Demand and Supply Mcqs Test 06 Preparation Online Shani Malik — May 19, 2018 in Economics • add comment Demand and Supply Mcqs Test 06 Preparation Online 1. 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. Quantity demanded of a commodity and the relative prices of its complementary goodsC. Price of a commodity and the demand for its substituteD. Price of a commodity and the quantity demanded Loading... 2. 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. 1B. 4C. 3D. 2 Loading... 3. In the case of an inferior good, the income elasticity of demand is?A. Zero B. Positive C. InfiniteD. Negative Loading... 4. In respect of which of the following category of goods is consumer's surplus highest?A. Prestige goodsB. Giffen goods C. Luxuries D. Necessities Loading... 5. 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. Greater than one B. Small than one C. ZeroD. Pqual to one Loading... 6. Identify the factor which generally keeps the price-elasticity of demand for a commodity now?A. Its low price B. Close substitutes for that commodity C. High proportion of the consumer's income spent on itD. Variety of uses for that commodity Loading... 7. Total utility is maximum when?A. Marginal utility is at its highest point B. Marginal utility is equal to average C. Marginal utility is zero D. Average utility is maximum Loading... 8. Which of the following pairs of commodities is an example of substitutes?A. Tea and sugar B. Pen and ink C. Tea and coffee D. Shirt and trousers Loading... 9. Contraction of demand is the result of?A. Increase in the price of the commodity concerned B. Decrease in the number of consumers C. Decrease in the income of purchasersD. Increase in the prices of other goods Loading... 10. 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. His monetary income C. The preferences of the individual D. The price of the commodity under consideration Loading... Loading... Related NTS Results Post:Demand and Supply Mcqs Test 03 Preparation OnlineDemand and Supply Mcqs Test 05 Preparation OnlineDemand and Supply Mcqs Test 04 Preparation OnlineDemand and Supply Mcqs Test 02 Preparation OnlineDemand and Supply Mcqs Test 07 Preparation OnlineDemand and Supply Mcqs Test 01 Preparation OnlineDemand and Supply Mcqs Test 08 Preparation OnlineIslamabad Electric Supply Company IESCO NTS Jobs…
