Economics Demand and Supply Mcqs Test 04 Preparation Online 0 Demand and Supply Mcqs Test 04 Preparation Online 1. When supply of a commodity increases without change in price it is called?A. Contraction in supply B. Fall in supply C. Expansion in supply D. Rise in supply Loading... 2. Which is not a central problem of an economy?A. How to maximize private profit B. For whom to produceC. What to produce D. How to produce Loading... 3. Which is not an essential condition for an economic problem to arise?A. Use of money B. Alternative uses of scarce resourcesC. Scarcity of resources D. Unlimited wants Loading... 4. 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. Less elastic B. Perfectly elastic C. More elasticD. Perfectly inelastic Loading... 5. If elasticity of supply is greater than one. Supply curve will be?A. Passing through origin B. Touching y-axisC. Vertical D. Horizontal Loading... 6. Economic problems arise because?A. Wants are unlimited B. Resources are scarce C. Scarce resources have alternative uses D. All of the above Loading... 7. If price changes by 1% and supply changes by 2% then supply is?A. StaticB. Inelastic C. Indeterminate D. Elastic Loading... 8. Supply surve?A. Is flatter in long run B. Is horizontal in both short and long runC. Is vertical in long run D. Is same in long and short run Loading... 9. During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to?A. Downward B. Rightward C. Rise in supplyD. Leftward Loading... 10. What best explains a shift in market supply curve to the right?A. The price of raw materials increasesB. An advertising campaign is successful in promoting the good C. The government introduces a tax on the good D. A new technique makes it cheaper to produce the good Loading... Loading... Related PostsDemand and Supply Mcqs Test 01 Preparation OnlineDemand and Supply Mcqs Test 02 Preparation OnlineDemand and Supply Mcqs Test 03 Preparation OnlineDemand and Supply Mcqs Test 05 Preparation OnlineDemand and Supply Mcqs Test 06 Preparation OnlineDemand and Supply Mcqs Test 07 Preparation OnlineDemand and Supply Mcqs Test 08 Preparation OnlineUpwork Top Freelancer Skills 2023 Make Money OnlinePhysics MCQs Online Test 02 for PreparationPhysics MCQs Online Test 01 for Preparation Continue Reading Previous Demand and Supply Mcqs Test 03 Preparation OnlineNext Demand and Supply Mcqs Test 06 Preparation Online More Stories Economics Economics Quiz 04 Preparation Online 0 Economics Economics Quiz 03 Preparation Online 0 Economics Economics Quiz 02 Preparation Online 0 Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Δ