Economics MCQS with Answers 1st Year
A schedule of the amount of a good that would be offered for sale at all possible prices, at any one instant of time or during any period of time are called
Demand
Supply
None of these
Stock
The demand for a product is inelastic. In order to increase government revenue, the finance minister will :
Increase the tax rate
Double the tax rate
Lower down the tax rate
Not change the tax rate
The quantities of a commodity offered for sale at different prices during a given period of time are called
Demand
Supply
Stock
None of these
Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.
Increase
None of the three
Remains the same
Falls
What best explains a shift in market supply curve to the right?
an advertising campaign is successful in promoting the good
the price of raw materials increases
the government introduces a tax on the good
a new technique makes it cheaper to produce the good
The total quantity of a commodity available in or near the market which can be brought for sale at a short notice
Stock
None of these
Supply
Demand
The product which have close substitute their demand is always.
Perfectly elastic
More elastic
Perfectly inelastic
Less elastic
If elasticity of supply is greater than one. supply curve will be
passing through origin
horizontal
vertical
touching y-axis
If the price of a product rises, quantity demand if its substitute will.
Fall
Remain unchanged
Rise
Fluctuate
If the price of a product increase from Rs. 12 per unit and as a consequence quantity demand of the product falls from 100 units to 50 units . The price elasticity of the product will be.
0.5
1.5
2.5
3.5
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