Practice Test


Q1) ________ refers to how much quantity of a product or a sevice is desired by the buyers. Show Answer


Q2) The ______ is the amount of a product people are willing to buy at a certain price. Show Answer


Q3) Which of the following things is/are essential for a desire for a commodity to become effective demand? Show Answer


Q4) As per ________, " A fall in the price of a commodity causes a household to buy more of that commodity and less of the other commodities which compete with it, while rise in price causes the household to buy less of this commodity and more competing commodities." Show Answer


Q5) According to law of demand, ________, if the price of a the commodity falls, the quantity demanded of it will rise and the price of a commodity rises, its quantity demand will decline Show Answer


Q6) As per law of demand, other things being equal, if the price of a commodity _______, the quantity demanded of it will rise. Show Answer


Q7) According to law of demand, other things being equal, if the price of a commodity rises, its quantity demanded will _______ Show Answer


Q8) The law of demand assumes that ________ remain the same in a given period. Show Answer


Q9) The law of demand , assuming other things to remain constant, establishes the relationship between:_______ Show Answer


Q10) The law of demand assumes that ________ remain the same in a given period. Show Answer


Q11) As per the law of demand, there is ______ between price and quantity demanded, other things being same. Show Answer


Q12) Ceteris Paribus means ________ Show Answer


Q13) Demand for goods by an individual or the markets as a whole conventionally expressed in the form of:___________ Show Answer


Q14) A _______ of an individual buyer is an algebraic form of expressing his demand behaviour Show Answer


Q15) A ______ is a tabular form of describing the relationship between quantities demanded of good in response to its price per unit, while all non-price determining variables remain unchanged Show Answer


Q16) ________ is a grahical presentation of the demand schedule Show Answer


Q17) A demand curve ______ Show Answer


Q18) In economics_________ of a good is its expected capacity to satisfy a human want. Show Answer


Q19) Which of the following factors or principles is / are responsible for the operation of law of demand, or for the downward slope of the demand curves ? Show Answer


Q20) Which of the following factors or principles is / are responsible for the operation of law of demand, or for the downward slope of the demand curves ? Show Answer


Q21) Which of the following factors or principles is / are responsible for the operation of law of demand, or for the downward slope of the demand curves ? Show Answer


Q22) If the demand changes due to change in price, it is called________ Show Answer


Q23) if the demand changes due to change in other things, it is called as __________ Show Answer


Q24) When a consumer moves from one point to another on the same demand curve it is called as __________ Show Answer


Q25) When the entire demand curve shifts its position it is called as __________ Show Answer


Q26) If due to increase in 'price' , quantity demanded goes downward it is known as _______ Show Answer


Q27) If due to decrease in 'price' , quantity demanded goes upward it is known as _______ Show Answer


Q28) If due to change in other things, quantity demanded goes upward it is known as _________ Show Answer


Q29) If due to change in other things, quantity demanded goes downward it is known as _________ Show Answer


Q30) Contraction of demand is the result of: _____________ Show Answer


Q31) There is no exception to law of demand Show Answer


Q32) Which of the following is/ are exception to the law of demand? Show Answer


Q33) Goods which are consumed by weaker section of society are known as __________ Show Answer


Q34) Goods which are used by rich people to show their status are known as ________ Show Answer


Q35) Some special varities of inferior goods are termed as ______________ Show Answer


Q36) Which of the following is giffen goods? Show Answer


Q37) Which of the following is not Giffen goods? Show Answer


Q38) An increase in consumer income, will increase demand for a _________ but decrease demand for a _________ Show Answer


Q39) The first determinant of the demand for a goods is___________ Show Answer


Q40) Which of the following can be treated as determinant of demand? Show Answer


Q41) All of the following are determinants of demand except;________ Show Answer


Q42) Which of the following can be treated as determinant of demand? Show Answer


Q43) _______and ________do not directly affect the demand cruve. Show Answer


Q44) _________are those goods which are consumed simultaneously like car and petrol. Show Answer


Q45) ________are those goods that can be substituted for each other like coffee and tea. Show Answer


Q46) Ball-pen and refill are example of _______ Show Answer


Q47) Motor cycle and scooter are example of ______ Show Answer


Q48) Car and petrol are example of _______ Show Answer


Q49) Which of the following Pairs of goods is an example of substitutes Show Answer


Q50) If the price of ipods increases and as a consequence, the demand for MP3s increases, then ipods and MP3s are________ Show Answer


Q51) The _________ refers to the amount of a certain good producers are willing to supply when receiving a certain price. Show Answer


Q52) According to _______, supply always means a schedule of possible prices and amounts that would be sold at each price. Show Answer


Q53) __________ states: " other things being equal, the quantity of any commodity that firms will produce and offer for sale is positively related to commoditys own price, rising when the price rises and falling when the price falls." Show Answer


Q54) The law of supply states that a firm will produce and offer to sell greater quantity of a product or service as the price of that product or service rises, other things being equal. Show Answer


Q55) There is ________between price and quantity supplied. Show Answer


Q56) Suppy for goods by an individual or the market as a whole is conventionally expressed in the form of:______________ Show Answer


Q57) A ___________ of an individual supplier is an algebraic form of expressing his behaviour with regard to what he offers in the market at prevailing prices Show Answer


Q58) A________is a tabular statement that shows different quantity or service that are offered by the firm or producer in the market for sale at different prices at a given time. Show Answer


Q59) The individual________ is a graphical representation of the information given in individual supply schedule. Show Answer


Q60) ________relates to the supply of a good or service by one firm at different prices ,other things remains constant or equal. Show Answer


Q61) _______is the sum of the amount of good supplied for sale by all the firms or producers in the market at different prices during a given time. Show Answer


Q62) The supply curve slopes__________ Show Answer


Q63) Law of supply states that there exist _________ between the price of a product and its quantity supplied , ceteris paribus. Show Answer


Q64) If the supply changes due to change in price,it is called ________ Show Answer


Q65) If the supply changes due to change in other things ( determinants), it is called as __________ Show Answer


Q66) When a consumer moves from one point to another on the same supply curve it is called as __________ Show Answer


Q67) When the entire supply curve shifts its position it is called as ________ Show Answer


Q68) If due to increase in 'Price', Quantity supplied goes upward it is known as ____________ Show Answer


Q69) If due to decrease in Price, quantity supplied goes downward it is known as _________ Show Answer


Q70) IF due to changein other things quantity supplied goes upward it is known as ______ Show Answer


Q71) If due to chage in other things (determinanants) quantity supplied goes downwards it is known as __________ Show Answer


Q72) If the demand curve for a good is horizontal and the price is positive, then a leftward shift of the supply curve results in ___________ Show Answer


Q73) Which of the following can be treated as determinant of Supply? Show Answer


Q74) Which of the following can be treated as determinants of supply? Show Answer


Q75) Which of the following can be treated as determinants of supply? Show Answer


Q76) In economics equilibrium is a situation in which _________ Show Answer


Q77) In economics, equilibrium is a situation in which _______ Show Answer


Q78) The equilibrium is the state when _______ Show Answer


Q79) If the graphical presentation s made for demand and supply curve equilibrium is attained when________ Show Answer


Q80) ____________ is defined as the responsiveness of the quantity demanded of a good to the changes in one of the variables on which demand depends or we can say that it is the percentage change in quantity demanded divided by the percentage change in one of the variables on which demand depends Show Answer


Q81) __________ of demand is the degree of responsiveneess of the demand for a commodity to a change in its price Show Answer


Q82) The formula for calculating price elasticity of demand is _____________ Show Answer


Q83) When a very insignificant change in price leads to an infinite change in quantity demanded it is called as _________ Show Answer


Q84) Quantity demanded does not change with the change in price is called as ________ Show Answer


Q85) When a small change in price causes a greater change in the quantity demanded is called as _______ Show Answer


Q86) Where a greater change in price leads to a smaller change in quantity demanded, it is called as _________ Show Answer


Q87) When a change in price results in exaclty the same percentage change in the quantity demanded of a commodity, it is called as _____________ Show Answer


Q88) Perfectly elastic demand means: _______ Show Answer


Q89) Perfectly inelastic demand means: _________ Show Answer


Q90) Relatively elastic demand means: ________ Show Answer


Q91) Relatively inelastic demand means: ________ Show Answer


Q92) Unitary elastic demand means: ______ Show Answer


Q93) Price elasticity of demand can be measured through: _________ Show Answer


Q94) According to percentage method or arithmetic method of elasticity of demand, if the percentage change in quantity demanded is greater than the percentage change in price, the elasticity will be _____________ Show Answer


Q95) According to percentage method or arithmetic method of elasticity of demand, if the percentage change in quantity demanded is less than the percentage change in price, the elasticity is said to be ___________ Show Answer


Q96) According to percentage method or arithmetic method of elasticity of demand, if the percentage change in quantity demanded and price is same, the elasticity is said to be _____________ Show Answer


Q97) Total expnditure method was formulated by ___________ Show Answer


Q98) According to total expenditure method of elasticity of demand, if it is found that total expenditure remains the same, elasticity of demand is said to be _______ Show Answer


Q99) According to total expenditure method of elasticity of demand, if total expenditure increases due to increase in price the , elasticity of demand is said to be _______ Show Answer


Q100) According to total expenditure method of elasticity of demand, if total expenditure diminished with the decrease in price , elasticity of demand is said to be _______ Show Answer


Q101) According _____________, elasticity of demand is measured on different points on a straight line demand curve. Show Answer


Q102) According to graphic or point method of elasticity of demand, at mid-point on a straight line demand curve, elasticity will be equal to Show Answer


Q103) According to graphic method or point method of elasticity of demand, at higher points on a straight line demand curve, but to the left ot mid point elasticity will be equal to ________ Show Answer


Q104) According to graphic method or point method of elasticity of demand, at lower points on a straight line demand curve, but to the right to mid point elasticity will be equal to ________ Show Answer


Q105) According to graphic or point method of elasticity of demand the price elasticity of demand at a point on straight line is equal to ________ of the demand curve Show Answer


Q106) Price elasticicty of demand is dependent upon __________ Show Answer


Q107) Price elasticicty of demand is dependent upon __________ Show Answer


Q108) The demand is _________ for moderate priced goods Show Answer


Q109) The demand for very costly and very cheap goods is ____________ Show Answer


Q110) If a good has a close substitutes, the price elasticity of demand for a commodity will be ________ as some other commodities can be used for it Show Answer


Q111) Which of the following has inelastic demand? Show Answer


Q112) Elasticity of demand for a good is not dependent upon the proportion of a consumer's budget spent on it. Show Answer


Q113) If individuals are habituated of some commodities the demand for such commodities will be usually _______ Show Answer


Q114) The demand for necessities is ________ Show Answer


Q115) The demand for comforts and luxuries is _________ Show Answer


Q116) A commdity which has several uses will have an ________ demand such as milk, wood etc. Show Answer


Q117) A commodity having only one use will have _______ demand Show Answer


Q118) Usually the deamnd for commodities, the consumption of which can be postponed has ________ demand as the price rise and is expected to fall again. Show Answer


Q119) The Change in demand of a goods X in response to a change in the price of Goods Y is called ___________ Show Answer


Q120) Cross price elasticity is __________ if the change in the price of goods Y causes a change in quantity demanded of goods X in same direction Show Answer


Q121) Cross price elasticity is __________ if the change in the price of goods Y causes a change in quantity demanded of goods X in opposite direction Show Answer


Q122) Cross price elasticity is __________, if a change in price of Goods Y does not affect the quantity demanded Goods X Show Answer


Q123) in case of ______ cross elasticity is infinite Show Answer


Q124) In case of ______, cross elasticity is positive Show Answer


Q125) in case of ________ cross elasticity is negative Show Answer


Q126) A positive cross elasticity of demand coefficient indicates that _________ Show Answer


Q127) ________ is a degree of responsiveness of quantity demanded of goods to a change in income of consumers Show Answer


Q128) ________ have a positive income elasticity of demand so as consumers income rises demand also increases Show Answer


Q129) _______ have a negative income elastcity of demand falls when income rises Show Answer


Q130) ______ have an income elasticity of demand Ed > 1 Show Answer


Q131) The supply is said to be ________ when a very insignificant changein price leads to an infinite change in quantity supplied Show Answer


Q132) The supply is said to be ________, when a change in price producees no change in quantity supplied of a commodity Show Answer


Q133) The supply is ______ when a greater change in price leads to smaller change in quantity supplied Show Answer


Q134) Perfectly elastic supply means _______ Show Answer


Q135) Perfectly inelastic supply means ________ Show Answer


Q136) Relatively elastic supply means: ________ Show Answer


Q137) Relatively inelastic supply means: ________ Show Answer


Q138) Unitary elastic supply means: ______ Show Answer


Q139) The price of goods X increases by 22% and quantity of goods X demanded falls by 25% this indicates that demand for goods X is Show Answer


Q140) Suppose the price of commodity rises from Rs. 120 to Rs. 200, it is observed that the rise in price causes quantity demanded to fall from 300 to 200. What is the price elasticity of demand for commodity. Show Answer


Q141) If the price of a commodity is reduced from Rs. 300 to Rs. 200 and the quantity demanded increases from 3000 to 5000. what is the price elasticity of demand Show Answer


Q142) A discount store has a special offer on CD's . It reduces their prices from Rs. 150 to Rs. 100 suppose the store manager observes that the quantity demanded increases from 700 CD's to 1300 CD's.What is the price elasticity of demand for CD's Show Answer


Q143) Suppose the consumer income increases from Rs. 30 000 to Rs. 36 000. As a result the consumer increases her purchase of CD's From25 to 30. what is the consumers income elasticity of demand for CD's Show Answer


Q144) the price of commodity decreases from rs. 6 to Rs. 4 and his demand for goods increases from 10 units to 15 units find the co-efficent of price elasticity of demand: Show Answer


Q145) a consumer buys 50 units of commodity @ Rs. 4 per unit. When its price falls by 25 % it demand rises to 100 units find out price elasticity of demand Show Answer


Q146) When the price of the commodity X is Rs. 20 per unit it's quantity demanded is 50 units, and when the price goes upto Rs. 40 per unit its quantity demanded falls to 25 units. Find the price elasticy coefficeint and give its interpretration Show Answer


Q147) A consumer spends Rs. 80 on a commodity when its price is Re. 1 per unit and spend Rs. 96 when the price is Rs. 2 per unit. Calculate the price elasticity coefficient of demand for commodity. Show Answer


Q148) Consumer X buys 100 units of commodity at Rs. 8 per unit. When its price falls by 50 %, the demand rises to 200 units. Find out the price elasticity of demand for this product. Show Answer


Q149) When the income of the consumer is Rs.40, his demand for a particular commodity is 8 units. When his income goes up to Rs. 50 his demand for that commodity becomes 10 units calculate his income elasticity of demand for the commodity. Show Answer


Q150) If the quantity demanded of beef increases by 5% when the price of chicken increases by 20%, the cross price elasticity of demand between beef and chicken Show Answer


Q151) Calculate cross elasticity of demand when demand for X increase from 10 units to 15 units and price of Y increase from Rs. 3 to Rs. 6 per unit Show Answer


Q152) If the price elasticity of demand for a goods is 0.70, the demand for the goods can be described as : _______ Show Answer


Q153) Price elasticicty of demand is dependent upon __________
Show Answer


Q154) Cross price elasticity is _________ if the slighest change in the price of Goods Y causes a substantial change in the quantity demanded of Goods X.
Show Answer


Q155) __________ defines market as, "not any particular market place in which things are bought and sold, but the whole of any region in which buyers and sellers are in such free intercourse with each other that the prices of the same goods tend to equality easily and quickly". Show Answer


Q156) According to_____, " Market means the general field within which, the force determining the price of particular product operate". Show Answer


Q157) _______ explain the term market as " any organization whereby buyers and sellers of a good are kept in close touch with each other". Show Answer


Q158) Which of the following is/ are basic components of market? Show Answer


Q159) ________ refers to a market structure in which a large number of firms produce identical goods and sell them at a uniform price, where firms have the freedom of entry and exit and all the buyers and sellers have full knowledge of the market conditions. Show Answer


