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Question-1
When the percentage change in quantity demanded of a commodity is less than percentage change in its price, The elasticity of demand would be _________.
(A)
Less than one
(B)
Zero
(C)
greater than one
(D)
None of these
Question-2
Price elasticity of demand changes due to changes in ______.
(A)
Price alone
(B)
Income
(C)
prices of other goods
(D)
All of these
Question-3
When the percentage change in quantity demanded of a commodity is greater than the percentage change in its price, the elasticity of demand would be _______ unity.
(A)
Greater
(B)
Less
(C)
same
(D)
None of these
Question-4
________ is record of all visible and invisible transaction of a nation with the rest of the world.
(A)
Balance of trade
(B)
Balance of payment
(C)
balance of invisibles
(D)
Balance of visibles
Question-5
Price elasticity is generally __________ for the short period as compared to long period.
(A)
Higher
(B)
lower
(C)
not at all elastic
(D)
None of these
Question-6
Price elasticity of demand is __________ on the units of measurement.
(A)
Depended
(B)
Independent
(C)
both A and B
(D)
None of these
Question-7
Elasticity of supply deals with the responsiveness of __________,
(A)
Quantity demanded to change in price
(B)
Quantity supplied to change in price
(C)
quantity supplied to change in income
(D)
Any 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
Higher the inelastic of demand, more is the incidence of tax on __________.
(A)
retailers
(B)
sellers
(C)
customers
(D)
All of these
Question-10
__________ method measures price elasticity as a percentage change in quantity demand to percentage change in price of a commodity.
(A)
Expenditure method
(B)
Geometric method
(C)
percentage method
(D)
none of these
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Plus 2 Humanities
ICSE/ISC
Practice in Related Chapters
Micro Economic Theory
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Law of Supply and Price Elasticity of Supply
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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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