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Question-1
Income elasticity of demand would be zero when a given change in the income bring about _______.
(A)
Less than proportionate change in quantity demanded
(B)
more than proportionate change in quantity demanded
(C)
Same proportionate change in quantity demanded
(D)
No change in demand
Question-2
Elasticity of demand estimated based on the total expenditure of the households is known as ________
(A)
Point method
(B)
Total outlay method
(C)
Arc method
(D)
All of these
Question-3
The bargaining power of the trade unions depends on all except ___________.
(A)
Elasticity of labour supply
(B)
Proportion of elderly in the population
(C)
political influence
(D)
Strength of labour unions
Question-4
In terms of numerical value, there are ___________ different kinds of price elasticity demand.
(A)
3
(B)
4
(C)
5
(D)
6
Question-5
In case of unitary elastic demand, the elasticity of demand would be ________.
(A)
Zero
(B)
One
(C)
two
(D)
None of these
Question-6
An increase in the price of th commodity when demand is inelastic causes the total expenditure of the consumers of the commodity to__________.
(A)
Increase
(B)
decrease
(C)
remain unchanged
(D)
None of these
Question-7
If the percentage change in quantity demanded of a commodity is less than the percentage change income,the income elasticity will be _________.
(A)
Less than one
(B)
equal to one
(C)
greater than one
(D)
None of these
Question-8
When the percentage change in quantity demanded of a commodity is higher than percentage change in its price, the demand is said to be _________.
(A)
Relatively elastic
(B)
Relatively less elastic
(C)
Unitary elastic
(D)
None of these
Question-9
Change in the price less than offset the price is a case of _________ demand.
(A)
Elastic
(B)
inelastic
(C)
unitary elastic
(D)
none of these
Question-10
The extent to which demand for different commodities responds to price changes _________.
(A)
differs
(B)
same
(C)
Either a or b
(D)
None of these
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Plus 2 Humanities
ICSE/ISC
Practice in Related Chapters
Micro Economic Theory
Theory of Consumer Behavior; Marginal Utility and Indifference Curve Analysis
Law of Supply and Price Elasticity of Supply
Laws of Returns - Returns to a Factor and Returns to Scale
Demand and Law of Demand
Elasticity of Demand
Cost and Revenue Analysis
FORMS OF MARKET
EQUILIBRIUM OF FIRM
Determination of Equilibrium Price and Output Under Perfect Competition Monopoly and Monopolistic
Equilibrium Price: Market Price
Nature of Goods and Services Produced
National Income Aggregates
INTERNATIONAL TRADE; NEED AND BASIS
Balance of Payments
Theory of Distribution: Marginal Productivity Theory and Determination of Wages
Public Expenditure
PUBLIC DEBT
Fiscal Policy and Deficit Financing
The Theory of Distribution: Rent, Interest and Profit
National Income and Circular Flow of Income
Measurement of National Income
- GOVERNMENT BUDGET
PUBLIC FINANCE;TAXATION
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