Q160) Which of the following is feature of ' Perfect Competition' ? Show Answer


Q161) Which of the following is feature of ' Perfect Competition' ? Show Answer


Q162) Which of the following is feature of ' Perfect Competition' ? Show Answer


Q163) Which of the following is feature of ' Perfect Competition' ? Show Answer


Q164) Which of the following is not a feature of ' Perfect Competition'? Show Answer


Q165) Under which of the following forms of market structure does a firm have no control over the price of its product? Show Answer


Q166) In a perfect competition, product supplied by one firm is a perfect substitute of that supplied by another. Show Answer


Q167) In a perfect competition, every firm in the industry is a price maker. Show Answer


Q168) In a perfect competition, the demand for product of the firm is _______. Show Answer


Q169) In a perfect competition, single buyer or seller may have influence on the price. Show Answer


Q170) In a perfect competition, every buyer and seller may not have knowledge of the market. Show Answer


Q171) In a perfect competition, seller has to incur selling expenses because his product has to be differentiated from the products supplied by other sellers. Show Answer


Q172) Agricultural goods markets depict characteristics close to ______. Show Answer


Q173) Since a perfectly competitive firm is a price taker, it is faced with a straight line demand curve i.e. AR is _______. Show Answer


Q174) What is the shape of the demand curve faced by a firm under perfect competition? Show Answer


Q175) In a perfect competition, the firm will be in equilibrium when _____. Show Answer


Q176) The short run average cost curve (SAC) is ____. Show Answer


Q177) In a perfect competition, the firms have _____. Show Answer


Q178) On account of law of ______, the average variable cost curve is U-shaped. Show Answer


Q179) In a perfect competition operating under long run, no firm is able to earn an abnormal profit. Show Answer


Q180) These short run cost curves (SACs) are also called as _______. Show Answer


Q181) In a perfect competition in long run firm gets equilibrium where it is operating under ____. Show Answer


Q182) For the price-taking firm: ________ Show Answer


Q183) If under perfect completion, the price line lies below the average cost curve, the firm would ______. Show Answer


Q184) In a perfect competition which curve among following will be a straight line? Show Answer


Q185) The term monopoly means a ______. Show Answer


Q186) The monopolist is _______. Show Answer


Q187) A monopoly firm faces a ______ for his product. Show Answer


Q188) Which of the following is feature of 'Monopoly firm'? Show Answer


Q189) Which of the following is not a feature of ' Monopoly firm'? Show Answer


Q190) Which of the following is not a feature of ' Monopoly firm'? Show Answer


Q191) All of the following are characteristics of a monopoly except: _______. Show Answer


Q192) In a monopoly, the monopolist can ______. Show Answer


Q193) According to "total revenue & total cost" approach, a monopoly firm attains equilibrium when the difference between its total revenue and total cost is the ______. Show Answer


Q194) According to "marginal revenue marginal cost approach" approach, a monopoly firm attains equilibrium when _______. Show Answer


Q195) During short run monopolist may ________. Show Answer


Q196) The art of selling the same commodity produced under a single control to different buyers at different prices is called _______. Show Answer


Q197) Essential condition(s) for price discrimination is/are _______. Show Answer


Q198) Essential condition(s) for price discrimination is/are _______. Show Answer


Q199) _______ is the basic objective before a discriminating monopolist. Show Answer


Q200) Under price discrimination, the seller charges ______ in market having the less elastic demand. Show Answer


Q201) Under price discrimination, the seller charges ______ in market having the elastic demand. Show Answer


Q202) A non-discriminating monopolist will find that marginal revenue is _______. Show Answer


Q203) A monopolistic competition is defined as that market struture each seller produces a _____. Show Answer


Q204) The concept of product differentiation means that _______. Show Answer


Q205) Which of the following method is adopted for product differentiation? Show Answer


Q206) Which of the following is/are feature of monopolistic competition? Show Answer


Q207) Which of the following is/are feature of monopolistic competition? Show Answer


Q208) Which of the following is not feature of monopolistic competition? Show Answer


Q209) Which of the following is not feature of monopolistic competition? Show Answer


Q210) Monopolistic competition differs from perfect competition primarily because ______. Show Answer


Q211) In short run a firm operating under monopolistic competition may ________. Show Answer


Q212) In monopolistic competition, firms earn only ______. Show Answer


Q213) A monopolist will maximize profit ______. Show Answer


Q214) Free entry and exit condition exist in _____. Show Answer


Q215) Single firm in industry is feature of _____. Show Answer


Q216) Large number of buyer exists in ______. Show Answer


Q217) Uniform price is a feature of ______. Show Answer


Q218) Firm in industry is 'price taker'. This is feature of ______. Show Answer


Q219) Firm in industry is 'price maker'. This is feature of ______. Show Answer


Q220) Price elasticity of demand for individual firm is perfectly elastic. This is a feature of ____. Show Answer


Q221) Product differentiation is a feature of ______. Show Answer


Q222) No selling costs exist. This is a feature of _____. Show Answer


Q223) Tooth paste industry is example of _______. Show Answer


Q224) Price discrimination take place in ______. Show Answer


Q225) Under which market situation demand curve is linear and parallel to X-axis? Show Answer


Q226) AR=MR=P , is a feature of ______. Show Answer


Q227) Under ______ market condition, firms in industry make normal profit in the long run. Show Answer


Q228) The meaning of the word ’Economic’ is most closely connected with the word Show Answer


Q229) Human wants are - Show Answer


Q230) “Ends” refer to - Show Answer


Q231) “Means” refer to - Show Answer


Q232) “Resources “ refers to Show Answer


Q233) The means of satisfying wants are Show Answer


Q234) Which of the following is an economic activity ? Show Answer


Q235) Which of the following is not an economic activity ? Show Answer


Q236) Which of the following is an economic activity ? Show Answer


Q237) Which of the following is an economic activity ? Show Answer


Q238) Which is the following is not correct ?Economic is viewed as Show Answer


Q239) Adam Smith considered Economics as - Show Answer


Q240) Which of these Economists did not consider Economic as science of wealth ? Show Answer


Q241) 14. Alfred Marshal considered Economics as - Show Answer


Q242) A.C. Pigou considered Economics as - Show Answer


Q243) Economics=study of wealth +study of Man. this definition of economics is attributed to - Show Answer


Q244) Lionel Robbins considered economics as Show Answer


Q245) Which of the following Economics considered Economics as science of choice making ? Show Answer


Q246) Find the correct match - Show Answer


Q247) Who expressed the view that “ Economics is neutral between ends ? Show Answer


Q248) ……..viewed Economics as a science of dynamic growth and development Show Answer


Q249) The law of Scarcity Show Answer


Q250) Which of the following is the best general definition of the study of economics ? Show Answer


Q251) What implication (s) does resource scarcity have for the satisfaction of wants Show Answer


Q252) Rational decision making requires that Show Answer


Q253) What is the “ Fundamental Premise” of Economics ? Show Answer


Q254) Consider the following and decide which ,economy if any is without scarcity Show Answer


Q255) Economics is the study of - Show Answer


Q256) Scarcity in Economics is an Show Answer


Q257) Resources are scare in relation to Show Answer


Q258) In a capitalist economy the allocation of resources is performed by Show Answer


Q259) Which of the following statements is incorrect? Show Answer


Q260) Inequalities of income do not perpetuate in Show Answer


Q261) Which of the following are the features of a fixed economy? Show Answer


Q262) Normative Economics is based on Show Answer


Q263) Dual system of pricing exist in Show Answer


Q264) In Inductive method, logic proceeds from Show Answer


Q265) In a capitalist economy, allocation of resources is done by Show Answer


Q266) A Capitalist Economy follows the policy of Show Answer


Q267) Economics is the science of choice making it implies Show Answer


Q268) Which of the following is a part of the subject matter of macro economics? Show Answer


Q269) The usual shape of PPC is _____ towards the origin. Show Answer


Q270) What will be the shape of PPC when marginal opportunity cost is constant? Show Answer


Q271) A capitalist economy is by and large _____ Show Answer


Q272) Deductive and Inductive methods are complimentary to each other. It is Show Answer


Q273) A free market economy’s driving force is Show Answer


Q274) "Economics is neutral between ends". This statement is given by Show Answer


Q275) A system of economy in which all the means of production are owned and controlled by the private individuals for the purpose of profit, is called Show Answer


Q276) Which of these is an example of micro economics ? Show Answer


Q277) Macro-Economics is the study of behavior of Show Answer


Q278) Micro-Economics is the study of behavior of : Show Answer


Q279) Micro-Economics is also called Show Answer


Q280) Macro- Economics is also called Show Answer


Q281) In Micro-Economics we study about Show Answer


Q282) The difference between Micro-Economics Show Answer


Q283) Which of the following is not a variable of Macro-Economics ? Show Answer


Q284) Which of the following is not a variable of Micro-Economics ? Show Answer


Q285) Price theory is the other name of Show Answer


Q286) Income theory is the other name of - Show Answer


Q287) Micro-Economics is also known as -- Show Answer


Q288) Price theory is an important constituent of ……..Economics Show Answer


Q289) Which of the following is not a v Micro-Economic subject matter ? Show Answer


Q290) Which of the following is covered in Macro Economics? Show Answer


Q291) Which of the following is covered in Macro Economics ? Show Answer


Q292) Which of the following is covered in Micro Economics ? Show Answer


Q293) Which of the following is covered in Micro Economics ? Show Answer


Q294) The branch of economic theory that deals with the problem of allocation of resources is Show Answer


Q295) State which of the following represents macro from the national point of view Show Answer


Q296) Which of the following falls under Micro Economics ? Show Answer


Q297) Which of the following does not fall under Macro Economics ? Show Answer


Q298) Which of the following statement is correct ? Show Answer


Q299) ……….deals with the problem of allocation of resources . Show Answer


Q300) Economics is - Show Answer


Q301) Every science has - Show Answer


Q302) Science studies ……and ………between two or more variables Show Answer


Q303) Scientific Data /Relationships are - Show Answer


Q304) Science has Show Answer


Q305) In Economics as a Science ,Cause and between related factors Show Answer


Q306) In Economics ,predication about behavior of variables in future - Show Answer


Q307) Economics is Show Answer


Q308) In Economics, generalization of theories is not possible due to the fact that Show Answer


Q309) Economics is Show Answer


Q310) Science is theoretical while art is Show Answer


Q311) Music is an example of - Show Answer


Q312) Art refers - Show Answer


Q313) Which of the following is not a feature of Art? Show Answer


Q314) Economics is both a Science and an art .This statement is Show Answer


Q315) Economics is not a social Science .This statement is Show Answer


Q316) Economics as a ………. science only explains “ What is “ Show Answer


Q317) Economics as a ………. science only explains “ ought to be” Show Answer


Q318) A ……….science is descriptive in nature . Show Answer


Q319) A ……….science is prescriptive in nature . Show Answer


Q320) A ……….science is also called Pure Science . Show Answer


Q321) A ……….science involves making value judgments i.e. what is good and what is bad . Show Answer


Q322) Which of the following statement is not true ? Show Answer


Q323) ………Economics explains economic phenomena according to their causes and effects Show Answer


Q324) Which of the following statement is not true about Positive and Normative Science ? Show Answer


Q325) Which of the following is a Normative Statement ? Show Answer


Q326) Which of the following statements would you consider to be a Normative one ? Show Answer


Q327) An example of ‘Positive ‘ economic analysis would be Show Answer


Q328) 52. Ram may con harvest this year is poor
Lakshman : don’t worry .price increases will compensate for the fail in quantity supplied
Krishana : climate affects crop yields some years are bad ,others are good
Balram : The government ought to gurantee that our income will not fall
In this conversation ,the normative statement is made by
Show Answer


Q329) Which of the following statement is normative ? Show Answer


Q330) Economics as a positive science should be neutral between ends .This statement is Show Answer


Q331) Which of these is false ,if economics is considered as a positive Science ? Show Answer


Q332) Which of these is true ,if economics is considered as a positive Science ? Show Answer


Q333) Which of these is false, if Economics is considered as a Normative Science ? Show Answer


Q334) Which of these is true ,if economics is considered as a Normative Science ? Show Answer


Q335) Which of these Economics were of the view that economics is a Normative Science Show Answer


Q336) Which of these Economics were of the view that economics is a positive Science ? Show Answer


Q337) When we specify that economists should not concerned with whether the society should use its resources towards producing medicines or machine guns, we consider Economics as - Show Answer


Q338) When we specify that economists should not be concerned with whether an individual should use his income towards purchasing cigarettes or rice , we consider Economics as - Show Answer


Q339) Economics is concerned only with study of economic decision of individuals ,and not with the moral or ethical aspects thereof .This statement consider Economics as - Show Answer


Q340) Economics has - Show Answer


Q341) While laying down theories (like law of demand law of supply ) ,the ……aspect of Economics is projected and bought out Show Answer


Q342) While dealing with issues like how the National Income should be distributed ,what should be the wage rate etc the ……..aspect of Economics is projected and bought out

Show Answer


Q343) Economic Laws are essentially ……..and ……… Show Answer


Q344) Economic laws are - Show Answer


Q345) Economic laws are merely statements of economic tendencies .This statement is Show Answer


Q346) Which of the following is true about economic Laws ? Show Answer


Q347) Which of the following statement is true about Economic Laws ? Show Answer


Q348) Economic laws are Show Answer


Q349) Economic Laws are – Show Answer


Q350) Economic Laws are statements which explain-

Show Answer


Q351) Which of these is law of Economics ? Show Answer


Q352) Which of these is a not a law of Economics ? Show Answer


Q353) Economic Laws are - Show Answer


Q354) Economic Laws are - Show Answer


Q355) The methods to derive economic laws are - Show Answer


Q356) In Deductive Method ,the logic proceeds from Show Answer


Q357) In Deductive Method ,first ………and then ……… Show Answer


Q358) In_______ Method certain assumptions are made first before analyzing the data Show Answer


Q359) ____Method is based on abstract reasoning and subsequent verification with facts Show Answer


Q360) ____Method is also called A period Method . Show Answer


Q361) The other means for Deductive Method are Show Answer


Q362) Demand Theory ,supply Theory, etc have been derived based on Show Answer


Q363) Which of the following steps relates only to Deductive Method in Economics ? Show Answer


Q364) In deduction Method ,the logic proceeds from - Show Answer


Q365) In Inductive Method ,first ………and then ……… Show Answer


Q366) Inductive Method is ……. Based on the observation of particular facts . Show Answer


Q367) 91. Researches in Micro-Economics e.g. principle of acceleration describing the relationship between income and consumption ,have been derived based on -- Show Answer


Q368) ____Method is based on initial analysis of facts and subsequent reasoning there form Show Answer


Q369) For deriving economic laws ,Deductive and Inductive Methods are -- Show Answer


Q370) Human behavior cannot always be observed experimented and collected as data .This principle is recognized by Show Answer


Q371) Facts observed in a certain situation cannot be generalized and universally applied .This principle is recognized by - Show Answer


Q372) ……..Method uses statistical techniques extensively to analyze data Show Answer


Q373) 'Economics is the study of mankind in the ordinary business of life’ was given by Show Answer


Q374) The branch of economics theory that deals with the problem of allocation of resources is Show Answer


Q375) A study of how increase in the corporate income tax rate will affect the natural unemployment rate is an example of Show Answer


Q376) If a point falls inside the production possibility curve, what does it indicate? Show Answer


Q377) The word 'Economics' originates from the word — Show Answer


Q378) The word 'Economics' originates from the _____ world 'Oikonomikos' Show Answer


Q379) It is assumed in economic theory that Show Answer


Q380) 'Oikos', which means — Show Answer


Q381) 'Nomos', which means — Show Answer


Q382) The task of economic science is to — Show Answer


Q383) The meaning of Greek word 'oikonomikus' is — Show Answer


Q384) As per the old economists, economics means _____ Show Answer


Q385) The _____ of the discipline of economics is to study the working of an economy and the issues by it. Show Answer


Q386) The nature of economic problems and their solutions is closely linked with the _____ of the economic system. Show Answer


