quantity of a product or service is desired by buyers. Show Answer

Q718) The ________ is the amount of a product people are willing to buy at a certain price. Show Answer

Q719) The law of demand is __________. Show Answer

Q720) Which of the following thing(s) is/are essential to become effective demand?
X. Desire for a commodity.
Y. Willingness to pay.
Z. Ability to pay for the commodity.
Select the correct answer from the options given below: Show Answer

Q721) As per _____, "A fall in the price of a commodity causes a household to buy more of that commodity and less of the other commodities which compete with it, while rise in price causes the household to buy less of this commodity and more competing commodities." Show Answer

Q722) According to law of demand, _____, if the price of a commodity falls, the quantity demanded of it will rise and if the price of a commodity rises, its quantity demanded will decline. Show Answer

Q723) The Law of Demand, assuming other things to remain constant, establishes the relationship between: ___________ Show Answer

Q724) As per law of demand, other things being equal, if the price of a Show Answer

Q725) According to law of demand, other things being equal, if the price of a commodity rises, its quantity demanded will Show Answer

Q726) Demand is the _____ Show Answer

Q727) The law of demand assumes that _____ remain the same in a given period. Show Answer

Q728) The good which cannot be consumed more than once is known as ______________. Show Answer

Q729) The law of demand assumes that _____ remain the same in a given period. Show Answer

Q730) A relative price is _____ Show Answer

Q731) As per law of demand, there is _____ between price and quantity demanded, other things being same. Show Answer

Q732) Ceteris Paribus means _______ Show Answer

Q733) Demand for goods by an individual or the market as a whole is conventionally expressed in the form of -
I. Demand schedule.
II. Demand function.
III. Demand curve.
Select the correct answer from the options given below? Show Answer

Q734) A _____ of an individual buyer is an algebraic form of expressing his demand behaviour. Show Answer

Q735) A _____ is a tabular form of describing the relationship between quantities demanded of a good in response to its price per unit, while all non-price determining variables remain unchanged. Show Answer

Q736) The quantity demanded of a goods or service is the amount that __________ Show Answer

Q737) Which of the following is a graphic representation of the demand schedule? Show Answer

Q738) A demand curve Show Answer

Q739) 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? Show Answer

Q740) If regardless of changes in its price, the quantity demanded of a good remains unchanged, then the demand curve for the good will be: ____________ Show Answer

Q741) In economics, _____ of a good is its expected capacity to satisfy a human want. Show Answer

Q742) Which of the following statement is correct in relation to 'utility'?
(I) Utility of a good is same from consumer to consumer.
(II) The utility of a good keeps constant even for the different consumer on account of changes in the intensity of the want to be satisfied by its use.
(III) The utility of a good is not to be equated with its usefulness.
Select the correct answer from the options given below? Show Answer

Q743) In economic theory, utility can be measured by:
1. Cardinal Approach.
2. Ordinal Approach.
Select the correct answer from the options given below? Show Answer

Q744) Which of the following approach assumes that utility can be measured in terms of number like 1, 2, 3, 4 & 5? Show Answer

Q745) _____ an _____ Economist, severely criticized the concept of cardinal utility. Show Answer

Q746) Who introduced the approach of ordinal utility? Show Answer

Q747) According to the _____, a consumer has a given scale of preference for different combinations of two goods. It is assumed that consumer can rank the goods like 1st, 2nd, 3rd, 4th. Show Answer

Q748) Statement I: Utility of a good to the consumer should be measured in units of money which the consumer is willing to pay.
Statement II: Utility and usefulness are one and same thing.
Select the correct answer from the options given below? Show Answer

Q749) _____ is the summation of utilities derived from all the 'n' units. Show Answer

Q750) If total utility is divided by number of units it is known as Show Answer

Q751) The additional satisfaction a consumer gains from consuming one more unit of a goods or service is Show Answer

Q752) Symbolically total utility is shown Show Answer

Q753) Symbolically average utility is shown Show Answer

Q754) Symbolically marginal utility is shown Show Answer

Q755) At the time of consumption of _____ Total utility, Average utility, Marginal utility are same. Show Answer

Q756) Average utility at 2nd unit? Show Answer

Q757) Total utility at 3rd unit? Show Answer

Q758) Average utility at 3rd unit? Show Answer

Q759) Average utility at 5th unit? Show Answer

Q760) Total utility at 6th unit? Show Answer

Q761) Total utility at 7th unit? Show Answer

Q762) Total utility at 8th unit? Show Answer

Q763) Average utility at 9th unit? Show Answer

Q764) If marginal utility is zero Show Answer

Q765) When economists speak of the utility of a certain good, they are referring to ______________. Show Answer

Q766) _____ states that as the stock of a commodity increases with the consumer, its marginal utility to the consumer decreases. Show Answer

Q767) The law of diminishing marginal utility states that as the stock of a commodity increases with the consumer, its _____ to the consumer decreases. Show Answer

Q768) The law of diminishing marginal utility states that as the stock of a commodity _____ with the consumer, its marginal utility to the consumer _____. Show Answer

Q769) _____ says that "the additional benefit which a person derives from a given increase in his stock of a thing diminishes with every increase in the stock that he already has." Show Answer

Q770) Which of the following assumption is applicable for law of diminishing marginal utility? Show Answer

Q771) Which of the following assumption is applicable for law of diminishing marginal utility? Show Answer

Q772) Which of the following assumption is not applicable for law of diminishing marginal utility?
(i) All the units of the given commodity are heterogeneous.
(ii) The units of consumption are of unreasonable size.
(iii) The consumer is rational human being and he aim at minimization of satisfaction.
Select the correct answer from the options given below: Show Answer

Q773) Which of the following is exception to the law of diminishing marginal utility? Show Answer

Q774) The concept of marginal utility plays a central role in Show Answer

Q775) Which of the following is limitation of law of diminishing marginal utility? Show Answer

Q776) _____ states that consumer distributes his expenditure between different goods in such a way that the marginal utility derived from the last rupee spent on each good is the same. Show Answer

Q777) The law of equi-marginal utility can be presented symbolically: _____ Show Answer

