11th Principles of Economics MCQS Chapter 3

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11th Principles of Economics MCQS


If supply of a commodity changes by 10% due to 10% change in its price, then elasticity of supply will be
Zero
Less than unity
Equal to unity
More than unity

If there is slight change in price and demand, it is called
Arc elasticity
Cross elasticity
Income elasticity
Point elasticity

Finance minister imposes tax on the goods having more elastic demand
At low rate
At zero rate
At the same rate
At high rate

Due to rise in demand, demand curve shifts to
Right
Both sides
None of these
Left

Non elastic demand curve is
horizontal
positive
vertical
negative

Which combination of the following is of joint demand
Tea and coffee
Meat and grocery
Inkpot and book
Petrol and car

Formula method to measure elasticity of supply is related to
Flux
Robbins
Marshall
R.G.D Allen

Demand for luxuries in
Perfectly elastic
More elastic
Perfectly inelastic
Les elastic

If supply of a commodity is fixed, it is called
Middle period supply
Short period supply
Long period supply
Market supply

Due to fall in demand, curve shifts to
Both sides
Right
Left
None of these

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