Q387) Economics is _____
A. Science
B. An Art
Select the correct answer from the options given below —
Show Answer


Q388) Economics is a _____
I. Physical science
II. Pure science
III. Social science
IV. Statistical science
Select the correct answer from the options given below —
Show Answer


Q389) What is the " fundamental premise of economics" ? Show Answer


Q390) The central problem in economics is that of — Show Answer


Q391) Which of the following is not one of the central questions that the study of economics is supposed to answer? Show Answer


Q392) Economics may be defined as the science that explains — Show Answer


Q393) Economic choices can be summarized in five big questions. They are — Show Answer


Q394) Study of an economy includes: Alternative forms of an economy like _____ economy. Show Answer


Q395) Human wants may be classified into: _____ Show Answer


Q396) Wants can be satisfied by the consumption of ………., are economic wants. Show Answer


Q397) In a free market economy the allocation of resources is determined by — Show Answer


Q398) A capitalist economy uses _____ as the principal means of allocating resources. Show Answer


Q399) In a free market economy, when consumers increase their purchase of a good and the level of _____ exceeds _____ then prices tend to rise. Show Answer


Q400) Which of the following can be treated as characteristic of economic wants?
1. Even if satisfied, the wants have a tendency to re-emerge.
2. With the passage of time, the wants tend to increase in number and in variety.
Select the correct answer from the options given below —
Show Answer


Q401) Which of the following would be considered a disadvantage of allocating resources using a market system? Show Answer


Q402) Wants are — Show Answer


Q403) The "means" available for satisfaction of wants are _____ Show Answer


Q404) In a mixed economy, .......... Show Answer


Q405) "If economists were laid end to end, they would not reach a conclusion." This is said by — Show Answer


Q406) Arrange the following in proper from: Stages as Economics developed as a subject:
I. Material Welfare Definition
II. Wealth Definition
III. Development and Growth Definition
IV. Scarcity and Choice Definition
Select the correct answer from the options given below—
Show Answer


Q407) Which of the following is the best general definition of the study of Economics? Show Answer


Q408) Who is considered to be the founding father of economics? Show Answer


Q409) During the eighteenth and the early part of nineteenth century, Adam Smith, considered to be the founding father of modem economics, along with economist(s) like —
X. Alfred Marshall
Y. J. B. Say
Z. Walker
Select the correct answer from the options given below —
Show Answer


Q410) Who systematized the concept in the form the book which was entitled as, "An Enquiry into the Nature and Cause of the Wealth of Nations"? Show Answer


Q411) Adam Smith systematized the concept in the form the book which was entitled as — Show Answer


Q412) Adam Smith systematized the concept in the form the book which was entitled as, "An Enquiry into the Nature and Cause of the Wealth of Nations" published in — Show Answer


Q413) Who of the following referred economics as the "science of wealth"?
(X) J. B. Say
(Y) Walker
(Z) Adam Smith
Select the correct answer from the options given below —
Show Answer


Q414) Who of the following referred 'economics' as the science of wealth? Show Answer


Q415) Who of the following referred 'economics' as the science of wealth? Show Answer


Q416) _____ assumed that, the wealthier a nation, the happier its citizens are. Show Answer


Q417) The central point in Adam Smith's definition is — Show Answer


Q418) Who defined Economics in terms of "The Science of Wealth"? Show Answer


Q419) Which of the following is merit of 'Wealth Definition'? Show Answer


Q420) Which of the following is demerit of 'Wealth Definition'? Show Answer


Q421) Which of the following is demerit of 'Wealth Definition'? Show Answer


Q422) Which of the following is demerit of 'Wealth Definition'? Show Answer


Q423) "The produce of the earth all that is derived from its surface by the united application of labour, machinery and capital is divided among three classes of the community, namely, the proprietor of the land, the owner of the stock of capital necessary for its cultivation, and the labourers by whose industry it is cultivated." Thus, "to determine the laws which regulate this distribution is the principal problem in Political Economy". This is said by — Show Answer


Q424) Welfare definitions of economics were propounded by — Show Answer


Q425) Welfare definitions of economics was propounded by Alfred Marshall and supported by economists like —
(I) A.C. Pigou
(II) J.N. Keynes
(III) Lionel Robbins
Select the correct answer from the options given below —
Show Answer


Q426) As per _____, "Economics is a study of man in the ordinary business of life. It enquires how he gets his income and how he uses it. Thus, it is on the one side, the study of wealth and on the other and more important side, a part of the study of man". Show Answer


Q427) Alfred Marshall published his book, "_____" Show Answer


Q428) Alfred Marshall published his book, "Principles of Economics" in — Show Answer


Q429) According to Marshall, "End is the _____". Show Answer


Q430) Who was the pioneer of welfare thought? Show Answer


Q431) "The range of our inquiry becomes restricted to that part of social welfare that can be brought directly or indirectly into relation with the measuring rod of money". This definition is given
by-
Show Answer


Q432) A. C. Pigou published his book "_____" Show Answer


Q433) Pigou's definition of economics, was restricted only to economic systems: Show Answer


Q434) Welfare definitions of economic are more relevant, comprehensive and scientific than wealth definitions. Show Answer


Q435) As per _____, Economics is being regarded as "an engine of social betterment". Show Answer


Q436) Who first recognized the significance of human welfare? Show Answer


Q437) The important feature(s) of Marshall's definition: ………. Show Answer


Q438) Some of the more important criticism against the welfare definitions is/are — Show Answer


Q439) Who offered most scientific definition of economics? Show Answer


Q440) Lionel Robbins has offered most scientific definition in his famous book, titled ".........." Show Answer


Q441) Consider the following and decide which, if any, economy is without scarcity: Show Answer


Q442) As per _____, "Economics is the science, which studies human behaviours as a relationship between ends and scarce means which have alternative uses." Show Answer


Q443) "Economics is the science, which studies human behaviours as a relationship between _____ which have alternative uses." Show Answer


Q444) Scarcity is a situation in which _____ Show Answer


Q445) As per Robbins definition; Economics is a — Show Answer


Q446) As per Robbins definition; Ends refer to the — Show Answer


Q447) As per Robbins definition; Human wants are — Show Answer


Q448) What implication(s) does resource scarcity have for the satisfaction of wants? Show Answer


Q449) Economic goods are considered scarce resources because they — Show Answer


Q450) According to _____, economists should concentrate upon the study of the manner in which an economy tries to solve its problem of scarcity of means of satisfaction as compared with its needs. Show Answer


Q451) Robbins' definition is superior to the earlier definition because of — Show Answer


Q452) Which of the following can be treated as demerit of Robbins' definition? Show Answer


Q453) On which of the following themes of economics Samuelson has emphasized? Show Answer


Q454) Rational decision making requires that - Show Answer


Q455) As per _____, "Economics is the study of how people and society end up choosing, with or without the use of money, to employ scarce productive resources that could have alternative uses to produce various commodities over time and distributing them for consumption, now or in the future, among various persons or groups in society. It analyses costs and benefits of improving patterns of resource allocation". Show Answer


Q456) Paul A Samuelson has propounded what has come to be known as the _____ oriented definition of economics. Show Answer


Q457) Paul A Samuelson written a book titled — Show Answer


Q458) The law of scarcity: ………. Show Answer


Q459) Who expressed the view that "Economics is neutral between end"? Show Answer


Q460) A subject is considered science if —
X. It is systematized body of knowledge which traces the relationship between cause and effect.
Y. It is capable of measurement.
Z. It has its own methodological apparatus.
Select the correct answer from the options given below —
Show Answer


Q461) Who said that "An art is a system of rules for the achievement of a given end."? Show Answer


Q462) Economics is _____ Show Answer


Q463) _____ analyses cause and effect relationship between variables but it does not pass value judgment. Show Answer


Q464) A positive science states - "………." Show Answer


Q465) Who of the following treated Economics as positive science? Show Answer


Q466) Who of the following treated Economics as normative science? Show Answer


Q467) In a ………. we study a phenomenon as it exists. Show Answer


Q468) Which of the following remains strictly neutral as regards ends? Show Answer


Q469) Which of the following deals with things as they ought to be? Show Answer


Q470) Positive science is _____ Show Answer


Q471) An example of 'positive' economic analysis would be: ………. Show Answer


Q472) Which of the following is positive statement? Show Answer


Q473) Which of the following statements would you consider to be a normative one? Show Answer


Q474) Positive economic analysis _____ Show Answer


Q475) Which of the following is normative statement? Show Answer


Q476) Which of the following is an example of a normative statement? Show Answer


Q477) Which of the following is a normative statement? Show Answer


Q478) Which of the following is defined as branch of economic analysis that studies the economic behaviour of the individual unit, a particular household, or a particular firm? Show Answer


Q479) A study of how increases in the corporate income tax rate will affect the national unemployment rate is an example of — Show Answer


Q480) _____ may be defined as that branch of economic analysis which studies behaviour of not one particular unit, but of all the units combined together. Show Answer


Q481) Macro economics is the study of — Show Answer


Q482) Which of the following does not suggest a macro approach for India? Show Answer


Q483) _____ is a study of one particular unit rather than all the units combined together. Show Answer


Q484) From the national point of view which of the following indicates micro approach? Show Answer


Q485) _____ is a study in aggregates. Show Answer


Q486) Micro and Macro Economics were coined by _____ during the twenties, and since then they are frequently used by economists for economic analysis. Show Answer


Q487) The branch of economic theory that deals with the problem of allocation of resources is - Show Answer


Q488) The publication of _____ General Theory, in 1936, gave a strong impetus to the growth and development of modern macro economics. Show Answer


Q489) We mainly study the following in Micro-Economics —
(1) Product pricing
(2) Consumer behaviour
(3) Factor pricing
Select the correct answer from the options given below —
Show Answer


Q490) We mainly study the following in Micro-Economics — Show Answer


Q491) We mainly study the following in Macro-Economics —
I. National income and output
II. General price level
III. Balance of trade and payments
Select the correct answer from the options given below —
Show Answer


Q492) We mainly study the following in Macro-Economics: ………. Show Answer


Q493) We mainly study the following in Micro-Economics: ………. Show Answer


Q494) The study of microeconomics includes the study of _____ Show Answer


Q495) We mainly study the following in Macro-Economics: _____ Show Answer


Q496) Micro-economics deals with — Show Answer


Q497) Micro and macro are not two independent approaches to economic analysis but they are complementary to each other. Show Answer


Q498) Which of the following is not a micro economic subject matter? Show Answer


Q499) Central problems of an economy is/ are: Show Answer


Q500) Central problems of an economy is/ are: ….. Show Answer


Q501) In economics the central problem is: Show Answer


Q502) Who used the concept of the production possibility curve to explain the economic problem of a society? Show Answer


Q503) A _____ is the locus of all such combinations of two commodities which can be produced in a country with its given resources and technology. Show Answer


Q504) Production possibility curve is _____ to origin. Show Answer


Q505) Due to limited availability of natural resources, the country cannot choose any such combination like ‘_____’. Show Answer


Q506) If the country chooses the combination point M, i.e., if it produces OX0 of paddy and OY0 of natural rubber then it would indicate — Show Answer


Q507) If the country chooses any combination of N and T on the production possibility curve, it implies — Show Answer


Q508) If new resources are available or if the level of technology is improved (e.g., application of high-yielding varieties of seeds, better methods of cultivation, better irrigational facilities, etc.) then the whole production possibility curve will shift .......... Show Answer


Q509) _____ is the value of alternative foregone in order to have something else. Show Answer


Q510) Which of the following are assumptions underlying the PPC? Show Answer


Q511) Which of the following bundles of goods could not be produced with the resources the economy currently has? Show Answer


Q512) An economy achieves "productive efficiency" when: Show Answer


Q513) Which point on the PPF shows a "productively efficient" level of output? Show Answer


Q514) Which of the following clearly represents a movement toward greater productive efficiency? Show Answer


Q515) Which of the following illustrates a decrease in unemployment using the PPF? Show Answer


Q516) If the PPF is linear, i.e., a straight line, which of the following is true? Show Answer


Q517) Periods of less than full employment correspond to _____ Show Answer


Q518) Which of the following would not result in right- ward shift of the PPF? Show Answer


Q519) During presidential election campaigns, candidates often promise both more "gun" and more "butter" if they are elected. Assuming unemployment is not a problem, what possible assumption are they making but not revealing to their audience? Show Answer


Q520) Which of the following represents the concept of trade-offs? Show Answer


Q521) Which of the following would not move the PPF for this economy closer to point W? Show Answer


Q522) Moving from point A to point D, what happens to the opportunity cost of producing each additional unit of consumer goods? Show Answer


Q523) What is the opportunity cost of moving from point A to point B? Show Answer


Q524) Unemployment or under-employment of one or more resources is illustrated by production at point: ………. Show Answer


Q525) Which of the following is a reason for the curvature or bowed-out shape of the PPF? Show Answer


Q526) Which of the following is a reason for the negative slope of the PPF? Show Answer


Q527) If the marginal (additional) opportunity cost is a constant then the PPC would be — Show Answer


Q528) Which of the following is likely to cause an inward shift in a country's PPC? Show Answer


Q529) The various combinations of goods that can be produced in any economy when it uses its available sources and technology efficiently are depicted by — Show Answer


Q530) Production Possibilities curve is also known as — Show Answer


Q531) A _____ is one which is characterized by free markets and the absence of government intervention in the economy. Show Answer


Q532) _____ is an organization of the society in which the material means of production are owned by the whole commodity and operated by organs, representative of and responsible to, all members of community according to a general plan, all members of community being entitled to get benefits from the results of such socialist planned production on the basis of equal rights. Show Answer


Q533) A _____ has been defined as a system in which the public sector and the private sector are allotted their respective roles simultaneously in promoting the economic welfare of the community. Show Answer


Q534) Capital intensive technique would get chosen in a _____ Show Answer


Q535) Which of the following is feature of capitalist economic system? Show Answer


Q536) Features of capitalist economic system is/are: _____ Show Answer


Q537) Labour intensive technique would get chosen in a _____ Show Answer


Q538) Which of the following is characterized by the policy of laissez-faire on the part of the State Authorities? Show Answer


Q539) In capitalism, all economic activities are guided by- Show Answer


Q540) Freedom of choice is the advantage of — Show Answer


Q541) Consumer sovereignty is a feature of — Show Answer


Q542) In an economy people have the freedom to buy or not to buy the goods offered in the market place, and this freedom to choose what they buy dictates what producers will ultimately produce. The key term defining this condition is Show Answer


Q543) Which of the following country have features of capitalistic economic system? Show Answer


Q544) Socialist economy is a — Show Answer


Q545) In which economic system all the means of production are owned and controlled by private individuals for profit. Show Answer


Q546) In the words of _____, "Socialism is an organization of the society in which the material means of production are owned by the whole commodity and operated by organs, representative of and responsible to, all members of community according to a general plan, all members of community being entitled to get benefits from the results of such socialist planned production on the basis of equal rights." Show Answer


Q547) According to _____, "The fundamental character of socialism consists in its abolition of class relations which form the basis of Capitalist production through expropriation of the propertied class and the socialization of land and capital." Show Answer


Q548) The erstwhile _____ is an example of socialist economy. Show Answer


Q549) Features of socialist economic system is/are: _____ Show Answer


Q550) Centralized economic planning is a feature of— Show Answer


Q551) Co-existence of public & private sector is a feature of — Show Answer


Q552) The term _____ refers to economy-wide fluctuations in production or economic activity such as income employment, savings and investment over several months or years. Show Answer


Q553) _____ occurs when national output is rising strongly at a rate faster than the trend rate of growth or long-term growth rate of about 2.5% per year. Show Answer


Q554) Characteristic(s) of an economic boom is/are: — Show Answer


Q555) Characteristic(s) of an economic boom is/are: _____ Show Answer


Q556) _____ occurs when the rate of growth decelerates - But national output is still rising. Show Answer


Q557) _____ means a fall in the level of real national output i.e. a period when the rate of economic growth is negative. Show Answer


Q558) _____ occurs when real national output picks up from the trough reached at the low point of the recession. Show Answer


