Demand and Supply Mcqs Test 06 Preparation Online Leave a Comment / Economics / By Shani Malik Demand and Supply Mcqs Test 06 Preparation Online 1. Contraction of demand is the result of?A. Decrease in the number of consumers B. Increase in the prices of other goods C. Increase in the price of the commodity concerned D. Decrease in the income of purchasers Loading... 2. In the case of an inferior good, the income elasticity of demand is?A. Negative B. Zero C. InfiniteD. Positive Loading... 3. Which of the following pairs of commodities is an example of substitutes?A. Pen and ink B. Shirt and trousersC. Tea and coffee D. Tea and sugar Loading... 4. Total utility is maximum when?A. Marginal utility is at its highest point B. Average utility is maximumC. Marginal utility is zero D. Marginal utility is equal to average Loading... 5. In respect of which of the following category of goods is consumer's surplus highest?A. Prestige goodsB. Necessities C. Giffen goods D. Luxuries Loading... 6. All but one of the following are assumed to remain the same while drawing an individual's demand curve for a commodity. Which one is it?A. The prices of other goodsB. The preferences of the individual C. The price of the commodity under consideration D. His monetary income Loading... 7. Identify the coefficient of price-elasticity of demand when the percentage increase in the quantity of a commodity demanded is smaller than the percentage fall in its price?A. Small than one B. Greater than one C. ZeroD. Pqual to one Loading... 8. The Law of Demand, assuming other things to remain constant, establishes the relationship between?A. Income of the consumer and the quantity of a commodity demanded by him B. Price of a commodity and the quantity demandedC. Price of a commodity and the demand for its substituteD. Quantity demanded of a commodity and the relative prices of its complementary goods Loading... 9. In the case of a straight-line demand curve meeting the two axes, the price-elasticity of demand at the mid-point of the line would be?A. 3B. 4C. 1D. 2 Loading... 10. Identify the factor which generally keeps the price-elasticity of demand for a commodity now?A. Variety of uses for that commodity B. High proportion of the consumer's income spent on itC. Its low price D. Close substitutes for that commodity 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 07 Online PreparationIslamiat Mcqs Test 01 Online PreparationIslamiat Mcqs Test 02 Online PreparationChemistry MCQs Test 05 Online PreparationChemistry MCQs Test 07 Online Preparation