Q778) As per law of equi-marginal utility the consumer's equilibrium will change if there is a change in:
1. His total expenditure.
2. Marginal utility schedule of any good.
3. Price of any good.
Select the correct answer from the options given below: Show Answer

Q779) The law of equi-marginal utility was stated by Show Answer

Q780) _____ is the situation when a consumer secures maximum satisfaction out of his expenditure. Show Answer

Q781) Consumer attains the equilibrium position at a point when he maximizes his total utility given his income and price of commodities he consumes. Show Answer

Q782) As per _____ a consumer with a single commodity attains equilibrium at a point where: MU = Price. Show Answer

Q783) Which of the following can be treated as limitation of the law of equi-marginal utility Show Answer

Q784) Demand is a __________. Show Answer

Q785) Which one of the following formula will be used for the computing the price elasticity of demand? Show Answer

Q786) Normal goods have: Show Answer

Q787) If the goods are complementary like car and petrol, their cross elasticity is: Show Answer

Q788) If demand for a good is elastic, an increase in its price will cause total expenditure of the consumers of the goods to: Show Answer

Q789) Types of change in demand are Show Answer

Q790) Slope of demand curve has __________ relation with price elasticity of demand. Show Answer

Q791) In case of a Giffin good, the demand curve will be: Show Answer

Q792) In the case of a Giffin good, the demand curve will be Show Answer

Q793) In case of an inferior good the income elasticity of demand is: Show Answer

Q794) When quantity demanded change by larger percentage than does price, elasticity is termed as: Show Answer

Q795) Of the following commodities, which has the lowest elasticity of demand? Show Answer

Q796) The graphic presentation of demand schedule in called Show Answer

Q797) Income-elasticity for the household when the income of a household rises by 5% and the demand for bajra falls by 2%. Show Answer

Q798) If as a result of 10% increase in price, the quantity supplied does not change at all, it implies that the elasticity of Supply is: Show Answer

Q799) The demand curve is also known as: Show Answer

Q800) Supply of a good and its price have Show Answer

Q801) An expansion in the supply of a good is caused by a: Show Answer

Q802) Which of the following has the lowest price elasticity of supply? Show Answer

Q803) Two goods for which an increase in the price of one leads to an increase in the demand for the other called Show Answer

Q804) Inferior goods is a goods for which, other things equal an increase in ___________ lends decrease in demand. Show Answer

Q805) If the proportion of income spent on a goods decreases as income rises then income elasticity is: Show Answer

Q806) If two goods are totally unrelated, then cross elasticity between them is: Show Answer

Q807) Which factor does not influence elasticity of demand will be Show Answer

Q808) Supply of a Commodity is a: Show Answer

Q809) Generally supply curve of industrial products is Show Answer

Q810) The fall in the price of one commodity leads to fall in demand for other commodity & vice versa for Show Answer

Q811) When the demand of a commodity also depends upon prices of the substitutes & complementaries or relative prices then it is called Show Answer

Q812) When a commodity with many uses is demanded then it is called Show Answer

Q813) The fall in the price of one commodity leads to increase in demand for other commodity is called Show Answer

Q814) When a no. of goods are required collectively for one purpose, it is called Show Answer

Q815) The collective demand of all persons in the market is referred as Show Answer

Q816) Decrease or fall in the price of commodity leads to increase in demand because of Show Answer

Q817) Who has given four major exceptions to the law of demand? Show Answer

Q818) When quantity demanded changes only due to change in price then it is called Show Answer

Q819) When quantity demanded changes due to factors other than price, it is called Show Answer

Q820) In case of contraction or extension in demand, the movement is along a demand curve whereas in case of increase or decrease, the demand curve will move Show Answer

Q821) Proportionate Method of measurement of elasticity of demand is also known as Show Answer

Q822) The law of variable proportions is Show Answer

Q823) In case of Giffen goods, price effect is Show Answer

Q824) In case of inferior goods, price effect is Show Answer

Q825) Positive income effect is greater than negative substitution effect in case of Show Answer

Q826) If demand curve is horizontal, then ep is equal to Show Answer

Q827) If demand curve is vertical, then e is equal to Show Answer

Q828) If demand curve is rectangular hyperbola, ep is equal to Show Answer

Q829) If as a result of increase in price, total outlay on the commodity remains same, then the ep is equal to Show Answer

Q830) In case of Giffen goods, demand curve will slope Show Answer

Q831) In case of Veblen goods, demand curve will slope Show Answer

Q832) Relationship between the income level and the quantity of commodity purchased by the consumer is represented by which curve? Show Answer

Q833) Certain goods for which quantity demanded decrease when income increases are called __________. Show Answer

Q834) In case of an inferior good, the income elasticity of demand is: Show Answer

Q835) For what types of good dies demand fall with a rise in income levels of households? Show Answer

Q836) In case of Inferior goods like bajra, a fall in its price tends to: Show Answer

Q837) Movement along the same demand curve shows: Show Answer

Q838) The price of hot-dogs increases by 22% and the quantity demanded for hot dogs is: Show Answer

Q839) The quantity demanded does not respond to price change and so the elasticity is: Show Answer

Q840) What is an Engels of curve? Show Answer

Q841) Which factor generally keeps the price-elasticity of demand for a good low: Show Answer

Q842) In case pf straight line demand curve meeting the two axes, the price elasticity of demand at the mid-point of the line would be: Show Answer

Q843) An increase in demand can result from: Show Answer

Q844) Compute income elasticity if demand increase by 5% and income by 1% Show Answer

Q845) 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: Show Answer

Q846) What is the value of elasticity of demand if the demand for the good is perfectly elastic? Show Answer

Q847) What is the original price of a commodity when price elasticity is 0.71 and demand changes from 20 units to 15 units and the new price is Rs. 10? Show Answer

Q848) If the price of any complement goods rises: Show Answer

Q849) Croses elasticity of demand in Monopoly market is: Show Answer

Q850) What is income elasticity of demand. When income changes by 20% and demand changes by 40%? Show Answer

Q851) If the demand is parallel to x axis, what will be the nature of elasticity? Show Answer