Q559) What is one of the future consequences of an increase in the current level of consumption in the India? Show Answer


Q560) ‘Economics is the study of mankind in the ordinary business of life’ was given by: Show Answer


Q561) The branch of economics theory that deals with the problem of allocation of resources is: Show Answer


Q562) Which one is the feature of Marshall’s definition? Show Answer


Q563) A study of how increase in the corporate income tax rate will affect the natural unemployment rate is an example of: Show Answer


Q564) If a point falls inside the production possibility curve, what does it indicate? Show Answer


Q565) In which types of economy do consumers and producers make their choices bases on the market forces of demand and supply? Show Answer


Q566) Under a free economy, prices are: Show Answer


Q567) Which of the following falls under micro economics? Show Answer


Q568) Under Inductive method, the logic proceeds from: Show Answer


Q569) According to Robbins, ‘means’ are: Show Answer


Q570) Which of these would cause a rightward shift of the PPC curve? Show Answer


Q571) If the opportunity cost is constant, then PPC would be: Show Answer


Q572) Economics is the study of : Show Answer


Q573) Mixed economy means: Show Answer


Q574) Who defines economics in terms of Dynamic Growth and Development? Show Answer


Q575) Which of the following is likely to cause an inward shift in a country's PPC? Show Answer


Q576) When we are studying how a producer fixes the price of his products we are studying. Show Answer


Q577) Macro-economics doesn't include one example from the following: Show Answer


Q578) In Economics, the central economic problem means: Show Answer


Q579) All points on PPC show that goods and services are produced at: Show Answer


Q580) Which of the following is a cause of an economic problem? Show Answer


Q581) Scarcity definition of economics is given by Show Answer


Q582) The definition "Economies is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses" was given by: Show Answer


Q583) Economics is _________ . Show Answer


Q584) Economics is a Science which deals with wealth was referred by: Show Answer


Q585) In Micro Economics we study the Economic behavior of: Show Answer


Q586) Which of the following statements is correct? Show Answer


Q587) Economic goods are goods which: Show Answer


Q588) Which of the following mean an Economics activity? Show Answer


Q589) Which economy is now a myth only, as no country in the world is having that type of economy? Show Answer


Q590) Which of the following is considered production in Economics? Show Answer


Q591) Which of the following economies accrue the entire firm in an industry? Show Answer


Q592) Which of the following is not concerned with the problem of choice? Show Answer


Q593) Which of the following is not included in business economics? Show Answer


Q594) Welfare economics is concerned with Show Answer


Q595) The problem of 'what to produce' relates to Show Answer


Q596) Macro economics does not cover? Show Answer


Q597) Positive economics remains strictly neutral towards ends. This means that Show Answer


Q598) Normative economics is ________ in nature? Show Answer


Q599) Which of the following statement is incorrect? Show Answer


Q600) 'Economics is the study of mankind' was referred by: Show Answer


Q601) What kind of economics explains the phenomenon of cause and effect relationship? Show Answer


Q602) Which of the following steps relates only to deductive method in Economics? Show Answer


Q603) Economics is __________ in its methodology and __________ in its application: Show Answer


Q604) A study of how increases in the corporate income tax rate will affect the national unemployment rate is an example of ___________: Show Answer


Q605) The study of economics is not supposed to answer? Show Answer


Q606) According to __________ economics is the "the study of how in a civilized society one obtains the share of what other people have produced and of how the total product or society changes and is determined". Show Answer


Q607) Robbins neglect problem of: Show Answer


Q608) Who describe economics as neutral between ends i.e. pure science: Show Answer


Q609) Freedom of choice is the advantage of: Show Answer


Q610) Production Possibility Curve (PPC) is also known as: Show Answer


Q611) Who said 'Macro-economics examines forest and not the trees' who states this: Show Answer


Q612) Business Economics contains: Show Answer


Q613) The study of National Income is called Show Answer


Q614) Who said economics is the study of choice making decisions Show Answer


Q615) The economy is said to be __________ , when aggregate economic activity is declining. Show Answer


Q616) Opportunity costs are a result of _________ . Show Answer


Q617) Who said trade cycles are a purely monetary phenomenon? Show Answer


Q618) At which phase of Business cycle cost of living increases? Show Answer


Q619) Which of this is not covered under the scope of Business Economics? Show Answer


Q620) ______ is the want satisfying power of the product. Show Answer


Q621) _______ refer to the quantity of goods or services, that Consumers are willing and able to purchase/buy in a given market, at various prices, in a given period of time. Show Answer


Q622) Demand refers to the quantity of goods or services that are willing and able to purchase/buy in a given market, at various prices, in a given period of time. Show Answer


Q623) ___________ Demand refers to the quantity of goods or services that are willing and able to purchase/buy in a given market, at various prices, in a given period of time. Show Answer


Q624) On which of the following the Effective Demand for a thing depends? Show Answer


Q625) For want to become an Effective, Demand, it must be backed by the Show Answer


Q626) Which of the following is an important aspect in Demand? Show Answer


Q627) In the Context of Demand, the availability of money with the Consumer, in order to purchase the Commodity is Called Show Answer


Q628) Purchasing Power refers to Show Answer


Q629) Purchasing Power refers to Show Answer


Q630) Unless Demand is backed by purchasing power or ability to pay, it does not constitute Demand. This statement is Show Answer


Q631) In the context of Effective Demand, Willingness to spend means Show Answer


Q632) For Demand to be effective, the Commodity should be available Show Answer


Q633) Demand arises in respect of Show Answer


Q634) Demand arises in respect of Show Answer


Q635) Demand arises in respect of Show Answer


Q636) Demand arises in respect of Show Answer


Q637) Demand for final Consumption arises in Show Answer


Q638) Demand for enter ideate consumption arises in Show Answer


Q639) Demand for recourses and factors of production is Show Answer


Q640) _________ individual demand is also called Show Answer


Q641) __________ household demand is also called Show Answer


Q642) Individual demand shows the quantities of demand for a commodity at various prices by Show Answer


Q643) Industry demand is also called Show Answer


Q644) Market demand is also called Show Answer


Q645) Market demand shows the quantities of demand of a commodity at various prices by- Show Answer


Q646) Market demand is the sum total of Show Answer


Q647) _________ is the sum total demand of all invidual in the market. Show Answer


Q648) If A = household demand and B = market demand, then Show Answer


Q649) If household demand and market demand are equal in a situation it means that Show Answer


Q650) The total demand for the product of an individual firm at various prices is known as Show Answer


Q651) If market demand and firms demand are equal in a situation, it means that Show Answer


Q652) If individual demand = market demand = firms demand, it means that Show Answer


Q653) Which of the following most the price level in the very short - run period? Show Answer


Q654) Which of the following is not a dettreminent of demand? Show Answer


Q655) Which of the following is a detriment of individual demand? Show Answer


Q656) When a consumer prefers a commodity due to presets attached to it, it is known as Show Answer


Q657) When a consumer wants a product by seeing another person use that product it is called Show Answer


Q658) Demonstration effect is generally found in respect of Show Answer


Q659) Goods covered by demonstration effect can be best described as Show Answer


Q660) In which of the following will the demonstration effect be high? Show Answer


Q661) ________ are goods which are consumed together or simultaneously. Show Answer


Q662) Complementary goods are goods which are consumed Show Answer


Q663) The demand for two-wheelers is likely to decrease with an increase in petrol prices because two-wheelers and petrol are Show Answer


Q664) Which of these is not a complementary good for pen? Show Answer


Q665) If an increase in the price of blue jeans leads to an increase in demand for tennis shoes, then blue jeans and tennis shoes are Show Answer


Q666) If two goods are compliments, it means that a rise in the price of one commodity will lead to Show Answer


Q667) In case of complimentary goods, increase in price of a product will Show Answer


Q668) In case of Complementary Goods, decrease in price of a product will Show Answer


Q669) If X and Y are Complementary Goods, the price of X and the Demand of Y are Show Answer


Q670) If X and Y are Complementary Goods, if there is an increase in Price of X, then Show Answer


Q671) If X and Y are Complementary Goods, if there is an decrease in Price of X, then Show Answer


Q672) __________ are goods which are consumed in place of one another. Show Answer


Q673) Subsititute Goods are goods which can be used Show Answer


Q674) Which of the following pairs of goods is an example of Substitutes? Show Answer


Q675) Which of the following is an example of Substitutes? Show Answer


Q676) Which of the following pairs of goods in an example of substitutes? Show Answer


Q677) In case of Substitute Goods, increase in price of a product will Show Answer


Q678) If X and Y are Substitute Goods, the price of X and the Demand of Y are Show Answer


Q679) When the Price of a Substitute of X Commodity falls, the Demand for X Show Answer


Q680) If the Price of Product A increases relative to the Price of Substitute B & C, the demand for Show Answer


Q681) If the Price of Pepsi decrease relative to the Price of Coke and 7- Up, the demand for Show Answer


Q682) If Tea and Coffee are Substitutes, a fall in the Prices of Tea leads to: (i) Rise in the demand for Tea. (ii) Fall in the supply of Coffee. (iii) Fall demand of X and Y will increase. (iv) Rise in the supply of Tea. Show Answer


Q683) If X and Y are Substitute Goods, if there is an increase in Price of X, then Show Answer


Q684) If X and Y are Substitute Goods, if there is an decrease in Price of X, then Show Answer


Q685) In which phase of the business cycle to Producers try to sell out their inventories? Show Answer


Q686) Which of the following Statements is not true about Individual Demand? Show Answer


Q687) What effect does an increase in the price of a product have on the Purchasing Power of the Consumer? Show Answer


Q688) The Demand for a commodity depends only upon the money income of the household. This statement is Show Answer


Q689) If demand decrease with an increase in money income of Consumers, such goods are called Show Answer


Q690) Giffen Goods are Show Answer


Q691) Inferior Goods are also called Show Answer


Q692) The Giffen Effect in respect of Inferior Goods was observed in the case of Show Answer


Q693) As income levels increase, the demand for goods satisfying Necessities of life, will be _________ to the increase in income. Show Answer


Q694) If Income Levels increase, and the demand for goods increase by less than proportionate extent, such goods will be Show Answer


Q695) If Income Levels increase, and the demand for goods increase by more than proportionate extent, such goods will be Show Answer


Q696) As Income Levels increase beyond a certain extent, such goods will be Show Answer


Q697) Generally, larger size of population of a country or a region implies _______ for all commodities as such. Show Answer


Q698) In case of unequal distribution of income in the country, the propensity to consume will be ________ and demand for Consumer Goods will be ___________. Show Answer


Q699) If the Consumers expect an increase in prices of the product in the future, its current demand will be Show Answer


Q700) If the Consumers expect a decrease in prices of the product in the future, its current demand will be Show Answer


Q701) Demand is affected by weather conditions and seasonal aspects also. This statement is Show Answer


Q702) Demand for Air Conditioners, Water Coolers, Refrigerators show an increase during Show Answer


Q703) ______ shows various combinations of two production that give same amount of satisfaction. Show Answer


Q704) Total utility is maximum when: Show Answer


Q705) An indifference curve is always: Show Answer


Q706) Marginal utility curve of a consumer is also his Show Answer


Q707) At equilibrium, the slope of the indifference curve is: Show Answer


Q708) The law of equi marginal utility considers price of money as: Show Answer


Q709) Marginal utility approach was given by: Show Answer


Q710) Indifference curves between income and leisure for an individual are generally: Show Answer


Q711) In case of a right angled indifference curve the goods are: Show Answer


Q712) Indifference curves never intersect each other due to Show Answer


Q713) A budget constraints line is a result of: Show Answer


Q714) The difference between what a consumer is ready to pay and what he actually pays is Show Answer


Q715) Total utility derived from the consumption of a commodity is equal to Rs. 5. Marginal utility is equal to 1 and consumer has bought 3 units. What will be his consumer surplus? Show Answer


Q716) A consumer buys two commodities X and Y, he would be in eualibrium when: Show Answer


Q717) _________ refers to how much quantity of a product or service is desired by buyers. Show Answer


Q718) The ________ is the amount of a product people are willing to buy at a certain price. Show Answer


Q719) The law of demand is __________. Show Answer


Q720) Which of the following thing(s) is/are essential to become effective demand?
X. Desire for a commodity.
Y. Willingness to pay.
Z. Ability to pay for the commodity.
Select the correct answer from the options given below: Show Answer


Q721) As per _____, "A fall in the price of a commodity causes a household to buy more of that commodity and less of the other commodities which compete with it, while rise in price causes the household to buy less of this commodity and more competing commodities." Show Answer


Q722) According to law of demand, _____, if the price of a commodity falls, the quantity demanded of it will rise and if the price of a commodity rises, its quantity demanded will decline. Show Answer


Q723) The Law of Demand, assuming other things to remain constant, establishes the relationship between: ___________ Show Answer


Q724) As per law of demand, other things being equal, if the price of a Show Answer


Q725) According to law of demand, other things being equal, if the price of a commodity rises, its quantity demanded will Show Answer


Q726) Demand is the _____ Show Answer


Q727) The law of demand assumes that _____ remain the same in a given period. Show Answer


Q728) The good which cannot be consumed more than once is known as ______________. Show Answer


Q729) The law of demand assumes that _____ remain the same in a given period. Show Answer


Q730) A relative price is _____ Show Answer


Q731) As per law of demand, there is _____ between price and quantity demanded, other things being same. Show Answer


Q732) Ceteris Paribus means _______ Show Answer


Q733) Demand for goods by an individual or the market as a whole is conventionally expressed in the form of -
I. Demand schedule.
II. Demand function.
III. Demand curve.
Select the correct answer from the options given below? Show Answer


Q734) A _____ of an individual buyer is an algebraic form of expressing his demand behaviour. Show Answer


Q735) A _____ is a tabular form of describing the relationship between quantities demanded of a good in response to its price per unit, while all non-price determining variables remain unchanged. Show Answer


Q736) The quantity demanded of a goods or service is the amount that __________ Show Answer


Q737) Which of the following is a graphic representation of the demand schedule? Show Answer


Q738) A demand curve Show Answer


Q739) 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? Show Answer


Q740) If regardless of changes in its price, the quantity demanded of a good remains unchanged, then the demand curve for the good will be: ____________ Show Answer


Q741) In economics, _____ of a good is its expected capacity to satisfy a human want. Show Answer


Q742) Which of the following statement is correct in relation to 'utility'?
(I) Utility of a good is same from consumer to consumer.
(II) The utility of a good keeps constant even for the different consumer on account of changes in the intensity of the want to be satisfied by its use.
(III) The utility of a good is not to be equated with its usefulness.
Select the correct answer from the options given below? Show Answer


Q743) In economic theory, utility can be measured by:
1. Cardinal Approach.
2. Ordinal Approach.
Select the correct answer from the options given below? Show Answer


Q744) Which of the following approach assumes that utility can be measured in terms of number like 1, 2, 3, 4 & 5? Show Answer


Q745) _____ an _____ Economist, severely criticized the concept of cardinal utility. Show Answer


Q746) Who introduced the approach of ordinal utility? Show Answer


Q747) According to the _____, a consumer has a given scale of preference for different combinations of two goods. It is assumed that consumer can rank the goods like 1st, 2nd, 3rd, 4th. Show Answer


Q748) Statement I: Utility of a good to the consumer should be measured in units of money which the consumer is willing to pay.
Statement II: Utility and usefulness are one and same thing.
Select the correct answer from the options given below? Show Answer


Q749) _____ is the summation of utilities derived from all the 'n' units. Show Answer


Q750) If total utility is divided by number of units it is known as Show Answer


Q751) The additional satisfaction a consumer gains from consuming one more unit of a goods or service is Show Answer


Q752) Symbolically total utility is shown Show Answer


Q753) Symbolically average utility is shown Show Answer


Q754) Symbolically marginal utility is shown Show Answer


Q755) At the time of consumption of _____ Total utility, Average utility, Marginal utility are same. Show Answer


