Economics Demand and Supply Mcqs Test 04 Preparation Online Demand and Supply Mcqs Test 04 Preparation Online 1. Which is not an essential condition for an economic problem to arise?A. Unlimited wants B. Scarcity of resources C. Alternative uses of scarce resourcesD. Use of money Loading... 2. In May 2013, firm was supplying 500kg of sugar of market price of Rs. 30/- per kg. During June 2013, firm's supply of sugar had decreased to 450kg at price Rs. 20/- per kg. These changes show that supply of sugar is?A. More elasticB. Less elastic C. Perfectly inelastic D. Perfectly elastic Loading... 3. Which is not a central problem of an economy?A. How to maximize private profit B. For whom to produceC. How to produce D. What to produce Loading... 4. If price changes by 1% and supply changes by 2% then supply is?A. StaticB. Elastic C. Indeterminate D. Inelastic Loading... 5. What best explains a shift in market supply curve to the right?A. A new technique makes it cheaper to produce the good B. An advertising campaign is successful in promoting the good C. The government introduces a tax on the good D. The price of raw materials increases Loading... 6. Economic problems arise because?A. Wants are unlimited B. Scarce resources have alternative uses C. Resources are scarce D. All of the above Loading... 7. During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to?A. Leftward B. Rightward C. Downward D. Rise in supply Loading... 8. When supply of a commodity increases without change in price it is called?A. Expansion in supply B. Rise in supplyC. Contraction in supply D. Fall in supply Loading... 9. If elasticity of supply is greater than one. Supply curve will be?A. Passing through origin B. Vertical C. Touching y-axisD. Horizontal Loading... 10. Supply surve?A. Is vertical in long run B. Is same in long and short run C. Is flatter in long run D. Is horizontal in both short and long run Loading... Loading... Related PostsDemand 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 OnlineDemand and Supply Mcqs Test 02 Preparation Online Continue Reading Previous Demand and Supply Mcqs Test 03 Preparation OnlineNext Demand and Supply Mcqs Test 06 Preparation Online Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Δ