Q852) Giffen Paradox is an exception of Show Answer

Q853) Law of Demand is Show Answer

Q854) The demand of which type of goods do not decrease with increase in its price Show Answer

Q855) Increase in Price from Rs. 4 to Rs. 6 then decrease in demand from 15 units to 10 units. What is the price elasticity. (points elasticity) Show Answer

Q856) Expansion & contraction of Demand curve occurs due to Show Answer

Q857) Elasticity between two points Show Answer

Q858) Demand of a commodity depends upon Show Answer

Q859) In case of substitute goods, cross elasticity is ________. Show Answer

Q860) Suppose the price of movies seen at a theatre rises from Rs.120 per person to Rs. 200 per person. The theatre manager observed that the rise in prices has lead to a fall in attendance at a given movies from 300 persons to 200 persons. What is the price elasticity to demand for the movie? Show Answer

Q861) The prices of a commodity were increased from Rs. 4 and Rs. 6. As a result demand decreased from 15 units to 10 units. What is the price elasticity? (Point elasticity) Show Answer

Q862) Other things remaining constant, if the price of the inferior goods decreases then what will be the effect? Show Answer

Q863) When price falls from Rs. 6 to Rs. 4, the demand rises from 10 to 15 units. Calculate price elasticity of demand. Show Answer

Q864) Crose elasticity of perfect substitutes is: Show Answer

Q865) What is Engel's Curve? Show Answer

Q866) A consumer spends Rs. 80 on purchasing a commodity when its price is Rs. 1 per unit and spends Rs. 96 when the price is Rs. 2 per unit. Calculate the price is Rs. 2 per unit. Calculate the price elasticity of demand. Show Answer

Q867) When the price of cylinder rises form Rs. 120 to Rs. 200, the demand falls from 300 to 200. Calculate price elasticity of demand. Show Answer

Q868) If the price a decreased from Rs. 10 to Rs. 8 of a commodity but the quantity demanded remains the same price elasticity is ______________. Show Answer

Q869) Demand for a electricity power is elastic because ____________. Show Answer

Q870) If income of person increases by 10% and his demand for goods increases by 30% income income elasticity will be _______. Show Answer

Q871) In case of luxury goods, the income elasticity of demand will be ______ Show Answer

Q872) In case of straight line demand curve meeting two axis, the price elasticity of demand at the point where the curve meets y-axis would be __________. Show Answer

Q873) Calculate income elasticity for the household when the income of the household increase by 10% and the demand for cars rises by 20% Show Answer

Q874) The commodity whose demand is associated with the name of Sir Robert Giffen? Show Answer

Q875) In expansion and contraction of demand ______. Show Answer

Q876) When price falls by 5% and demand increase by 6%, then elasticity of demand is _________. Show Answer

Q877) Cross elasticity of complementary goods is: Show Answer

Q878) Demand of i-pod increase from Rs. 950 to Rs. 980 and income increase from Rs. 9,000 to Rs. 9,800. What is income elasticity? Show Answer

Q879) Supply can be referred as Show Answer

Q880) The supply of a product refers to Show Answer

Q881) Supply of commodity is a Show Answer

Q882) __________ refers to the quantity of goods or services that producers are willing and able to offer to the market at various prices during a period of time. Show Answer

Q883) Supply refers to the quantity of goods or services, that _________ are willing and able to offer to the market oat various prices during a period of time. Show Answer

Q884) Supply quantity is the same as Sales Quantity. This statement is Show Answer

Q885) Supply refers to what firms offer for sale, and not necessarily to what they succeed in selling. This statement is Show Answer

Q886) To constitute Supply, the producing firms must have Show Answer

Q887) Supply refers to the ___________ by producing firms. Show Answer

Q888) Period in which supply cannot be increased is called Show Answer

Q889) ____________ is the total volume of the commodity which can be brought into the market for sale at a short notice. Show Answer

Q890) ________ refers to the quantity which is actually brought in the market. Show Answer

Q891) Supply is different from stock. This statement is Show Answer

Q892) Stock is potential supply. Show Answer

Q893) Stock refers to quantity __________ into the market, whereas Supply refers to quantity ___________ into the market. Show Answer

Q894) Which of the following factors is not a determinant of Supply? Show Answer

Q895) Which of the following factors is not a determinats of supply? Show Answer

Q896) Generally, higher the prices of products, higher the ___________. Show Answer

Q897) Producing firms are guided by Show Answer

Q898) Other things being equal, if the price of the commodity is higher, __________ quantities thereof will be supplied to the market. Show Answer

Q899) Prices of related commodities are not a determinant of supply of a particular commodity. This statement is Show Answer

Q900) Generally, supply of a product X will be ___________ if the prices of goods other than x increase. Show Answer

Q901) Generally, supply of a product x will be __________ if the prices of goods other than x decrease. Show Answer

Q902) Supply of product decreases when the prices of other related goods increase. This is because. Show Answer

Q903) If there is an increase in the prices of factors of production, cost of production of that product will Show Answer

Q904) If there is an decrease in the prices of factors, of production, cost of production of that product will Show Answer

Q905) Other things being equal, if the cost of production of a commodity is higher, ________ quantities thereof will be supplied to the market. Show Answer

Q906) Other things being equal, if the cost of production of a commodity is lower, ____________ quantities thereof will be supplied to the market. Show Answer

Q907) Inventions and innovations lead to Show Answer

Q908) Other things being equal, if the state of technology in relation to a commodity increases, __________ quantities thereof will be supplied to the market. Show Answer

Q909) Inventions and innovations lead to Show Answer

Q910) Other things being equal the supply quantity of a product is _____________ related to its price. Show Answer

Q911) Other things being equal, the supply quantity of a product is _________ related goods. Show Answer

Q912) Other things being equal, the supply quantity of a product is ___________ related to the cost of production of that product Show Answer

Q913) Generally, if there is an increase in commodity Taxes (Excise duty, Custom duty, VAT, etc) leading to increase in their cost of production, the supply quantity will Show Answer

Q914) Generally, if there are incentives like subsides which reduce the cost of production, the supply quantity will Show Answer

Q915) In case of failure of rains, floods, fires, etc. the supply of agricultural commodities will Show Answer

