Demand and Supply Mcqs Test 02 Preparation Online Shani Malik — May 19, 2018 in Economics • add comment Demand and Supply Mcqs Test 02 Preparation Online 1. The elasticity of demand of durable goods is?A. ZeroB. Less than unity C. Equal to unity D. Greater than unity Loading... 2. Which one is the assumption of law of demand?A. Prices of substitutes should not change B. Demand curve must be linearC. Price of the commodity should not change D. Quantity demanded should not change Loading... 3. When cross elasticity of demand is a large positive number, one can conclude that?A. The good is inferior B. The good is normal C. The good is a complementD. The good is a substitute Loading... 4. Mr. Raees Ahmad bought 50 litres of petrol when his monthly income was Rs. 25,000. Now his monthly income has risen to Rs. 50,000 and he purchases 100 litre of petrol. His income elasticity of demand for petrol is?A. 1B. More than oneC. Less than one D. 100% Loading... 5. If demand is inelastic, a change in the price?A. Will change total revenue in the opposite direction B. Will change the quantity in same direction C. Will not change quantityD. Will change total revenue in same direction Loading... 6. Irrespective of price, Sofia always spends Rs. 100 a week on ice cream, we conclude that?A. The law of demand has been violatedB. Elasticity of demand is 1 C. Elasticity of demand is 0 D. Elasticity of demand is infinite Loading... 7. Which of the following is a demand function?A. Q - 2P - 15 = 0 B. Q = 35 + 3P C. 5P - Q = 4D. Q + 4P = 20 Loading... 8. The elasticity of demand of durable goods is?A. More elastic B. Zero elastic C. Less elastic D. Infinite elastic Loading... 9. Zubair has a special taste for college canteen is hotdogs. The owner of the canteen doubles the prices of hotdogs. Zubair did not respond to the increase in prices and kept on demanding the same quantity of hotdogs. His demand for hotdogs is?A. Elastic B. Less elasticC. Perfectly inelastic D. Perfectly elastic Loading... 10. Price and demand are positively correlated in case of?A. Comforts B. Necessities C. LuxuriesD. Giffen goods D. Loading... Loading... Related NTS Results Post:Demand and Supply Mcqs Test 07 Preparation OnlineDemand and Supply Mcqs Test 04 Preparation OnlineDemand and Supply Mcqs Test 06 Preparation OnlineDemand and Supply Mcqs Test 05 Preparation OnlineDemand and Supply Mcqs Test 01 Preparation OnlineDemand and Supply Mcqs Test 08 Preparation OnlineDemand and Supply Mcqs Test 03 Preparation OnlineIslamabad Electric Supply Company IESCO NTS Jobs…