Q756) Average utility at 2nd unit? Show Answer


Q757) Total utility at 3rd unit? Show Answer


Q758) Average utility at 3rd unit? Show Answer


Q759) Average utility at 5th unit? Show Answer


Q760) Total utility at 6th unit? Show Answer


Q761) Total utility at 7th unit? Show Answer


Q762) Total utility at 8th unit? Show Answer


Q763) Average utility at 9th unit? Show Answer


Q764) If marginal utility is zero Show Answer


Q765) When economists speak of the utility of a certain good, they are referring to ______________. Show Answer


Q766) _____ states that as the stock of a commodity increases with the consumer, its marginal utility to the consumer decreases. Show Answer


Q767) The law of diminishing marginal utility states that as the stock of a commodity increases with the consumer, its _____ to the consumer decreases. Show Answer


Q768) The law of diminishing marginal utility states that as the stock of a commodity _____ with the consumer, its marginal utility to the consumer _____. Show Answer


Q769) _____ says that "the additional benefit which a person derives from a given increase in his stock of a thing diminishes with every increase in the stock that he already has." Show Answer


Q770) Which of the following assumption is applicable for law of diminishing marginal utility? Show Answer


Q771) Which of the following assumption is applicable for law of diminishing marginal utility? Show Answer


Q772) Which of the following assumption is not applicable for law of diminishing marginal utility?
(i) All the units of the given commodity are heterogeneous.
(ii) The units of consumption are of unreasonable size.
(iii) The consumer is rational human being and he aim at minimization of satisfaction.
Select the correct answer from the options given below: Show Answer


Q773) Which of the following is exception to the law of diminishing marginal utility? Show Answer


Q774) The concept of marginal utility plays a central role in Show Answer


Q775) Which of the following is limitation of law of diminishing marginal utility? Show Answer


Q776) _____ states that consumer distributes his expenditure between different goods in such a way that the marginal utility derived from the last rupee spent on each good is the same. Show Answer


Q777) The law of equi-marginal utility can be presented symbolically: _____ Show Answer


Q778) As per law of equi-marginal utility the consumer's equilibrium will change if there is a change in:
1. His total expenditure.
2. Marginal utility schedule of any good.
3. Price of any good.
Select the correct answer from the options given below: Show Answer


Q779) The law of equi-marginal utility was stated by Show Answer


Q780) _____ is the situation when a consumer secures maximum satisfaction out of his expenditure. Show Answer


Q781) Consumer attains the equilibrium position at a point when he maximizes his total utility given his income and price of commodities he consumes. Show Answer


Q782) As per _____ a consumer with a single commodity attains equilibrium at a point where: MU = Price. Show Answer


Q783) Which of the following can be treated as limitation of the law of equi-marginal utility Show Answer


Q784) Demand is a __________. Show Answer


Q785) Which one of the following formula will be used for the computing the price elasticity of demand? Show Answer


Q786) Normal goods have: Show Answer


Q787) If the goods are complementary like car and petrol, their cross elasticity is: Show Answer


Q788) If demand for a good is elastic, an increase in its price will cause total expenditure of the consumers of the goods to: Show Answer


Q789) Types of change in demand are Show Answer


Q790) Slope of demand curve has __________ relation with price elasticity of demand. Show Answer


Q791) In case of a Giffin good, the demand curve will be: Show Answer


Q792) In the case of a Giffin good, the demand curve will be Show Answer


Q793) In case of an inferior good the income elasticity of demand is: Show Answer


Q794) When quantity demanded change by larger percentage than does price, elasticity is termed as: Show Answer


Q795) Of the following commodities, which has the lowest elasticity of demand? Show Answer


Q796) The graphic presentation of demand schedule in called Show Answer


Q797) Income-elasticity for the household when the income of a household rises by 5% and the demand for bajra falls by 2%. Show Answer


Q798) If as a result of 10% increase in price, the quantity supplied does not change at all, it implies that the elasticity of Supply is: Show Answer


Q799) The demand curve is also known as: Show Answer


Q800) Supply of a good and its price have Show Answer


Q801) An expansion in the supply of a good is caused by a: Show Answer


Q802) Which of the following has the lowest price elasticity of supply? Show Answer


Q803) Two goods for which an increase in the price of one leads to an increase in the demand for the other called Show Answer


Q804) Inferior goods is a goods for which, other things equal an increase in ___________ lends decrease in demand. Show Answer


Q805) If the proportion of income spent on a goods decreases as income rises then income elasticity is: Show Answer


Q806) If two goods are totally unrelated, then cross elasticity between them is: Show Answer


Q807) Which factor does not influence elasticity of demand will be Show Answer


Q808) Supply of a Commodity is a: Show Answer


Q809) Generally supply curve of industrial products is Show Answer


Q810) The fall in the price of one commodity leads to fall in demand for other commodity & vice versa for Show Answer


Q811) When the demand of a commodity also depends upon prices of the substitutes & complementaries or relative prices then it is called Show Answer


Q812) When a commodity with many uses is demanded then it is called Show Answer


Q813) The fall in the price of one commodity leads to increase in demand for other commodity is called Show Answer


Q814) When a no. of goods are required collectively for one purpose, it is called Show Answer


Q815) The collective demand of all persons in the market is referred as Show Answer


Q816) Decrease or fall in the price of commodity leads to increase in demand because of Show Answer


Q817) Who has given four major exceptions to the law of demand? Show Answer


Q818) When quantity demanded changes only due to change in price then it is called Show Answer


Q819) When quantity demanded changes due to factors other than price, it is called Show Answer


Q820) In case of contraction or extension in demand, the movement is along a demand curve whereas in case of increase or decrease, the demand curve will move Show Answer


Q821) Proportionate Method of measurement of elasticity of demand is also known as Show Answer


Q822) The law of variable proportions is Show Answer


Q823) In case of Giffen goods, price effect is Show Answer


Q824) In case of inferior goods, price effect is Show Answer


Q825) Positive income effect is greater than negative substitution effect in case of Show Answer


Q826) If demand curve is horizontal, then ep is equal to Show Answer


Q827) If demand curve is vertical, then e is equal to Show Answer


Q828) If demand curve is rectangular hyperbola, ep is equal to Show Answer


Q829) If as a result of increase in price, total outlay on the commodity remains same, then the ep is equal to Show Answer


Q830) In case of Giffen goods, demand curve will slope Show Answer


Q831) In case of Veblen goods, demand curve will slope Show Answer


Q832) Relationship between the income level and the quantity of commodity purchased by the consumer is represented by which curve? Show Answer


Q833) Certain goods for which quantity demanded decrease when income increases are called __________. Show Answer


Q834) In case of an inferior good, the income elasticity of demand is: Show Answer


Q835) For what types of good dies demand fall with a rise in income levels of households? Show Answer


Q836) In case of Inferior goods like bajra, a fall in its price tends to: Show Answer


Q837) Movement along the same demand curve shows: Show Answer


Q838) The price of hot-dogs increases by 22% and the quantity demanded for hot dogs is: Show Answer


Q839) The quantity demanded does not respond to price change and so the elasticity is: Show Answer


Q840) What is an Engels of curve? Show Answer


Q841) Which factor generally keeps the price-elasticity of demand for a good low: Show Answer


Q842) In case pf straight line demand curve meeting the two axes, the price elasticity of demand at the mid-point of the line would be: Show Answer


Q843) An increase in demand can result from: Show Answer


Q844) Compute income elasticity if demand increase by 5% and income by 1% Show Answer


Q845) For a commodity with a unitary elastic demand curve if the price of the commodity rises, then the consumer's total expenditure on this commodity would: Show Answer


Q846) What is the value of elasticity of demand if the demand for the good is perfectly elastic? Show Answer


Q847) What is the original price of a commodity when price elasticity is 0.71 and demand changes from 20 units to 15 units and the new price is Rs. 10? Show Answer


Q848) If the price of any complement goods rises: Show Answer


Q849) Croses elasticity of demand in Monopoly market is: Show Answer


Q850) What is income elasticity of demand. When income changes by 20% and demand changes by 40%? Show Answer


Q851) If the demand is parallel to x axis, what will be the nature of elasticity? Show Answer


Q852) Giffen Paradox is an exception of Show Answer


Q853) Law of Demand is Show Answer


Q854) The demand of which type of goods do not decrease with increase in its price Show Answer


Q855) Increase in Price from Rs. 4 to Rs. 6 then decrease in demand from 15 units to 10 units. What is the price elasticity. (points elasticity) Show Answer


Q856) Expansion & contraction of Demand curve occurs due to Show Answer


Q857) Elasticity between two points Show Answer


Q858) Demand of a commodity depends upon Show Answer


Q859) In case of substitute goods, cross elasticity is ________. Show Answer


Q860) Suppose the price of movies seen at a theatre rises from Rs.120 per person to Rs. 200 per person. The theatre manager observed that the rise in prices has lead to a fall in attendance at a given movies from 300 persons to 200 persons. What is the price elasticity to demand for the movie? Show Answer


Q861) The prices of a commodity were increased from Rs. 4 and Rs. 6. As a result demand decreased from 15 units to 10 units. What is the price elasticity? (Point elasticity) Show Answer


Q862) Other things remaining constant, if the price of the inferior goods decreases then what will be the effect? Show Answer


Q863) When price falls from Rs. 6 to Rs. 4, the demand rises from 10 to 15 units. Calculate price elasticity of demand. Show Answer


Q864) Crose elasticity of perfect substitutes is: Show Answer


Q865) What is Engel's Curve? Show Answer


Q866) A consumer spends Rs. 80 on purchasing a commodity when its price is Rs. 1 per unit and spends Rs. 96 when the price is Rs. 2 per unit. Calculate the price is Rs. 2 per unit. Calculate the price elasticity of demand. Show Answer


Q867) When the price of cylinder rises form Rs. 120 to Rs. 200, the demand falls from 300 to 200. Calculate price elasticity of demand. Show Answer


Q868) If the price a decreased from Rs. 10 to Rs. 8 of a commodity but the quantity demanded remains the same price elasticity is ______________. Show Answer


Q869) Demand for a electricity power is elastic because ____________. Show Answer


Q870) If income of person increases by 10% and his demand for goods increases by 30% income income elasticity will be _______. Show Answer


Q871) In case of luxury goods, the income elasticity of demand will be ______ Show Answer


Q872) In case of straight line demand curve meeting two axis, the price elasticity of demand at the point where the curve meets y-axis would be __________. Show Answer


Q873) Calculate income elasticity for the household when the income of the household increase by 10% and the demand for cars rises by 20% Show Answer


Q874) The commodity whose demand is associated with the name of Sir Robert Giffen? Show Answer


Q875) In expansion and contraction of demand ______. Show Answer


Q876) When price falls by 5% and demand increase by 6%, then elasticity of demand is _________. Show Answer


Q877) Cross elasticity of complementary goods is: Show Answer


Q878) Demand of i-pod increase from Rs. 950 to Rs. 980 and income increase from Rs. 9,000 to Rs. 9,800. What is income elasticity? Show Answer


Q879) Supply can be referred as Show Answer


Q880) The supply of a product refers to Show Answer


Q881) Supply of commodity is a Show Answer


Q882) __________ refers to the quantity of goods or services that producers are willing and able to offer to the market at various prices during a period of time. Show Answer


Q883) Supply refers to the quantity of goods or services, that _________ are willing and able to offer to the market oat various prices during a period of time. Show Answer


Q884) Supply quantity is the same as Sales Quantity. This statement is Show Answer


Q885) Supply refers to what firms offer for sale, and not necessarily to what they succeed in selling. This statement is Show Answer


Q886) To constitute Supply, the producing firms must have Show Answer


Q887) Supply refers to the ___________ by producing firms. Show Answer


Q888) Period in which supply cannot be increased is called Show Answer


Q889) ____________ is the total volume of the commodity which can be brought into the market for sale at a short notice. Show Answer


Q890) ________ refers to the quantity which is actually brought in the market. Show Answer


Q891) Supply is different from stock. This statement is Show Answer


Q892) Stock is potential supply. Show Answer


Q893) Stock refers to quantity __________ into the market, whereas Supply refers to quantity ___________ into the market. Show Answer


Q894) Which of the following factors is not a determinant of Supply? Show Answer


Q895) Which of the following factors is not a determinats of supply? Show Answer


Q896) Generally, higher the prices of products, higher the ___________. Show Answer


Q897) Producing firms are guided by Show Answer


Q898) Other things being equal, if the price of the commodity is higher, __________ quantities thereof will be supplied to the market. Show Answer


Q899) Prices of related commodities are not a determinant of supply of a particular commodity. This statement is Show Answer


Q900) Generally, supply of a product X will be ___________ if the prices of goods other than x increase. Show Answer


Q901) Generally, supply of a product x will be __________ if the prices of goods other than x decrease. Show Answer


Q902) Supply of product decreases when the prices of other related goods increase. This is because. Show Answer


Q903) If there is an increase in the prices of factors of production, cost of production of that product will Show Answer


Q904) If there is an decrease in the prices of factors, of production, cost of production of that product will Show Answer


Q905) Other things being equal, if the cost of production of a commodity is higher, ________ quantities thereof will be supplied to the market. Show Answer


Q906) Other things being equal, if the cost of production of a commodity is lower, ____________ quantities thereof will be supplied to the market. Show Answer


Q907) Inventions and innovations lead to Show Answer


Q908) Other things being equal, if the state of technology in relation to a commodity increases, __________ quantities thereof will be supplied to the market. Show Answer


Q909) Inventions and innovations lead to Show Answer


Q910) Other things being equal the supply quantity of a product is _____________ related to its price. Show Answer


Q911) Other things being equal, the supply quantity of a product is _________ related goods. Show Answer


Q912) Other things being equal, the supply quantity of a product is ___________ related to the cost of production of that product Show Answer


Q913) Generally, if there is an increase in commodity Taxes (Excise duty, Custom duty, VAT, etc) leading to increase in their cost of production, the supply quantity will Show Answer


Q914) Generally, if there are incentives like subsides which reduce the cost of production, the supply quantity will Show Answer


Q915) In case of failure of rains, floods, fires, etc. the supply of agricultural commodities will Show Answer


Q916) In case of better rainfall, improvement in imgation, improved seeds, etc. the supply of agricultural commodities will Show Answer


Q917) Which of the following is the only determinant that the Law of Supply takes into account? Show Answer


Q918) As per Law of Supply, other things being equal, if the price of a commodity increases, its supply quantity will Show Answer


Q919) As per Law of Supply, other things being equal, if the price of a commodity decrease, its supply quantity will Show Answer


Q920) The assumption 'Ceteris Paribus' in the Law of Supply stands for Show Answer


Q921) As per Law of Supply, other things being equal, there is a __________ between price and quantity supplied. Show Answer


Q922) ________ shows the quantity of products a producer or seller wishes to sell at a given price level. Show Answer


Q923) Generally, the Supply Curve Show Answer


Q924) Generally, the Supply Curve Show Answer


Q925) Typically, the Supply Curve Show Answer


Q926) The Supply Curve Show Answer


Q927) The market supply curve is a lateral summation (totaling)of Individual Supply Curves of all producing firms. This statement is Show Answer


Q928) What would be the shape of the supply curve of the toys, if a seller offers to sell any number of toys as Rs. 100? Show Answer


Q929) Increase or decrease in the quantity supplied occurs due to Show Answer


Q930) While recognizing increase or decrease in the quantity supplied, we assume __________ remain constant. Show Answer


Q931) When there is a movement on the supply curve, we are referring to Show Answer


Q932) Change in quantity supplied causes Show Answer


Q933) When there is a change in quantity supplied Show Answer


Q934) In case of increase/decrease in quantity supplied, the position of the supply curve remains the same. This statement is Show Answer


Q935) Increase in quantity supplied, due to changes in price, may also be called Show Answer


Q936) When more units of the product are supplied at a higher price, it is called Show Answer


Q937) Contraction of supply is the result of Show Answer


Q938) Increase or decrease in supply occurs due to Show Answer


Q939) When there is a movement of the supply curve, we are referring to Show Answer


Q940) Change in supply means Show Answer


Q941) When there is a change in supply Show Answer


Q942) When higher quantities are supplied, due to changes in factors other than price, it is called Show Answer


