11th Principles of Economics MCQS Chapter 3

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11th Principles of Economics MCQS


When there is a very small change in demand and price of a commodity, it is called
Income elasticity
Point elasticity
Cross elasticity
Arc elasticity

Supply of perishable goods is
Perfectly inelastic
less elastic
More elastic
infinite elasticity of supply

Price determined with the equilibrium of demand and supply on some day
Normal price
Long period price
Short period price
Market price

Another name of unitary method is
Total expenditure method
Total revenue method
Both 2nd and 3rd
Total satisfiaction method

Demand for the commodities having different uses
More elastic
Infinitely elastic
Less elastic
Perfectly inelastic

Supply curve moves from left to right upward, this tendency is called
Horizontal
Positive
Vertical
Negative

The supply curve of Fish is
More elastic
Inelastic
Infinite elastic
Less elastic

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

The goods on which law of demand does not apply, are called
Capital goods
Giffin goods
Goods and services
Services

If demand does not change, then due to rise of supply
Equilibrium price increases
Equilibrium price decreases
Equilibrium quantity decreases
Equilibrium price does not change

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