Economics Demand and Supply Mcqs Test 02 Preparation Online Demand and Supply Mcqs Test 02 Preparation Online 1. Which of the following is a demand function?A. Q + 4P = 20 B. 5P - Q = 4C. Q = 35 + 3P D. Q - 2P - 15 = 0 Loading... 2. Price and demand are positively correlated in case of?A. LuxuriesB. Comforts C. Necessities D. Giffen goods D. Loading... 3. Which one is the assumption of law of demand?A. Quantity demanded should not change B. Prices of substitutes should not change C. Demand curve must be linearD. Price of the commodity should not change Loading... 4. 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... 5. The elasticity of demand of durable goods is?A. More elastic B. Less elastic C. Zero elastic D. Infinite elastic Loading... 6. Irrespective of price, Sofia always spends Rs. 100 a week on ice cream, we conclude that?A. Elasticity of demand is 0 B. Elasticity of demand is 1 C. Elasticity of demand is infinite D. The law of demand has been violated Loading... 7. When cross elasticity of demand is a large positive number, one can conclude that?A. The good is a complementB. The good is normal C. The good is inferior D. The good is a substitute Loading... 8. 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. More than oneB. 1C. 100% D. Less than one 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 elastic D. Perfectly inelastic Loading... 10. The elasticity of demand of durable goods is?A. ZeroB. Equal to unity C. Less than unity D. Greater than unity Loading... Loading... Related PostsDemand and Supply Mcqs Test 04 Preparation OnlineDemand and Supply Mcqs Test 08 Preparation OnlineDemand and Supply Mcqs Test 07 Preparation OnlineDemand and Supply Mcqs Test 06 Preparation OnlineDemand and Supply Mcqs Test 05 Preparation OnlineDemand and Supply Mcqs Test 03 Preparation Online Continue Reading Previous Demand and Supply Mcqs Test 01 Preparation OnlineNext Demand and Supply Mcqs Test 03 Preparation Online Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Δ