Q943) When lower quantities are supplied, due to changes in factors other than price, it is called Show Answer


Q944) Which of the following factors will not result in the shifting of supply curve for software packages? Show Answer


Q945) An increase in the supply of a product is caused by Show Answer


Q946) An increase in the supply of a product is caused by Show Answer


Q947) An increase in the supply of a product is caused by Show Answer


Q948) A decrease in the supply of a product is caused by Show Answer


Q949) Increase or decrease in supply means Show Answer


Q950) If supply curve is perfectly inelastic, the supply curve is: Show Answer


Q951) When supply price increase in the short run, the profit of the producer _______: Show Answer


Q952) A change in the supply of a commodity along with same supply curve may occur due to: Show Answer


Q953) What is the elasticity of supply when price changes from Rs. 15 to Rs. 12 and supply change from 6 units to 5 units? Show Answer


Q954) A perfectly inelastic supply curve will be Show Answer


Q955) If the supply of a commodity is perfectly elastic, an increase in demand will result in: Show Answer


Q956) When change in the quantity supplied is proportionate to the change in the price, the producer is said to have _______________: Show Answer


Q957) Expansion in supply refers to a situation when the producers are willing to supply a: Show Answer


Q958) When supply is perfectly inelastic, elasticity of supply is equal to: Show Answer


Q959) If there is an improvement in technology _______: Show Answer


Q960) If the price of apples rises from Rs. 30 per kg to Rs. 40 per kg and the supply increase from 240 kg to 300 kg. Elasticity of supply is: Show Answer


Q961) A horizontal supply curve parallel to the quantity axis implies that the elasticity of supply is: Show Answer


Q962) Supply refers to quantity supplied at a particular price for a particular period of time: Show Answer


Q963) When price remains constant and quantity demanded changes, then the elasticity of demand will be: Show Answer


Q964) Increase or decrease in supply menas: Show Answer


Q965) Supply refers to _________. Show Answer


Q966) Supply is a __________. Show Answer


Q967) Supply refers to the quantity which a firm is Show Answer


Q968) Law of supply explain the relationship between Show Answer


Q969) As per law of supply, price and quantity supplied exhibits relationship. Show Answer


Q970) According to law of supply: Show Answer


Q971) The quantity that an individual supplier is prepared to supply over a period of time is a function of Show Answer


Q972) Normally supply curve is Show Answer


Q973) Law of supply operates under Show Answer


Q974) Under law of supply ceteris paribus conditions includes Show Answer


Q975) The minimum price that a supplier expects to make available a specific quantity for sale is called Show Answer


Q976) The maximum quantity that a supplier is prepared to supply in the market at a given price is called Show Answer


Q977) Which of the following is not a factor in market supply of a product? Show Answer


Q978) If the supply of a product remain same with the increase in price, the possible reasons can be Show Answer


Q979) Quantity supplied is a function Show Answer


Q980) __________ is not a determinant of aggregate supply. Show Answer


Q981) _________ is not a factor of quantity supplied. Show Answer


Q982) ________ is not a factor in market supply of product. Show Answer


Q983) Shift in supply curve is caused by Show Answer


Q984) Change in cost of production of the concerned goods causes Show Answer


Q985) The ___________ refers to the amount of a certain good producers are willing to supply when receiving a certain price. Show Answer


Q986) The supply of a good refers to: _________ Show Answer


Q987) According to __________ , supply always means a schedule of possible prices and amounts that would be sold at each price. Show Answer


Q988) _____________ states: "Other things being equal, the quantity of any commodity that firms will produce and offer for sale is positively related to commodity's own price, rising when price rises and falling when price falls." Show Answer


Q989) The law of supply states that a firm will produce and offer to sell greater quantity of a product or service as the price of that product or services rises, other things being equal. Show Answer


Q990) There is ________ between price and quantity supplied. Show Answer


Q991) The quantity supplied of a goods or service is the amount that ____________. Show Answer


Q992) Supply for goods by an individual or the market as a whole is conventionally expressed in the form of ?
1. Supply schedule.
2. Supply function.
3. Supply curve.
Select the correct answer from the options given below: Show Answer


Q993) A ____________ of an individual supplier is an algebraic form of expressing his behaviour with regard to what he offers in market at the prevailing prices. Show Answer


Q994) In the book market, the supply of books will decrease if any of the following occurs except Show Answer


Q995) A _________ is a tabular statement that shows different quantity or service that are offered by the firm or producer in the market for sale at different prices at a given time. Show Answer


Q996) The individual _________ is a graphical representation of the information given in individual supply schedule. Show Answer


Q997) _________ relates to the supply of a goods or service by one firm at different prices, other things remains constant or equal. Show Answer


Q998) ___________, is the sum of the amount of food supplied for sale by all the firms or producers in the market at different prices during a given time. Show Answer


Q999) The supply curve slopes Show Answer


Q1000) Law of supply states that there exist ____________ between the price of a product and its quantity supplied, ceteris paribus. Show Answer


Q1001) If the supply changes due to change in price, it is called Show Answer


Q1002) If the supply changes due to change in other things (determinants), it is called as Show Answer


Q1003) Which of the following is the determinant in the Law of Supply? Show Answer


Q1004) While recognizing increase or decrease in the supply we assume ____________ remain constant. Show Answer


Q1005) If supply shift to Point b or Point c from Point a, it is known as Show Answer


Q1006) If supply shift to Point b or Point c from Point a, it is known as Show Answer


Q1007) When a consumer moves from one point to another on the same supply curve it is called as Show Answer


Q1008) When the entire supply curve shifts its position it is called as ___________. Show Answer


Q1009) If due to increase in 'price', quantity supplied goes upward it is known as __________. Show Answer


Q1010) If due to decrease in 'price', quantity supplied goes downward it is known as ___________. Show Answer


Q1011) If due to change in 'other things' (determinants), quantity supplied goes upward it is known as ___________. Show Answer


Q1012) If due to change in 'other things' (determinants), quantity supplied goes downward it is known as _________. Show Answer


Q1013) Demand Schedule shows the relation between Show Answer


Q1014) In a typical Demand Schedule, quantity demanded Show Answer


Q1015) ___________ Indicates the charges in Consumer's purchasing habits, depending on the price variation of a particular product. Show Answer


Q1016) A demand Curve shows Show Answer


Q1017) A Demand Curve deal with ___________. Show Answer


Q1018) While drawing the demand curve, the change in place in which the following factors? Show Answer


Q1019) Generally, the Demand Curve slopes Show Answer


Q1020) Demand Curve in most cases slopes Show Answer


Q1021) Demand Curve in most cases has a Show Answer


Q1022) Demand Curve ____________ Show Answer


Q1023) All but one of the following are assumed to remain the same while drawing an individual's demand curve for a product. Which one is it? Show Answer


Q1024) If regardless of changes in it price, the quantity demanded of a product is unchanged, then, demand curve for that product will be Show Answer


Q1025) If any quantity at the same price, then, the demand curve for that product will be Show Answer


Q1026) What is the other name given to the demand curve? Show Answer


Q1027) What is the other name given to the revenue curve? Show Answer


Q1028) Why is the demand curve otherwise known as the average revenue curve? Show Answer


Q1029) The total area under the demand curve of a product measures Show Answer


Q1030) If marginal utility of a product remains constant, the demand curve will be Show Answer


Q1031) In a demand curve, the horizontal axis will be Show Answer


Q1032) In a demand curve, the vertical axis will be Show Answer


Q1033) Which of the following is not depicted in a typical demanded curve? Show Answer


Q1034) A typical demand curve cannot be: Show Answer


Q1035) When price decreases, quantity demanded increase it is known as Show Answer


Q1036) Which of the following is not the exception to the law of demand? Show Answer


Q1037) When price elasticity is found between two points is known as: Show Answer


Q1038) Luxury goods are price _________ while necessities are price ________. Show Answer


Q1039) The elasticity of substitution between two perfect substitutes is ___________. Show Answer


Q1040) Slope of a demand curve is determined by Show Answer


Q1041) Demand for car decreases due to increase in price. It implies that car and petrol are _________. Show Answer


Q1042) Effect of change in the price of a product on the consumer's purchasing power is __________. Show Answer


Q1043) __________ goods are those goods which are consumed together simultaneously. Show Answer


Q1044) Larger the size of the population of a country or region __________ is the demand for commodities. Show Answer


Q1045) Demand can be defined as: Show Answer


Q1046) Movement along the demand curve is due to the following reason: Show Answer


Q1047) If two goods are perfect substitute for each other cross elasticity is ____________. Show Answer


Q1048) Budget line is also known as: Show Answer


Q1049) Demand remains constant, decrease in supply means __________ in equilibrium price. Show Answer


Q1050) A vertical supply curve parallel to the Y-axis implies that the elasticity of supply is: Show Answer


Q1051) Total expenditure method of measuring elasticity was formulated by Show Answer


Q1052) For luxuries, the elasticity is _________ Show Answer


Q1053) Cardinal utility approach can be measured in Show Answer


Q1054) A monopolist charging high price operates on Show Answer


Q1055) Product differentiation is a common feature in Show Answer


Q1056) For a competitive Firm, its demand curve is Show Answer


Q1057) The short run equilibrium condition of a competitive Firm is Show Answer


Q1058) For a good, TR is always constant. Then elasticity of demand is Show Answer


Q1059) Existence of large no. of buyers and sellers means Show Answer


Q1060) The products sold in the competitive market are Show Answer


Q1061) Even if it makes loses in the short run, a competitive Firm will operate if it Show Answer


Q1062) Normal profits mean Show Answer


Q1063) Competitive Firms in the long run earn Show Answer


Q1064) Which of the following describes price discrimination in a monopoly? Show Answer


Q1065) To maximize its profits during the short run a Firm should produce the output that will Show Answer


Q1066) A Perfectly Competitive Firm will always expand output as long as Show Answer


Q1067) In a monopoly with downward sloping demand, Marginal Revenue is greater than price when Show Answer


Q1068) When the price of products of a Firm in a perfectly competitive market is less than its average total cost then the Firm Show Answer


Q1069) In a monopoly market we have Show Answer


Q1070) If Firms are earning supernormal profits under perfect competition in the short run then in the long run Show Answer


Q1071) If profits are greater than zero, it means Show Answer


Q1072) The long run equilibrium in a competitive market is Show Answer


Q1073) The product sold by a monopolist has Show Answer


Q1074) A competitive Finn in the short run incurs losses. The Firm continues production if Show Answer


Q1075) In conditions of pure competition, in which the demand for a Firm's product is infinitely elastic, the Firm's average revenue curve will be Show Answer


Q1076) If the demand curve confronting an individual Firm is perfectly elastic, then Show Answer


Q1077) For a monopolist Show Answer


Q1078) If the demand curve of a monopolist is downward sloping, the MR curve is Show Answer


Q1079) Given the slope of AR for a monopolist, the slope of MR will be Show Answer


Q1080) A monopolist can Show Answer


Q1081) If a monopolist varies p instead of q to maximize profit, the equilibrium condition is and MC must be rising Show Answer


Q1082) A monopolist will never operate on the Show Answer


Q1083) In the short run the monopolist can earn Show Answer


Q1084) Which of the following factors or principle is/are responsible for the operation of the law of demand, or for the downward slope of demand curves?
(X) The law of diminishing marginal utility.
(Y) The law of equi-marginal utility.
(Z) Increased real income.
Select the correct answer from the options given below: Show Answer


Q1085) Which of the following factors or principle is/are responsible for the operation of the law of demand, or for the downward slope of demand curves? Show Answer


Q1086) If the demand changes due to change in price, it is called Show Answer


Q1087) If the demand changes due to change in other things, it is called as Show Answer


Q1088) When a consumer moves from one point to another on the same demand curve it is called as Show Answer


Q1089) When the entire demand curve shifts its position it is called as Show Answer


Q1090) If due to increase in 'price', quantity demanded goes downward it is known as Show Answer


Q1091) If due to decrease in 'price', quantity demanded goes upward it is known as _______ Show Answer


Q1092) If due to change in 'other things', quantity demanded goes upward it is known as Show Answer


Q1093) If due to change in 'other things', quantity demanded goes downward it is known as Show Answer


Q1094) A movement along the demand curve for soft drinks is best described as _________ Show Answer


Q1095) There is no exception to law of demand? Show Answer


Q1096) Which of the following is/are exception to the law of demand?
I. Conspicuous necessities.
II. Giffen goods.
III. Change in fashion.
IV. Conspicuous consumption.
Select the correct answer from the options given below: Show Answer


Q1097) If, as people's income increases, the quantity demanded of a good decreases, the good is called _________. Show Answer


Q1098) In the case of a Giffen good, the demand curve will be: ______________. Show Answer


Q1099) The price of tomatoes increases and people buy tomato puree. You infer that tomato puree and tomatoes are ____________. Show Answer


Q1100) Conspicuous goods are also known as ___________. Show Answer


Q1101) Goods which are consumed by weaker section of society are known as __________. Show Answer


Q1102) With an increase in the price of diamond, its demand also increases. This is because it is a: __________. Show Answer


Q1103) Goods which are used by rich people to show their status are known as __________. Show Answer


Q1104) Some special varieties of inferior goods are termed as Show Answer


Q1105) Which of the following is Giffen good(s)? Show Answer


Q1106) Which of the following is not Giffen good(s)? Show Answer


Q1107) The concept of Elasticity of Demand was developed by Show Answer


Q1108) Two important factors which make difference in the Elasticity of Demand for commodities are Show Answer


Q1109) Elasticity of Demand refers to Show Answer


Q1110) Elasticity of Demand is attributed to Show Answer


Q1111) Elasticity of Demand is attributed to Show Answer


Q1112) Which of the following statements regarding Elasticity of Demand is true? Show Answer


Q1113) Which of the following statements is true with regard to the elasticity of demand? Show Answer


Q1114) Price Elasticity of Demand is defined as Show Answer


Q1115) Price Elasticity of Demand is defined as the responsiveness of Show Answer


Q1116) Price Elasticity of Demand for a product is Show Answer


Q1117) Price Elasticity of Demand is given by Show Answer


Q1118) Usually, the demand for Necessities is Show Answer


Q1119) Demand for which of the following products is/are relatively inelastic? Show Answer


Q1120) Which of the following products has highly inelastic demand? Show Answer


Q1121) Amongst the following which item has highest Price Elasticity? Show Answer


Q1122) In the context of Elasticity of Demand, the paradox of plenty relates more to items in the Show Answer


Q1123) Goods which have more close or perfect substitutes are Show Answer


Q1124) Goods which have fewer substitutes are Show Answer


Q1125) Goods having higher proportion of the consumer's spending are Show Answer


Q1126) Goods having lower share in the consumer's budget are Show Answer


Q1127) Luxury Goods are considered _____________ than Necessity Goods Show Answer


Q1128) Necessary Goods are considered ___________ than Luxury Goods. Show Answer


Q1129) Salt is ____________ to price changes than Motor Car. Show Answer


Q1130) Cell phone is ________ to price changes than bread. Show Answer


Q1131) Goods which can be put to multiple uses are Show Answer


Q1132) Goods which have a specified and particular use are Show Answer


Q1133) Demand for electricity is elastic because Show Answer


Q1134) Goods in respect of which the Consumers have more time to adjust or modify their consumption pattern are Show Answer


Q1135) Goods in respect of which the consumers do not have time to adjust their consumption pattern are - Show Answer


Q1136) Goods in respect of which the use or consumption can be postponed are Show Answer


Q1137) Goods which are required for immediate or urgent consumption are Show Answer


Q1138) Medicine have less elastic demand since Show Answer


Q1139) Goods which are subject to Consumer Habits, e.g. Cigarette, Liquor, etc are Show Answer


Q1140) What would be the value of elastic of demand, if the demand for thee good is perfectly inelastic? Show Answer


Q1141) If the demand for the goods is perfectly inelastic the demand curve will be Show Answer


Q1142) Vertically demand curve will show that the price elastically of demand is Show Answer


Q1143) For goods with perfectly inelastic demand Show Answer


Q1144) If the demand for the good is perfectly inelastic, which of the following is correct? Show Answer