Q916) In case of better rainfall, improvement in imgation, improved seeds, etc. the supply of agricultural commodities will Show Answer

Q917) Which of the following is the only determinant that the Law of Supply takes into account? Show Answer

Q918) As per Law of Supply, other things being equal, if the price of a commodity increases, its supply quantity will Show Answer

Q919) As per Law of Supply, other things being equal, if the price of a commodity decrease, its supply quantity will Show Answer

Q920) The assumption 'Ceteris Paribus' in the Law of Supply stands for Show Answer

Q921) As per Law of Supply, other things being equal, there is a __________ between price and quantity supplied. Show Answer

Q922) ________ shows the quantity of products a producer or seller wishes to sell at a given price level. Show Answer

Q923) Generally, the Supply Curve Show Answer

Q924) Generally, the Supply Curve Show Answer

Q925) Typically, the Supply Curve Show Answer

Q926) The Supply Curve Show Answer

Q927) The market supply curve is a lateral summation (totaling)of Individual Supply Curves of all producing firms. This statement is Show Answer

Q928) What would be the shape of the supply curve of the toys, if a seller offers to sell any number of toys as Rs. 100? Show Answer

Q929) Increase or decrease in the quantity supplied occurs due to Show Answer

Q930) While recognizing increase or decrease in the quantity supplied, we assume __________ remain constant. Show Answer

Q931) When there is a movement on the supply curve, we are referring to Show Answer

Q932) Change in quantity supplied causes Show Answer

Q933) When there is a change in quantity supplied Show Answer

Q934) In case of increase/decrease in quantity supplied, the position of the supply curve remains the same. This statement is Show Answer

Q935) Increase in quantity supplied, due to changes in price, may also be called Show Answer

Q936) When more units of the product are supplied at a higher price, it is called Show Answer

Q937) Contraction of supply is the result of Show Answer

Q938) Increase or decrease in supply occurs due to Show Answer

Q939) When there is a movement of the supply curve, we are referring to Show Answer

Q940) Change in supply means Show Answer

Q941) When there is a change in supply Show Answer

Q942) When higher quantities are supplied, due to changes in factors other than price, it is called Show Answer

Q943) When lower quantities are supplied, due to changes in factors other than price, it is called Show Answer

Q944) Which of the following factors will not result in the shifting of supply curve for software packages? Show Answer

Q945) An increase in the supply of a product is caused by Show Answer

Q946) An increase in the supply of a product is caused by Show Answer

Q947) An increase in the supply of a product is caused by Show Answer

Q948) A decrease in the supply of a product is caused by Show Answer

Q949) Increase or decrease in supply means Show Answer

Q950) If supply curve is perfectly inelastic, the supply curve is: Show Answer

Q951) When supply price increase in the short run, the profit of the producer _______: Show Answer

Q952) A change in the supply of a commodity along with same supply curve may occur due to: Show Answer

Q953) What is the elasticity of supply when price changes from Rs. 15 to Rs. 12 and supply change from 6 units to 5 units? Show Answer

Q954) A perfectly inelastic supply curve will be Show Answer

Q955) If the supply of a commodity is perfectly elastic, an increase in demand will result in: Show Answer

Q956) When change in the quantity supplied is proportionate to the change in the price, the producer is said to have _______________: Show Answer

Q957) Expansion in supply refers to a situation when the producers are willing to supply a: Show Answer

Q958) When supply is perfectly inelastic, elasticity of supply is equal to: Show Answer

Q959) If there is an improvement in technology _______: Show Answer

Q960) If the price of apples rises from Rs. 30 per kg to Rs. 40 per kg and the supply increase from 240 kg to 300 kg. Elasticity of supply is: Show Answer

Q961) A horizontal supply curve parallel to the quantity axis implies that the elasticity of supply is: Show Answer

Q962) Supply refers to quantity supplied at a particular price for a particular period of time: Show Answer

Q963) When price remains constant and quantity demanded changes, then the elasticity of demand will be: Show Answer

Q964) Increase or decrease in supply menas: Show Answer

Q965) Supply refers to _________. Show Answer

Q966) Supply is a __________. Show Answer

Q967) Supply refers to the quantity which a firm is Show Answer

Q968) Law of supply explain the relationship between Show Answer

Q969) As per law of supply, price and quantity supplied exhibits relationship. Show Answer

Q970) According to law of supply: Show Answer

Q971) The quantity that an individual supplier is prepared to supply over a period of time is a function of Show Answer

Q972) Normally supply curve is Show Answer

Q973) Law of supply operates under Show Answer

Q974) Under law of supply ceteris paribus conditions includes Show Answer

Q975) The minimum price that a supplier expects to make available a specific quantity for sale is called Show Answer

Q976) The maximum quantity that a supplier is prepared to supply in the market at a given price is called Show Answer

Q977) Which of the following is not a factor in market supply of a product? Show Answer

Q978) If the supply of a product remain same with the increase in price, the possible reasons can be Show Answer

Q979) Quantity supplied is a function Show Answer

Q980) __________ is not a determinant of aggregate supply. Show Answer

Q981) _________ is not a factor of quantity supplied. Show Answer

Q982) ________ is not a factor in market supply of product. Show Answer

Q983) Shift in supply curve is caused by Show Answer

Q984) Change in cost of production of the concerned goods causes Show Answer

Q985) The ___________ refers to the amount of a certain good producers are willing to supply when receiving a certain price. Show Answer

Q986) The supply of a good refers to: _________ Show Answer

Q987) According to __________ , supply always means a schedule of possible prices and amounts that would be sold at each price. Show Answer

Q988) _____________ states: "Other things being equal, the quantity of any commodity that firms will produce and offer for sale is positively related to commodity's own price, rising when price rises and falling when price falls." Show Answer

Q989) The law of supply states that a firm will produce and offer to sell greater quantity of a product or service as the price of that product or services rises, other things being equal. Show Answer

Q990) There is ________ between price and quantity supplied. Show Answer

Q991) The quantity supplied of a goods or service is the amount that ____________. Show Answer

