Demand and Supply Mcqs Test 02 Preparation Online Leave a Comment / Economics / By Shani Malik Demand and Supply Mcqs Test 02 Preparation Online 1. If demand is inelastic, a change in the price?A. Will not change quantityB. Will change total revenue in the opposite direction C. Will change the quantity in same direction D. Will change total revenue in same direction Loading... 2. Which of the following is a demand function?A. Q = 35 + 3P B. Q + 4P = 20 C. 5P - Q = 4D. Q - 2P - 15 = 0 Loading... 3. The elasticity of demand of durable goods is?A. Greater than unity B. Less than unity C. Equal to unity D. Zero Loading... 4. 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 infinite C. Elasticity of demand is 0 D. Elasticity of demand is 1 Loading... 5. The elasticity of demand of durable goods is?A. More elastic B. Zero elastic C. Infinite elasticD. Less elastic Loading... 6. 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. Less than one B. More than oneC. 1D. 100% Loading... 7. 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... 8. 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 substitute D. The good is a complement Loading... 9. Which one is the assumption of law of demand?A. Price of the commodity should not change B. Prices of substitutes should not change C. Quantity demanded should not change D. Demand curve must be linear Loading... 10. Price and demand are positively correlated in case of?A. Necessities B. Comforts C. LuxuriesD. Giffen goods D. 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