Q1145) If the demand for the good is perfectly inelastic, and E is the measure of Elasticity, which of the following is true? Show Answer


Q1146) For goods with perfectly inelastic demand Show Answer


Q1147) Indentify the factor which generally keeps the price Show Answer


Q1148) Indefinite the coefficient of price elastic of demand when the percentage increase in the quantity demanded of a product is similar than the percentage falls in at price Show Answer


Q1149) Price elastic of demand for addictive product would be Show Answer


Q1150) If electricity demanded and electric rates increase, which of the following is lightly to occur? Show Answer


Q1151) For goods with less elastic demand Show Answer


Q1152) If the demand for the goods less elastic which of the following is true? Show Answer


Q1153) If the demand for the goods is less elastic, the demand curve will be Show Answer


Q1154) If a product has less elastic demand, and there is a change in its price, which of the following is correct? Show Answer


Q1155) If the demand for a good is unit elastic, the value of the elastic of demand would be Show Answer


Q1156) If the price of 'x' rises by 10 % and the quantity demanded falls by 10%, 'x' has Show Answer


Q1157) For goods with unites tic demand Show Answer


Q1158) If the demand for the good is unit elastic, and E is the measure of Elasticity, which of the following to true? Show Answer


Q1159) If the demand for the good is unit elastic, the demand Curve will be Show Answer


Q1160) If the demand for the good is unit elastic, the demand Curve will be Show Answer


Q1161) Rectangular Hyperbola is also called Show Answer


Q1162) If the demand for the good is unit elastic Demand Curve will be Show Answer


Q1163) If a product has unit elastic demand, and there is a change in its price, which of the following is correct? Show Answer


Q1164) Indefinite the coefficient of price elastic of demand when the percentage increases in the quantity demanded of a product is more than the percentage fall in a its price. Show Answer


Q1165) When quantity demanded changes by larger percentage than price, elastic is demand as Show Answer


Q1166) Suppose the demand for meals at a medium restaurant is elastic. If the management restaurant is considered raising prices. Show Answer


Q1167) For goods with more elastic demand Show Answer


Q1168) If the demand for the e of good is more elastic, and E is the measure of Elastic, which of the following is true? Show Answer


Q1169) If the demand for the good is more elastic, the Demand Curve will be Show Answer


Q1170) If a product has been elastic demand, and there is a change in its price, which of the following is correct? Show Answer


Q1171) What would be the value of Elastic of Demand, if the demand for the good is perfectly elastic? Show Answer


Q1172) If the demand for the good is perfectly elastic, the Demand Curve will be Show Answer


Q1173) Horizontal Demand Curve will show that the price elasticity of demand is Show Answer


Q1174) For goods with perfectly elastic demand Show Answer


Q1175) If the demand for the good is perfectly elastic, and E is the measure of Elastic, which of the following is true? Show Answer


Q1176) Price Elasticity of Demand would be higher for those products which have Show Answer


Q1177) Demand for a good will tend to be more elastic if it exhibits which of the following features? Show Answer


Q1178) If the Elasticity of Demand for a commodity is perfectly inelastic, then which of the following is incorrect? Show Answer


Q1179) Demand for a product will tend to be more inelastic if it exhibits which of the following characteristics? Show Answer


Q1180) If the demand for a product reduces by 5% as result of an increase in the price by 25%. What is the price Elasticity of Demand Show Answer


Q1181) If price of Coffee decreases from Rs. 5 to Rs. 4.50, and as a result the Consumer's Demand for Coffee increase from 60 grams to 75 grams, the absolute Price Elasticity of Demand of Coffee is Show Answer


Q1182) If the demand for a product reduces by 2% as a result of an increase in the price by 10%. What is the Price Elasticity of Demand for the product? Show Answer


Q1183) If the demand for Cricket Balls increases from 50 to 55 because of fall in price from Rs. 25 to Rs. 24, what is the Price Elasticity of Demand for Cricket Balls? Show Answer


Q1184) What is the Price Elasticity of Demand for a product, if an increase in the price of the good by 2% leads to fall in demand by 3%? Show Answer


Q1185) Price of Mangoes increases by 22% and the quantity of mangoes demanded falls by 25%. This indicates that demand for mangoes is Show Answer


Q1186) Suppose the price of movies seen at a Theatre rises from Rs. 120 to Rs. 200 per person. The Theatre Manager observes that the rise in price causes attendance at a given movie to fall from 300 persons to 200 persons. What is the Price Elasticity of Demand for Movies? Show Answer


Q1187) Suppose a department Store has a sale on its silverware. If the Price of a plat-setting is reduced from Rs. 300 to 200 and the quantity demanded increases from 3000 plate settings to 5,000 plate-settings, what is the Price Elasticity of Demand for that item? Show Answer


Q1188) A Store has a special offer on CDs. It reduces the price from Rs. 150 to Rs. 100. The Store Manager observes that the quantity demanded increases from 700 CDs. to 1,400 CDs. What is the Price Elasticity of Demand for CDs.? Show Answer


Q1189) If a shop raises the price of a product from Rs. 60 to Rs. 100 and quantity demanded falls from 400 units to 300 units, the Price Elasticity of Demand is Show Answer


Q1190) A book seller estimates that if the price of a book is increased from Rs. 60 to Rs. 67, the quantity of books demanded will decrease from 2,035 to 1,946. The book's price elasticity of Demand is approximately Show Answer


Q1191) What is the new quantity demanded when Price Elasticity is 1 and price changes from Rs. 15 to 10 and the original quantity demanded was 10 units? Show Answer


Q1192) The Elasticity at a given point on a Demand Curve is known as Show Answer


Q1193) Point Elasticity of Demand is calculated as Show Answer


Q1194) Point Elasticity is useful for which of the following situations Show Answer


Q1195) Which of the following statements regarding Elasticity of Demand is true? Show Answer


Q1196) If a point on a Demand Curve of any Product lies on x Axis then Price Elasticity of Demand of that commodity at that point will be Show Answer


Q1197) if a point on a Demand Curve of any Product lies on Y Axis, then Elasticity of Demand of that commodity at that point will be Show Answer


Q1198) 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 Show Answer


Q1199) If a point bisects the Demand Curve in two equal parts, then elasticity at R equals Show Answer


Q1200) Point Elasticity at the mid- point on the Straight Line Demand Curve is Show Answer


Q1201) At a price of Rs. 300 per month, there are 30,000 subscribers to Cable TV in a Small Town. If the Cable Company raises its price to Rs. 400 per month, the number of subscribers will fall to 20,000 using the mid-point method for calculating the elasticity, what is the Price Elasticity of Demand for Cable TV? Show Answer


Q1202) What is the Price Elasticity of Demand when, price changes from Rs.10 to Rs.12 and as a result, demand fails from 6 unit to 4 units? Show Answer


Q1203) If the quantity of blankets demanded increases from 4,600 to 5,700 in response to a decrease in their price from Rs. 220 to Rs. 190, the Price Elasticity of Demand for blankets using Arc Method is Show Answer


Q1204) What is the Original Price of a Product when Price Elasticity is (0.71) and Demand changes from 20 units to 15 units and the new price is Rs. 10? (use Arc Method for computation) Show Answer


Q1205) Under total outlay Method, if as a result of the decrease in price of a product, the total expenditure on the product rises, we say that Price Elasticity of Demand is Show Answer


Q1206) Under Total Outlay Method, if Price and Consumer's Total Expenditure on the product move in opposite directions, then, Price Elasticity of Demand is Show Answer


Q1207) If the demand for a product is elastic, an increase in its price will cause the Total Expenditure of the Consumers to Show Answer


Q1208) If the demand for a product is elastic, an decrease in its price will cause the Total Expenditure of the Consumers to Show Answer


Q1209) Under Total Outlay Method if as a result of the decrease in price of a product decreases, we say that Price Elasticity of Demand is Show Answer


Q1210) f the demand for a commodity is __________, entire burden of indirectly tax will fall on the consumer. Show Answer


Q1211) Under Total Outlay Method, if Price and consumer's Total Expenditure on the product move in the same direction, then, Price Elasticity of Demand is Show Answer


Q1212) If the demand for a product is inelastic, an increase in its price will cause the Total Expenditure of the Consumer to Show Answer


Q1213) If the demand for a product is inelastic, an decrease in its price will cause the price will cause the Total Expenditure of the Consumers to Show Answer


Q1214) Total Expenditure of a Consumer increases if:
i. Demand is elastic and price rises.
ii. Demand is elastic and price falls.
iii. Demand is inelastic and price rises.
iv. Demand is inelastic and price falls. Show Answer


Q1215) Given the following four possibilities, which one results in an increase in Total Consumer Expenditure? Show Answer


Q1216) Due to change in price of the commodity, the Total Expenditure remains the same as before, then Elasticity under Total Outlay Method is Show Answer


Q1217) When Increase in price is exactly balanced by a proportionate reduction in the purchase quantity, then Elasticity under Total Outlay Method is Show Answer


Q1218) An increase in price will result in an increase in Total Revenue if Show Answer


Q1219) Which of the following statements regarding Elasticity of demand is true? Show Answer


Q1220) A decrease in price will result in an increase in Total Revenue if Show Answer


Q1221) If a good has price elasticity greater than one then Show Answer


Q1222) Ceteris parties, what would be the impact on foreign exchange earnings for a given falling export prices, if the demand for the country's exports is inelastic? Show Answer


Q1223) If the Railways are making losses on passenger traffic, they should lower their fares. The suggested remedy would only work if the demand for Rail Travel had a price elasticity of Show Answer


Q1224) If Cinema Halls are making losses they should lower the ticket fares. This suggestion would only work if the demand for watching movies in cinema halls had a Price Elasticity of Show Answer


Q1225) Price Elasticity of demand for a product is zero. If the Firm increases the price of the product by 10% Total Revenue of the Firm will Show Answer


Q1226) Income Elasticity of demand is defined as the responsiveness of Show Answer


Q1227) Income Elasticity of demand is given by Show Answer


Q1228) Positive income Elasticity impels that as income rises, demand for the commodity Show Answer


Q1229) If income Elasticity is greater than zero, then the product is Show Answer


Q1230) ________ have a positive Income Elasticity of Demand. Show Answer


Q1231) For what type of goods does demand fall with rise in income levels of households? Show Answer


Q1232) Negative Income Elasticity impels that as income rises, demand it's the commodity Show Answer


Q1233) What type of goods does a consumer eventually stop buying, when his income rises? Show Answer


Q1234) Goods having negative Income Elasticity are known as Show Answer


Q1235) In case of Interior Goods, income Elasticity is Show Answer


Q1236) In demand supply Analysis, if the income of the Consumer increases the Demand Curve for an interior good Show Answer


Q1237) _________ have a negative Income Elasticity of Demand. Show Answer


Q1238) If quantity demanded does not change as Income changes then Income Elasticity of Demand is Show Answer


Q1239) Goods having Zero Income Elasticity are Show Answer


Q1240) If an increase in Consume Incomes leads it's a increase in the demand its Product Y, then Product X is Show Answer


Q1241) For __________ goods increase in income leads to increase in demand. Show Answer


Q1242) If Income Elasticity > 1, it means that proportion of Income spent on goods as income of the Consumers increases. Show Answer


Q1243) For a product to be called income elastic its income Elasticity has to be Show Answer


Q1244) Service like Air Travel and Movies have an income elasticity of Show Answer


Q1245) What would be the value of Income Elasticity of demand for the meals in a costly restaurant? Show Answer


Q1246) If a good is a Luxury, its Income Elasticity of demand is Show Answer


Q1247) Goods having Income Elasticity > 1 are considered as Show Answer


Q1248) The income of a Household rises by 20%, the demand for Computer rises by 25% this means Computer (in Economics) is a/an Show Answer


Q1249) If Income Elasticity for the household for product A is 2 then A is Show Answer


Q1250) If the Income Elasticity is greater then one, the commodity is Show Answer


Q1251) If Income Elasticity = 1, it means that proportion of Income spent on goods as income of the Consumers increases Show Answer


Q1252) If Consumers always spend 15% of their income on food, then the Income Elasticity of Demand for Food is Show Answer


Q1253) If Income Elasticity < 1, it means that proportion of Income spent on goods as income of the Consumers increases. Show Answer


Q1254) Which of the following is not an income-elastic product/service? Show Answer


Q1255) A Necessity is defined as a good having Show Answer


Q1256) Goods having Income Elasticity < 1 are considered as Show Answer


Q1257) Which of the following is not a determinant of the Advertising Elasticity of Demand? Show Answer


Q1258) Suppose a Consumer's income increases from Rs. 30,000 to Rs. 36,000. As a result, the consumer increases her purchases of compact discs (CDs) form 25 CDs to 30 CDs. What is the Income Elasticity of Demand for CDs here? Show Answer


Q1259) If the quantity of CD demanded increases from 260 to 290 in response to an increase in income from Rs. 9,000 to Rs. 9,800, the Income Elasticity of Demand is approximately Show Answer


Q1260) Consumed about the poor state of the economy, a Car Dealer estimates that if income decreases by 4% Car Sales will fall from 352 to 335. Consequently, the Income Elasticity of Demand for cars is approximately Show Answer


Q1261) If an increase in Consumer Incomes leads to a decrease in the demand for Product X, then Product X is Show Answer


Q1262) Income of a household increases by 10% and the demand for Wheat rises by 5%. This means that Wheat is an example of Show Answer


Q1263) Income of a household increases by 10% and the demand for TV rises by 20%. This means that TV is an example of Show Answer


Q1264) Income of a household increases by 5% and the demand for Bajra falls by 2%. In this case, Bajra is an example of Show Answer


Q1265) In order to assess the effect of a change in price of one product on the demand for other products, which type of elasticity, is often used? Show Answer


Q1266) Cross Elasticity measures the responsiveness of quantity demanded of a commodity to Show Answer


Q1267) In measuring Cross Elasticity, _________ is / are considered. Show Answer


Q1268) Which of the following statements regarding Cross Elasticity is true? Show Answer


Q1269) If Goods X and Y are complementary, their Cross Elasticity is Show Answer


Q1270) Complementary Goods like tea and sugar have a ____________ Cross Elasticity. Show Answer


Q1271) What will be the Stope of Demand Curve when it shows the Cross Elasticity between two Complementary Goods? Show Answer


Q1272) Cross Elasticity between Tea and Sugar is Show Answer


Q1273) Goods having negative Cross Elasticity are Show Answer


Q1274) Negative Cross Elasticity always implies that the goods are complementary in nature. This statement is Show Answer


Q1275) Goods having zero Cross Elasticity are Show Answer


Q1276) Cross Elastcity of Demand between Tea and Coffee is Show Answer


Q1277) If the Co-efficient of Cross Elasticity of Demand of X for Y is 3, it means that X and Y are Show Answer


Q1278) When Cola Companies Coke and Pepsi, introduced Colas in mini bottles at a low prices, the demand for Tea and Coffee is small tea stalls declined drastically. The Cross Elasticity between the Colas and Tea / Coffee is Show Answer


Q1279) If two products are good substitute, the value of Cross Elasticity will be Show Answer


Q1280) Goods having positive Cross Elasticity are Show Answer


Q1281) Positive Cross Elasticity always implles that the goods are substitute goods. This statement is Show Answer


Q1282) If Cross Elasticity of Demand is Infinity, it means that the goods are Show Answer


Q1283) If Cross Elasticity of Demand = zero, it means that the goods are Show Answer


Q1284) If Cross Elasticity of Demand between A and B is zero, it means that between A and B Show Answer


Q1285) If the quantity demanded of Tea increases by 5% when the price of Coffee increases by 20% the Cross Elasticity of demand between Tea and Coffee is Show Answer


Q1286) The Cross Elasticity of monthly demand for ink pen, when the price of gel pen increases by 25% and demand for ink pen increases by 50% is equal to Show Answer


Q1287) Cross Elasticity of demand for gel pen when the price of refills increases by 20% and demand for gel pens falls by 30% is equal to Show Answer