Q992) Supply for goods by an individual or the market as a whole is conventionally expressed in the form of ?
1. Supply schedule.
2. Supply function.
3. Supply curve.
Select the correct answer from the options given below: Show Answer

Q993) A ____________ of an individual supplier is an algebraic form of expressing his behaviour with regard to what he offers in market at the prevailing prices. Show Answer

Q994) In the book market, the supply of books will decrease if any of the following occurs except Show Answer

Q995) A _________ is a tabular statement that shows different quantity or service that are offered by the firm or producer in the market for sale at different prices at a given time. Show Answer

Q996) The individual _________ is a graphical representation of the information given in individual supply schedule. Show Answer

Q997) _________ relates to the supply of a goods or service by one firm at different prices, other things remains constant or equal. Show Answer

Q998) ___________, is the sum of the amount of food supplied for sale by all the firms or producers in the market at different prices during a given time. Show Answer

Q999) The supply curve slopes Show Answer

Q1000) Law of supply states that there exist ____________ between the price of a product and its quantity supplied, ceteris paribus. Show Answer

Q1001) If the supply changes due to change in price, it is called Show Answer

Q1002) If the supply changes due to change in other things (determinants), it is called as Show Answer

Q1003) Which of the following is the determinant in the Law of Supply? Show Answer

Q1004) While recognizing increase or decrease in the supply we assume ____________ remain constant. Show Answer

Q1005) If supply shift to Point b or Point c from Point a, it is known as Show Answer

Q1006) If supply shift to Point b or Point c from Point a, it is known as Show Answer

Q1007) When a consumer moves from one point to another on the same supply curve it is called as Show Answer

Q1008) When the entire supply curve shifts its position it is called as ___________. Show Answer

Q1009) If due to increase in 'price', quantity supplied goes upward it is known as __________. Show Answer

Q1010) If due to decrease in 'price', quantity supplied goes downward it is known as ___________. Show Answer

Q1011) If due to change in 'other things' (determinants), quantity supplied goes upward it is known as ___________. Show Answer

Q1012) If due to change in 'other things' (determinants), quantity supplied goes downward it is known as _________. Show Answer

Q1013) Demand Schedule shows the relation between Show Answer

Q1014) In a typical Demand Schedule, quantity demanded Show Answer

Q1015) ___________ Indicates the charges in Consumer's purchasing habits, depending on the price variation of a particular product. Show Answer

Q1016) A demand Curve shows Show Answer

Q1017) A Demand Curve deal with ___________. Show Answer

Q1018) While drawing the demand curve, the change in place in which the following factors? Show Answer

Q1019) Generally, the Demand Curve slopes Show Answer

Q1020) Demand Curve in most cases slopes Show Answer

Q1021) Demand Curve in most cases has a Show Answer

Q1022) Demand Curve ____________ Show Answer

Q1023) All but one of the following are assumed to remain the same while drawing an individual's demand curve for a product. Which one is it? Show Answer

Q1024) If regardless of changes in it price, the quantity demanded of a product is unchanged, then, demand curve for that product will be Show Answer

Q1025) If any quantity at the same price, then, the demand curve for that product will be Show Answer

Q1026) What is the other name given to the demand curve? Show Answer

Q1027) What is the other name given to the revenue curve? Show Answer

Q1028) Why is the demand curve otherwise known as the average revenue curve? Show Answer

Q1029) The total area under the demand curve of a product measures Show Answer

Q1030) If marginal utility of a product remains constant, the demand curve will be Show Answer

Q1031) In a demand curve, the horizontal axis will be Show Answer

Q1032) In a demand curve, the vertical axis will be Show Answer

Q1033) Which of the following is not depicted in a typical demanded curve? Show Answer

Q1034) A typical demand curve cannot be: Show Answer

Q1035) When price decreases, quantity demanded increase it is known as Show Answer

Q1036) Which of the following is not the exception to the law of demand? Show Answer

Q1037) When price elasticity is found between two points is known as: Show Answer

Q1038) Luxury goods are price _________ while necessities are price ________. Show Answer

Q1039) The elasticity of substitution between two perfect substitutes is ___________. Show Answer

Q1040) Slope of a demand curve is determined by Show Answer

Q1041) Demand for car decreases due to increase in price. It implies that car and petrol are _________. Show Answer

Q1042) Effect of change in the price of a product on the consumer's purchasing power is __________. Show Answer

Q1043) __________ goods are those goods which are consumed together simultaneously. Show Answer

Q1044) Larger the size of the population of a country or region __________ is the demand for commodities. Show Answer

Q1045) Demand can be defined as: Show Answer

Q1046) Movement along the demand curve is due to the following reason: Show Answer

Q1047) If two goods are perfect substitute for each other cross elasticity is ____________. Show Answer

Q1048) Budget line is also known as: Show Answer

Q1049) Demand remains constant, decrease in supply means __________ in equilibrium price. Show Answer

Q1050) A vertical supply curve parallel to the Y-axis implies that the elasticity of supply is: Show Answer

Q1051) Total expenditure method of measuring elasticity was formulated by Show Answer

Q1052) For luxuries, the elasticity is _________ Show Answer

Q1053) Cardinal utility approach can be measured in Show Answer

Q1054) A monopolist charging high price operates on Show Answer

Q1055) Product differentiation is a common feature in Show Answer

Q1056) For a competitive Firm, its demand curve is Show Answer

Q1057) The short run equilibrium condition of a competitive Firm is Show Answer

Q1058) For a good, TR is always constant. Then elasticity of demand is Show Answer

Q1059) Existence of large no. of buyers and sellers means Show Answer

Q1060) The products sold in the competitive market are Show Answer

Q1061) Even if it makes loses in the short run, a competitive Firm will operate if it Show Answer

Q1062) Normal profits mean Show Answer

Q1063) Competitive Firms in the long run earn Show Answer

Q1064) Which of the following describes price discrimination in a monopoly? Show Answer

Q1065) To maximize its profits during the short run a Firm should produce the output that will Show Answer

Q1066) A Perfectly Competitive Firm will always expand output as long as Show Answer

Q1067) In a monopoly with downward sloping demand, Marginal Revenue is greater than price when Show Answer

