Economics MCQS with Answers 1st Year
The law demand will not be valid in case of.
Price effect
Normal goods
Very high price products
Income effects
Market demand curve is a summation of all individual demand curves as
Vertical
horizontal
mathematical
local
Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is
3
10%
3-Jan
30%
The demand of a will expand when:
None of the three
Value of money falls.
Other things do not remain constant.
Price of the products changes.
The elasticity of demand of durable goods is
equal to unity
less than unity
zero
greater than unity
Irrespecitve of price, Somia always spends Rs. 100 a week on ice cream, we conculde that
law of demand has been violated
elasticity of demand is 0
elasticity of demand id infinite
elasticity of demand is 1
The following are causes of shift in demand EXCEPT the one
change in fashion
change in price
change in income
change in prices of substitutes
The law of demand will not be apply in case of
Inferior goods
Non of them
Superior goods
Normal goods
Price and demand are positively correlated in case of
Luxuries
necessities
Giffen goods
comforts
change in income
change in tastes
a and c of above
change in supply
Continue Reading Go to Next Page
Google Ads