ICSE/ISC Std 10 Study Materials, Online Learning, Question Papers, Classnotes, Practice Test, MCQ | Smartindia Educational Program : www.smartindia.net.in

Question-1
When a change in price results in an infinitely large response in quantity demanded, demand is

(A) Unit elastic	(B) Perfectly inelastic
(C) Perfectly elastic	(D) Elastic

Question-2
The problem of choice arises because of ____________ interrelated facts.

(A) Two	(B) Three
(C) Four	(D) Five

Question-3
Free goods are normally

(A) Not priced	(B) Priced
(C) Priced very high	(D) Priced very low

Question-4
The most important component of demand is

(A) Income	(B) Desire
(C) Willingness to pay	(D) Supply

Question-5
Full form of PED.

(A) Price Elasticity of Demand	(B) Product Elasticity of Demand
(C) Purchase Elasticity of Demand	(D) Cross elasticity of demand

Question-6
The cross elasticity of demand measures the responsiveness of the quantity demanded of a particular good to changes in the prices of

(A) Its substitute and its complements	(B) Its substitute but not its complements
(C) Its complements but not its substitutes	(D) Its complements but not its giffen goods

Question-7
Demand is perfectly inelastic when

(A) Shift is the supply curve results is no change in price	(B) The good in question has perfect substitutes
(C) Shift of the supply curve results in no change in quantity demanded	(D) Shift is the supply curve results is change in price

Question-8
Scarcity of the commodity express in the form of

(A) Demand from buyers	(B) Supply by sellers
(C) Labour market	(D) Investment

Question-9
____________ is the desire to own anything, the ability to pay for it, and the willingness to pay.

(A) Supply	(B) Demand
(C) Price	(D) Income

Question-10
Demand is always expressed in relation to a particular

(A) Income	(B) Desire
(C) Price	(D) Supply

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Std 10

ICSE/ISC

Practice in Related Chapters
Alternative Market Structure: Basic Concepts
Demand and Supply: Basic Concepts
The Productive Mechanism
State and Economic Development
Money and Banking: Basic Concept