Q1068) When the price of products of a Firm in a perfectly competitive market is less than its average total cost then the Firm Show Answer

Q1069) In a monopoly market we have Show Answer

Q1070) If Firms are earning supernormal profits under perfect competition in the short run then in the long run Show Answer

Q1071) If profits are greater than zero, it means Show Answer

Q1072) The long run equilibrium in a competitive market is Show Answer

Q1073) The product sold by a monopolist has Show Answer

Q1074) A competitive Finn in the short run incurs losses. The Firm continues production if Show Answer

Q1075) In conditions of pure competition, in which the demand for a Firm's product is infinitely elastic, the Firm's average revenue curve will be Show Answer

Q1076) If the demand curve confronting an individual Firm is perfectly elastic, then Show Answer

Q1077) For a monopolist Show Answer

Q1078) If the demand curve of a monopolist is downward sloping, the MR curve is Show Answer

Q1079) Given the slope of AR for a monopolist, the slope of MR will be Show Answer

Q1080) A monopolist can Show Answer

Q1081) If a monopolist varies p instead of q to maximize profit, the equilibrium condition is and MC must be rising Show Answer

Q1082) A monopolist will never operate on the Show Answer

Q1083) In the short run the monopolist can earn Show Answer

Q1084) Which of the following factors or principle is/are responsible for the operation of the law of demand, or for the downward slope of demand curves?
(X) The law of diminishing marginal utility.
(Y) The law of equi-marginal utility.
(Z) Increased real income.
Select the correct answer from the options given below: Show Answer

Q1085) Which of the following factors or principle is/are responsible for the operation of the law of demand, or for the downward slope of demand curves? Show Answer

Q1086) If the demand changes due to change in price, it is called Show Answer

Q1087) If the demand changes due to change in other things, it is called as Show Answer

Q1088) When a consumer moves from one point to another on the same demand curve it is called as Show Answer

Q1089) When the entire demand curve shifts its position it is called as Show Answer

Q1090) If due to increase in 'price', quantity demanded goes downward it is known as Show Answer

Q1091) If due to decrease in 'price', quantity demanded goes upward it is known as _______ Show Answer

Q1092) If due to change in 'other things', quantity demanded goes upward it is known as Show Answer

Q1093) If due to change in 'other things', quantity demanded goes downward it is known as Show Answer

Q1094) A movement along the demand curve for soft drinks is best described as _________ Show Answer

Q1095) There is no exception to law of demand? Show Answer

Q1096) Which of the following is/are exception to the law of demand?
I. Conspicuous necessities.
II. Giffen goods.
III. Change in fashion.
IV. Conspicuous consumption.
Select the correct answer from the options given below: Show Answer

Q1097) If, as people's income increases, the quantity demanded of a good decreases, the good is called _________. Show Answer

Q1098) In the case of a Giffen good, the demand curve will be: ______________. Show Answer

Q1099) The price of tomatoes increases and people buy tomato puree. You infer that tomato puree and tomatoes are ____________. Show Answer

Q1100) Conspicuous goods are also known as ___________. Show Answer

Q1101) Goods which are consumed by weaker section of society are known as __________. Show Answer

Q1102) With an increase in the price of diamond, its demand also increases. This is because it is a: __________. Show Answer

Q1103) Goods which are used by rich people to show their status are known as __________. Show Answer

Q1104) Some special varieties of inferior goods are termed as Show Answer

Q1105) Which of the following is Giffen good(s)? Show Answer

Q1106) Which of the following is not Giffen good(s)? Show Answer

Q1107) The concept of Elasticity of Demand was developed by Show Answer

Q1108) Two important factors which make difference in the Elasticity of Demand for commodities are Show Answer

Q1109) Elasticity of Demand refers to Show Answer

Q1110) Elasticity of Demand is attributed to Show Answer

Q1111) Elasticity of Demand is attributed to Show Answer

Q1112) Which of the following statements regarding Elasticity of Demand is true? Show Answer

Q1113) Which of the following statements is true with regard to the elasticity of demand? Show Answer

Q1114) Price Elasticity of Demand is defined as Show Answer

Q1115) Price Elasticity of Demand is defined as the responsiveness of Show Answer

Q1116) Price Elasticity of Demand for a product is Show Answer

Q1117) Price Elasticity of Demand is given by Show Answer

Q1118) Usually, the demand for Necessities is Show Answer

Q1119) Demand for which of the following products is/are relatively inelastic? Show Answer

Q1120) Which of the following products has highly inelastic demand? Show Answer

Q1121) Amongst the following which item has highest Price Elasticity? Show Answer

Q1122) In the context of Elasticity of Demand, the paradox of plenty relates more to items in the Show Answer

Q1123) Goods which have more close or perfect substitutes are Show Answer

Q1124) Goods which have fewer substitutes are Show Answer

Q1125) Goods having higher proportion of the consumer's spending are Show Answer

Q1126) Goods having lower share in the consumer's budget are Show Answer

Q1127) Luxury Goods are considered _____________ than Necessity Goods Show Answer

Q1128) Necessary Goods are considered ___________ than Luxury Goods. Show Answer

Q1129) Salt is ____________ to price changes than Motor Car. Show Answer

Q1130) Cell phone is ________ to price changes than bread. Show Answer

Q1131) Goods which can be put to multiple uses are Show Answer

Q1132) Goods which have a specified and particular use are Show Answer

Q1133) Demand for electricity is elastic because Show Answer

Q1134) Goods in respect of which the Consumers have more time to adjust or modify their consumption pattern are Show Answer

Q1135) Goods in respect of which the consumers do not have time to adjust their consumption pattern are - Show Answer

Q1136) Goods in respect of which the use or consumption can be postponed are Show Answer

Q1137) Goods which are required for immediate or urgent consumption are Show Answer

Q1138) Medicine have less elastic demand since Show Answer

Q1139) Goods which are subject to Consumer Habits, e.g. Cigarette, Liquor, etc are Show Answer

Q1140) What would be the value of elastic of demand, if the demand for thee good is perfectly inelastic? Show Answer

