Demand and Supply Mcqs Test 01 Preparation Online Leave a Comment / Economics / By Shani Malik Demand and Supply Mcqs Test 01 Preparation Online 1. If demand is unitary elastic, a 25% increases in price will result in?A. No change in quantity demanded B. 25% decrease in quantity demandedC. 1% decrease in quantity demanded D. 25% change in total revenue Loading... 2. Law of demand shows relation between?A. Price and quantity of a commodityB. Income and price of commodityC. Income and quantity demandD. Quantity demanded and quantity supplied Loading... 3. Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is?A. 30% B. 10% C. 3 D. 1/3 Loading... 4. This is an assumption of law of demand?A. Income of consumer should not changeB. Price of the commodity should not change C. Quantity should not changeD. Supply should not change Loading... 5. The following are causes of shift in demand EXCEPT the one?A. Change in prices of substitutesB. Change in fashion C. Change in price D. change in income Loading... 6. When demand is perfectly inelastic, an increase in price will result in?A. A decrease in total revenue B. A decrease in quantity demandedC. No change in total revenue D. An increase in total revenue Loading... 7. Normally a demand curve will have the shape?A. Downward slopingB. Upward slopingC. VerticalD. Horizontal Loading... 8. Other things equal, if a good has more substitutes, its price elasticity of demand is?A. Larger B. Zero C. SmallerD. Unity Loading... 9. If quantity demanded is completely unresponsive to changes in price, demand is?A. Unit elasticB. ElasticC. InelasticD. Perfectly inelastic Loading... 10. If elasticity of demand is very low it shows that the commodity is?A. A necessity B. (a) and (c) aboveC. Has little importance in total budget D. A luxury Loading... Loading... Related NTS Results Post:Islamabad Electric Supply Company IESCO NTS Jobs Results…Faisalabad Electric Supply Company FESCO Lineman CTS Jobs…Faisalabad Electric Supply Company FESCO Bill Distributor…Biology Mcqs Test 12 Online PreparationBiology Mcqs Test 06 Online PreparationBiology Mcqs Test 08 Online PreparationBiology Mcqs Test 09 Online PreparationBiology Mcqs Test 11 Online Preparation