Demand and Supply Mcqs Test 01 Preparation Online Shani Malik — May 19, 2018 in Economics • add comment Demand and Supply Mcqs Test 01 Preparation Online 1. When demand is perfectly inelastic, an increase in price will result in?A. A decrease in total revenue B. No change in total revenue C. A decrease in quantity demandedD. An increase in total revenue Loading... 2. Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is?A. 1/3B. 10% C. 3 D. 30% Loading... 3. Other things equal, if a good has more substitutes, its price elasticity of demand is?A. Zero B. UnityC. SmallerD. Larger Loading... 4. Law of demand shows relation between?A. Quantity demanded and quantity suppliedB. Income and quantity demandC. Price and quantity of a commodityD. Income and price of commodity Loading... 5. If demand is unitary elastic, a 25% increases in price will result in?A. 25% decrease in quantity demandedB. 1% decrease in quantity demanded C. No change in quantity demanded D. 25% change in total revenue Loading... 6. If quantity demanded is completely unresponsive to changes in price, demand is?A. Unit elasticB. ElasticC. InelasticD. Perfectly inelastic Loading... 7. The following are causes of shift in demand EXCEPT the one?A. Change in price B. Change in fashion C. Change in prices of substitutesD. change in income Loading... 8. Normally a demand curve will have the shape?A. HorizontalB. Upward slopingC. Downward slopingD. Vertical Loading... 9. This is an assumption of law of demand?A. Price of the commodity should not change B. Income of consumer should not changeC. Supply should not change D. Quantity should not change Loading... 10. If elasticity of demand is very low it shows that the commodity is?A. (a) and (c) aboveB. Has little importance in total budget C. A necessity D. A luxury Loading... Loading... Related NTS Results Post:Demand and Supply Mcqs Test 03 Preparation OnlineDemand and Supply Mcqs Test 05 Preparation OnlineDemand and Supply Mcqs Test 04 Preparation OnlineDemand and Supply Mcqs Test 02 Preparation OnlineDemand and Supply Mcqs Test 06 Preparation OnlineDemand and Supply Mcqs Test 07 Preparation OnlineDemand and Supply Mcqs Test 08 Preparation OnlineIslamabad Electric Supply Company IESCO NTS Jobs…