Q1141) If the demand for the goods is perfectly inelastic the demand curve will be Show Answer

Q1142) Vertically demand curve will show that the price elastically of demand is Show Answer

Q1143) For goods with perfectly inelastic demand Show Answer

Q1144) If the demand for the good is perfectly inelastic, which of the following is correct? Show Answer

Q1145) If the demand for the good is perfectly inelastic, and E is the measure of Elasticity, which of the following is true? Show Answer

Q1146) For goods with perfectly inelastic demand Show Answer

Q1147) Indentify the factor which generally keeps the price Show Answer

Q1148) Indefinite the coefficient of price elastic of demand when the percentage increase in the quantity demanded of a product is similar than the percentage falls in at price Show Answer

Q1149) Price elastic of demand for addictive product would be Show Answer

Q1150) If electricity demanded and electric rates increase, which of the following is lightly to occur? Show Answer

Q1151) For goods with less elastic demand Show Answer

Q1152) If the demand for the goods less elastic which of the following is true? Show Answer

Q1153) If the demand for the goods is less elastic, the demand curve will be Show Answer

Q1154) If a product has less elastic demand, and there is a change in its price, which of the following is correct? Show Answer

Q1155) If the demand for a good is unit elastic, the value of the elastic of demand would be Show Answer

Q1156) If the price of 'x' rises by 10 % and the quantity demanded falls by 10%, 'x' has Show Answer

Q1157) For goods with unites tic demand Show Answer

Q1158) If the demand for the good is unit elastic, and E is the measure of Elasticity, which of the following to true? Show Answer

Q1159) If the demand for the good is unit elastic, the demand Curve will be Show Answer

Q1160) If the demand for the good is unit elastic, the demand Curve will be Show Answer

Q1161) Rectangular Hyperbola is also called Show Answer

Q1162) If the demand for the good is unit elastic Demand Curve will be Show Answer

Q1163) If a product has unit elastic demand, and there is a change in its price, which of the following is correct? Show Answer

Q1164) Indefinite the coefficient of price elastic of demand when the percentage increases in the quantity demanded of a product is more than the percentage fall in a its price. Show Answer

Q1165) When quantity demanded changes by larger percentage than price, elastic is demand as Show Answer

Q1166) Suppose the demand for meals at a medium restaurant is elastic. If the management restaurant is considered raising prices. Show Answer

Q1167) For goods with more elastic demand Show Answer

Q1168) If the demand for the e of good is more elastic, and E is the measure of Elastic, which of the following is true? Show Answer

Q1169) If the demand for the good is more elastic, the Demand Curve will be Show Answer

Q1170) If a product has been elastic demand, and there is a change in its price, which of the following is correct? Show Answer

Q1171) What would be the value of Elastic of Demand, if the demand for the good is perfectly elastic? Show Answer

Q1172) If the demand for the good is perfectly elastic, the Demand Curve will be Show Answer

Q1173) Horizontal Demand Curve will show that the price elasticity of demand is Show Answer

Q1174) For goods with perfectly elastic demand Show Answer

Q1175) If the demand for the good is perfectly elastic, and E is the measure of Elastic, which of the following is true? Show Answer

Q1176) Price Elasticity of Demand would be higher for those products which have Show Answer

Q1177) Demand for a good will tend to be more elastic if it exhibits which of the following features? Show Answer

Q1178) If the Elasticity of Demand for a commodity is perfectly inelastic, then which of the following is incorrect? Show Answer

Q1179) Demand for a product will tend to be more inelastic if it exhibits which of the following characteristics? Show Answer

Q1180) If the demand for a product reduces by 5% as result of an increase in the price by 25%. What is the price Elasticity of Demand Show Answer

Q1181) If price of Coffee decreases from Rs. 5 to Rs. 4.50, and as a result the Consumer's Demand for Coffee increase from 60 grams to 75 grams, the absolute Price Elasticity of Demand of Coffee is Show Answer

Q1182) If the demand for a product reduces by 2% as a result of an increase in the price by 10%. What is the Price Elasticity of Demand for the product? Show Answer

Q1183) If the demand for Cricket Balls increases from 50 to 55 because of fall in price from Rs. 25 to Rs. 24, what is the Price Elasticity of Demand for Cricket Balls? Show Answer

Q1184) What is the Price Elasticity of Demand for a product, if an increase in the price of the good by 2% leads to fall in demand by 3%? Show Answer

Q1185) Price of Mangoes increases by 22% and the quantity of mangoes demanded falls by 25%. This indicates that demand for mangoes is Show Answer

Q1186) Suppose the price of movies seen at a Theatre rises from Rs. 120 to Rs. 200 per person. The Theatre 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? Show Answer

Q1187) Suppose a department Store has a sale on its silverware. If the Price of a plat-setting is reduced from Rs. 300 to 200 and the quantity demanded increases from 3000 plate settings to 5,000 plate-settings, what is the Price Elasticity of Demand for that item? Show Answer

Q1188) A Store has a special offer on CDs. It reduces the price from Rs. 150 to Rs. 100. The Store Manager observes that the quantity demanded increases from 700 CDs. to 1,400 CDs. What is the Price Elasticity of Demand for CDs.? Show Answer

Q1189) If a shop raises the price of a product from Rs. 60 to Rs. 100 and quantity demanded falls from 400 units to 300 units, the Price Elasticity of Demand is Show Answer

Q1190) A book seller estimates that if the price of a book is increased from Rs. 60 to Rs. 67, the quantity of books demanded will decrease from 2,035 to 1,946. The book's price elasticity of Demand is approximately Show Answer

Q1191) What is the new quantity demanded when Price Elasticity is 1 and price changes from Rs. 15 to 10 and the original quantity demanded was 10 units? Show Answer

Q1192) The Elasticity at a given point on a Demand Curve is known as Show Answer

Q1193) Point Elasticity of Demand is calculated as Show Answer

Q1194) Point Elasticity is useful for which of the following situations Show Answer

Q1195) Which of the following statements regarding Elasticity of Demand is true? Show Answer

Q1196) If a point on a Demand Curve of any Product lies on x Axis then Price Elasticity of Demand of that commodity at that point will be Show Answer

