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

Question-1
According to the law of demand, there is ______ relationship between price and quantity demand.

(A) Positive	(B) Negative
(C) Inverse	(D) Direct

Question-2
____________ 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-3
If goods are complements, definitely their

(A) Cross elasticities are positive	(B) Cross elasticities are negative
(C) Income elasticities are negative	(D) Price elasticities are negative

Question-4
The most important tools of economic analysis at the micro levels are

(A) Demand only	(B) Supply only
(C) Demand and supply	(D) None of these

Question-5
Price elasticity of demand of a horizontal demand curve is called

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

Question-6
Unit elastic demand

(A) Means that the ratio of change in the quantity demanded to a change in the price equals 1	(B) Means that the ratio of a percentage change in the quantity demanded to a percentage change in the price equals 1
(C) will be vertical	(D) will be horizontal

Question-7
The demand for a commodity by all the households in an economy is known as

(A) Market demand	(B) Demand
(C) Individual demand	(D) Price demand

Question-8
The absolute value of the coefficient of elasticity of demand ranges from

(A) Zero to infinity	(B) Minus infinity to plus infinity
(C) One to infinity	(D) Zero to one

Question-9
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-10
Coefficient of elasticity of demand is negative it means

(A) Consumers sometimes buy negative units of a commodity	(B) Price and quantity demanded move in same direction
(C) Law of demand holds	(D) The two goods are complementary to each other

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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