Q1197) if a point on a Demand Curve of any Product lies on Y Axis, then Elasticity of Demand of that commodity at that point will be Show Answer

Q1198) 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 Show Answer

Q1199) If a point bisects the Demand Curve in two equal parts, then elasticity at R equals Show Answer

Q1200) Point Elasticity at the mid- point on the Straight Line Demand Curve is Show Answer

Q1201) At a price of Rs. 300 per month, there are 30,000 subscribers to Cable TV in a Small Town. If the Cable Company raises its price to Rs. 400 per month, the number of subscribers will fall to 20,000 using the mid-point method for calculating the elasticity, what is the Price Elasticity of Demand for Cable TV? Show Answer

Q1202) What is the Price Elasticity of Demand when, price changes from Rs.10 to Rs.12 and as a result, demand fails from 6 unit to 4 units? Show Answer

Q1203) If the quantity of blankets demanded increases from 4,600 to 5,700 in response to a decrease in their price from Rs. 220 to Rs. 190, the Price Elasticity of Demand for blankets using Arc Method is Show Answer

Q1204) What is the Original Price of a Product when Price Elasticity is (0.71) and Demand changes from 20 units to 15 units and the new price is Rs. 10? (use Arc Method for computation) Show Answer

Q1205) Under total outlay Method, if as a result of the decrease in price of a product, the total expenditure on the product rises, we say that Price Elasticity of Demand is Show Answer

Q1206) Under Total Outlay Method, if Price and Consumer's Total Expenditure on the product move in opposite directions, then, Price Elasticity of Demand is Show Answer

Q1207) If the demand for a product is elastic, an increase in its price will cause the Total Expenditure of the Consumers to Show Answer

Q1208) If the demand for a product is elastic, an decrease in its price will cause the Total Expenditure of the Consumers to Show Answer

Q1209) Under Total Outlay Method if as a result of the decrease in price of a product decreases, we say that Price Elasticity of Demand is Show Answer

Q1210) f the demand for a commodity is __________, entire burden of indirectly tax will fall on the consumer. Show Answer

Q1211) Under Total Outlay Method, if Price and consumer's Total Expenditure on the product move in the same direction, then, Price Elasticity of Demand is Show Answer

Q1212) If the demand for a product is inelastic, an increase in its price will cause the Total Expenditure of the Consumer to Show Answer

Q1213) If the demand for a product is inelastic, an decrease in its price will cause the price will cause the Total Expenditure of the Consumers to Show Answer

Q1214) Total Expenditure of a Consumer increases if:
i. Demand is elastic and price rises.
ii. Demand is elastic and price falls.
iii. Demand is inelastic and price rises.
iv. Demand is inelastic and price falls. Show Answer

Q1215) Given the following four possibilities, which one results in an increase in Total Consumer Expenditure? Show Answer

Q1216) Due to change in price of the commodity, the Total Expenditure remains the same as before, then Elasticity under Total Outlay Method is Show Answer

Q1217) When Increase in price is exactly balanced by a proportionate reduction in the purchase quantity, then Elasticity under Total Outlay Method is Show Answer

Q1218) An increase in price will result in an increase in Total Revenue if Show Answer

Q1219) Which of the following statements regarding Elasticity of demand is true? Show Answer

Q1220) A decrease in price will result in an increase in Total Revenue if Show Answer

Q1221) If a good has price elasticity greater than one then Show Answer

Q1222) Ceteris parties, what would be the impact on foreign exchange earnings for a given falling export prices, if the demand for the country's exports is inelastic? Show Answer

Q1223) If the Railways are making losses on passenger traffic, they should lower their fares. The suggested remedy would only work if the demand for Rail Travel had a price elasticity of Show Answer

Q1224) If Cinema Halls are making losses they should lower the ticket fares. This suggestion would only work if the demand for watching movies in cinema halls had a Price Elasticity of Show Answer

Q1225) Price Elasticity of demand for a product is zero. If the Firm increases the price of the product by 10% Total Revenue of the Firm will Show Answer

Q1226) Income Elasticity of demand is defined as the responsiveness of Show Answer

Q1227) Income Elasticity of demand is given by Show Answer

Q1228) Positive income Elasticity impels that as income rises, demand for the commodity Show Answer

Q1229) If income Elasticity is greater than zero, then the product is Show Answer

Q1230) ________ have a positive Income Elasticity of Demand. Show Answer

Q1231) For what type of goods does demand fall with rise in income levels of households? Show Answer

Q1232) Negative Income Elasticity impels that as income rises, demand it's the commodity Show Answer

Q1233) What type of goods does a consumer eventually stop buying, when his income rises? Show Answer

Q1234) Goods having negative Income Elasticity are known as Show Answer

Q1235) In case of Interior Goods, income Elasticity is Show Answer

Q1236) In demand supply Analysis, if the income of the Consumer increases the Demand Curve for an interior good Show Answer

Q1237) _________ have a negative Income Elasticity of Demand. Show Answer

Q1238) If quantity demanded does not change as Income changes then Income Elasticity of Demand is Show Answer

Q1239) Goods having Zero Income Elasticity are Show Answer

Q1240) If an increase in Consume Incomes leads it's a increase in the demand its Product Y, then Product X is Show Answer

Q1241) For __________ goods increase in income leads to increase in demand. Show Answer

Q1242) If Income Elasticity > 1, it means that proportion of Income spent on goods as income of the Consumers increases. Show Answer

Q1243) For a product to be called income elastic its income Elasticity has to be Show Answer

Q1244) Service like Air Travel and Movies have an income elasticity of Show Answer

Q1245) What would be the value of Income Elasticity of demand for the meals in a costly restaurant? Show Answer

Q1246) If a good is a Luxury, its Income Elasticity of demand is Show Answer

Q1247) Goods having Income Elasticity > 1 are considered as Show Answer

Q1248) The income of a Household rises by 20%, the demand for Computer rises by 25% this means Computer (in Economics) is a/an Show Answer

Q1249) If Income Elasticity for the household for product A is 2 then A is Show Answer

Q1250) If the Income Elasticity is greater then one, the commodity is Show Answer