Q1288) If the quantity demanded of product x increases from 8 to 12 units in response to an increase in the price of product Y from Rs. 23 to Rs. 27, the cross elasticity of demand for X with respect to price of Y is approximately Show Answer


Q1289) Which of the following is incorrect? Show Answer


Q1290) The price elasticity of demand when fresh milk’s price increases from Rs. 20 per liter to Rs. 30 per liter is equal to Show Answer


Q1291) What can be said about the price elasticity of demand for fresh milk? Show Answer


Q1292) The cross elasticity of demand for cereals when the price of fresh milk increases from Rs. 20 to Rs. 30 is equal to Show Answer


Q1293) What can be said about fresh milk & cereals? Show Answer


Q1294) The cross elasticity of demand for powdered milk when the price of fresh milk increases from Rs. 20 to Rs. 30 per liter is equal to Show Answer


Q1295) What can be said about fresh milk and powdered milk? Show Answer


Q1296) If income of the consumers increases by 50% and the quantity of fresh milk demanded increases by 30%. What is income elasticity of demand for fresh milk? Show Answer


Q1297) We can say that fresh milk in economics sense is an example of Show Answer


Q1298) Price elasticity of demand when gel pen’s price increases from Rs. 10 to 15 per pen is Show Answer


Q1299) What can be said about the price elasticity of demand for gel pens? Show Answer


Q1300) The cross elasticity of demand for refills when the price of gel pen increases from Rs. 10 to Rs. 15 is Show Answer


Q1301) What can be said about gel pen and refills? Show Answer


Q1302) Cross elasticity of demand for Ink Pen when the price of Gel pen increases from Rs. 10 to Rs. 15 is equal to Show Answer


Q1303) What can be said about Gel pen and Ink pens? Show Answer


Q1304) If income of the residents of locally increases by 50% and the quantity of Gel pens demanded increases by 20%. What is income elasticity of demand for Gel pen? Show Answer


Q1305) We can say that Gel pen in economics sense is an example of Show Answer


Q1306) ______ is defined as the responsiveness of the quantity demanded of a good to changes in one of the variables on which demand depends or we can say that it is the percentage change in quantity demanded divided by the percentage in one of the variables on which demand depends. Show Answer


Q1307) ___________ of demand is the degree of responsiveness of the demand for a commodity to a change in its price. Show Answer


Q1308) Demand for a good will tend to be more elastic if it exhibits which of the following characteristics? Show Answer


Q1309) The formula for calculating price elasticity is Show Answer


Q1310) Identify the factor which generally keeps the price-elasticity of demand for a good low Show Answer


Q1311) Demand for a good will tend to be more inelastic if it exhibits which of the following characteristics? Show Answer


Q1312) When a very insignificant change in price leads to an infinite change in quantity demanded, it is called as Show Answer


Q1313) Quantity demanded does not change with change in price at all, it is called as Show Answer


Q1314) Where a greater change in price leads to smaller change in quantity demanded, it is called as Show Answer


Q1315) When a change in price results in exactly the same percentage change in the quantity demanded of a commodity, it is called as Show Answer


Q1316) If electricity demand is inelastic, and electric rates increase, which of the following is likely to occur? Show Answer


Q1317) Suppose the demand for meals at a medium-priced restaurant is elastic. If the management of the restaurant is considering raising prices, it can expect a relatively Show Answer


Q1318) Perfectly elastic demand means _________ Show Answer


Q1319) Perfectly inelastic demand means ________ Show Answer


Q1320) Relatively elastic demand means __________ Show Answer


Q1321) Relatively inelastic demand means ________ Show Answer


Q1322) Unitary elastic demand means _________ Show Answer


Q1323) 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 ___________. Show Answer


Q1324) Identify the coefficient of price-elasticity of demand when the percentage increase in the quantity of a good demanded is smaller than the percentage fall in its price ___________. Show Answer


Q1325) Price elasticity of demand can be measured through ____________ Show Answer


Q1326) According to percentage method or arithmetic method of elasticity of demand, If the percentage change in quantity demanded is greater that the percentage change in price, the elasticity will be Show Answer


Q1327) According to percentage method or arithmetic method of elasticity of demand, If percentage change in quantity demanded is less than percentage change in price, the elasticity is said to be Show Answer


Q1328) According to percentage method or arithmetic method of elasticity of demand, If percentage change of both quantity demanded and price is same, elasticity of demand is said to be Show Answer


Q1329) Total expenditure method of elasticity of demand was formulated by Show Answer


Q1330) According to total expenditure method of elasticity of demand, if it is found that total expenditure remains the same, elasticity of demand is said to be Show Answer


Q1331) According to total expenditure method of elasticity of demand, if the total expenditure increases due to increase in price the elasticity of demand is said to be Show Answer


Q1332) According to total expenditure method of elasticity of demand, If the total expenditure diminished with the decrease in price, the elasticity of demand is said to be Show Answer


Q1333) Given the following four possibilities, which one results in an increase in total consumer expenditures? Show Answer


Q1334) According _____, elasticity of demand is measured on different points on a straight line demand curve. Show Answer


Q1335) According to graphic or point method of elasticity of demand, at mid point on a straight-line demand curve, elasticity will be equal to Show Answer


Q1336) According to graphic or point method of elasticity of demand, at higher points on a straight-line demand curve, but to the left of the mid-point, elasticity will be Show Answer


Q1337) According to graphic or point method of elasticity of demand, at lower points on a straight-line demand curve, but to the right of the mid point, elasticity will be Show Answer


Q1338) According to graphic or point method of elasticity of demand, the price elasticity of demand at a point on a straight line is equal to _____ of the demand curve. Show Answer


Q1339) A vertical supply curve parallel to Y axis implies that the elasticity of supply is ___________. Show Answer


Q1340) Elasticity of supply is greater than one when ____________. Show Answer


Q1341) Price elasticity of demand is dependent upon ____________. Show Answer


Q1342) Price elasticity of demand is dependent upon ____________.
(I) Availability of substitutes.
(II) Share in total expenditure of household's income.
(III) Possibility of postponing the consumption.
Select the correct answer from the options given below: Show Answer


Q1343) The demand is _____ for moderate priced goods. Show Answer


Q1344) If the demand for a good is inelastic, an increase in its price will cause the total expenditure of the consumers of the good to __________. Show Answer


Q1345) The demand for very costly and very cheap goods is Show Answer


Q1346) If a good has close substitutes, the price elasticity of demand for a commodity will be _____ as some other commodities can be used for it. Show Answer


Q1347) Which of the following has inelastic demand? Show Answer


Q1348) Elasticity of demand for a good is not dependent upon the proportion of a consumer's budget spent on it. Show Answer


Q1349) If individuals are habituated of some commodities the demand for such commodities will be usually Show Answer


Q1350) The demand for necessities is ________. Show Answer


Q1351) The demand for comforts and luxuries is __________. Show Answer


Q1352) A commodity which has several uses will have an _____ demand such as milk, wood etc. Show Answer


Q1353) A commodity having only one use will have _____ demand. Show Answer


Q1354) Usually the demand for commodities, the consumption of which can be postponed has _____ demand as the prices rise and is expected to fall again. Show Answer


Q1355) The price of hot dogs increases by 22% and the quantity of hot dogs demanded falls by 25 %. This indicates that demand for hot dogs is ___________. Show Answer


Q1356) The price elasticity of demand for hamburger is ____________. Show Answer


Q1357) The change in the demand of a Good X in response to a change in the price of Good Y is called Show Answer


Q1358) Cross price elasticity is _________ if the slightest change in the price of Good Y causes a substantial change in the quantity demanded of Good X. Show Answer


Q1359) Cross price elasticity is _____ if the change in the price of Good Y causes a change in the quantity demanded of good X in same direction. Show Answer


Q1360) Cross price elasticity is _____ if the change in the price of Good Y causes a change in the quantity demanded of Good X in opposite direction. Show Answer


Q1361) Cross price elasticity is _____, if a change in the price of Good Y does not affect the quantity demanded Good X. Show Answer


Q1362) In case of _____, cross elasticity is infinite. Show Answer


Q1363) In case of _____, cross elasticity is positive. Show Answer


Q1364) In case of _____, cross elasticity is negative. Show Answer


Q1365) A positive cross elasticity of demand coefficient indicates that _________. Show Answer


Q1366) If the price of Pepsi decreases relative to the price of Coke and 7-UP, the demand for _____________. Show Answer


Q1367) _____ is the degree of responsiveness of quantity demanded of goods to a change in the income of consumers. Show Answer


Q1368) The formula for calculating income elasticity is _____________. Show Answer


Q1369) __________ have a positive income elasticity of demand so as consumers' income rises, demand also increases. Show Answer


Q1370) __________ have a negative income elasticity of demand as demand falls when income rises. Show Answer


Q1371) __________ have an income elasticity of demand, Ed > 1 Show Answer


Q1372) In the case of an inferior good, the income elasticity of demand is ___________. Show Answer


Q1373) The quantity purchased will remain constant irrespective of the change in income. This is known as ___________. Show Answer


Q1374) As income increases, the consumer will go in for superior goods and consequently the demand for inferior goods will fall. This means ______________. Show Answer


Q1375) When income increases the money spent on necessaries of life may not increase in the same proportion, This means ____________. Show Answer


Q1376) The luxury goods like jewellery and fancy articles will have ______________. Show Answer


Q1377) The formula for calculating price elasticity of supply is: Show Answer


Q1378) The supply is said to be_____, when a very insignificant change in price leads to an infinite change in quantity supplied. Show Answer


Q1379) The supply is said to be _____, when a change in price produces no change in the quantity supplied of a commodity. Show Answer


Q1380) The supply is _____, when a greater change in price leads to smaller change in quantity supplied. Show Answer


Q1381) Perfectly elastic supply means _________. Show Answer


Q1382) Perfectly inelastic supply means _________. Show Answer


Q1383) Relatively elastic supply means __________. Show Answer


Q1384) Relatively in inelastic supply means _________. Show Answer


Q1385) Unitary elastic supply means __________. Show Answer


Q1386) If the price of a video rental is below the equilibrium price, the quantity supplied is __________ than the quantity demanded. If the price of video rentals is above the equilibrium price, the quantity supplied is __________ than the quantity demanded. Show Answer


Q1387) Which of the following approach can be used for determining consumer behaviour? Show Answer


Q1388) Who gave a significant contribution in the study of consumer behaviour? Show Answer


Q1389) Which of the following assumption is applicable under the Marshallian approach of consumer behaviour? Show Answer


Q1390) Which of the following assumption is applicable under the Marshallian approach of consumer behaviour? Show Answer


Q1391) _____ is a curve which represents all those combinations of goods which give same level of satisfaction to the consumer. Show Answer


Q1392) An indifference curve which was introduced by _____ Show Answer


Q1393) An indifference curve is a curve which represents all those combinations of goods which give _____ level of satisfaction to the consumer. Show Answer


Q1394) On which of the following assumption an indifference approach is based? Show Answer


Q1395) An Indifference curve _____ Show Answer


Q1396) Elasticity of supply refers to the degree of responsiveness of supply of a good to changes in its. Show Answer


Q1397) Which of the following has the lowest price elasticity? Show Answer


Q1398) In which of the following type of product, is the elasticity of supply lowest? Show Answer


Q1399) Given the market demand, the burden of specific, tax that will be Bome by the consumer (buyer) depends Show Answer


Q1400) Elasticity of supply is given by the formula Show Answer


Q1401) Elasticity of supply can be measured using Show Answer


Q1402) Which of the following method is not used for measuring elasticity of supply? Show Answer


Q1403) If quantity supplied increases by 60% for a 50% increase in Price, elasticity of supply Show Answer


Q1404) If price is Rs. 15, quantity supplied is 150 units. If price is Rs. 25 quantity supplied is 300 units. Compute price elasticity of supply using arc method. Show Answer


Q1405) If as a result of a change in price, the quantity supplied of a product remains unchanged we conclude that Show Answer


Q1406) A vertical supply curve parceled to Y axis impels that the elasticity of supply is Show Answer


Q1407) If the elasticity of supply is zero, then supply curve will be Show Answer


Q1408) When the supply is perfectly elastic, elasticity of the sloping is equal to Show Answer


Q1409) If the elasticity of supply is infinity, then supply curve will be Show Answer


Q1410) When change in supplied is propotional to the change in the price, the product is said to have Show Answer


Q1411) If the elastic of supply is infinity, then supply curve will be Show Answer


Q1412) If q = change in quantity supplied, p = change in price, when supply is perfectly inelastic, it means Show Answer


Q1413) If q = change in quantity supplied, p = change in price, when supply is perfectly elastic, it means Show Answer


Q1414) If q = change in quantity supplied, p = change in price, when supply is relatively elastic, it means Show Answer


Q1415) If q = change in quantity supplied, p = change in price, when supply is relatively inelastic, it means Show Answer


Q1416) If q = change in quantity supplied, p = change in price, when supply is relatively elastic, it means Show Answer


Q1417) Market forces refers to Show Answer


Q1418) Which of these refers to market force? Show Answer


Q1419) Demand & supply interacts in determining Show Answer


Q1420) Generally, the demand curve Show Answer


Q1421) Generally, the demand curve Show Answer


Q1422) Generally, the supply curve Show Answer


Q1423) Generally, the supply curve Show Answer


Q1424) Other things being equal, as Demand increase, Equilibrium price Show Answer


Q1425) Other things being equal, as demand increases, quantity at the equilibrium price level Show Answer


Q1426) Other things being equal, as demand increases Show Answer


Q1427) Other things being equal, as demand decreases, equilibrium price Show Answer


Q1428) Other things being equal, as demand decreases, quantity at the equilibrium price level Show Answer


Q1429) Other things being equal, as demand decreases Show Answer


Q1430) With a given supply curve, a decrease in demand causes Show Answer


Q1431) Other things being equal, as supply increases, equilibrium price Show Answer


Q1432) Other things being equal, as supply increases quantity at the equilibrium price level Show Answer


Q1433) Other things being equal, as supply increases Show Answer


Q1434) Other things being equal, as supply decreases equilibrium price Show Answer


Q1435) Other things being equal, as supply decrease quantity at the equilibrium price level Show Answer


Q1436) Other things being equal, as supply decreases equilibrium price and quantity both increase Show Answer


Q1437) If increase in demand is greater than the increase supply, then the equilibrium price Show Answer


Q1438) If increase in demand is greater than the increase in supply, then quantity at the equilibrium price level Show Answer


Q1439) If increase in demand is greater than the increase in supply, then Show Answer


Q1440) If decrease in demand is greater than the decrease in supply, then the equilibrium price Show Answer


Q1441) If decreases in demand is greater than decrease in supply, then the quantity at the equilibrium price level Show Answer


Q1442) If decrease in demand is greater than the decrease in supply, then Show Answer


Q1443) If increase in demand is equal to the increase in supply, then the equilibrium price Show Answer


Q1444) If increase in demand is equal to the increase in supply, then the quantity at the equilibrium price level Show Answer


Q1445) If increase in demand is equal to the increase in supply, then Show Answer


Q1446) If decrease in demand is equal to the decrease in supply, then the equilibrium price Show Answer


Q1447) If decrease in demand is equal to the decrease in supply, then the quantity at the equilibrium price level Show Answer


Q1448) If decrease in demand is equal to the decrease in supply, then Show Answer


Q1449) If increase in demand is less than the increase in supply, then the equilibrium price Show Answer


Q1450) If increase in demand is less than the increase in supply, then the quantity at the equilibrium price level Show Answer


Q1451) If increase in demand is less than the increase in supply, then Show Answer


Q1452) If decrease in demand is less than the decrease in demand is less than the decrease in supply, then the equilibrium price Show Answer


Q1453) If decrease in demand is less than the decrease in supply, then the quantity at the equilibrium price level Show Answer


Q1454) If decrease in demand is less than the decrease in supply, then Show Answer


Q1455) Which of the following situation does not lead to an increase in equilibrium price? Show Answer


Q1456) If the supply of a commodity is perfectly elastic, an increase in demand will result in Show Answer


Q1457) If the supply of commodity is perfectly elastic, a decrease in demand will result in Show Answer


Q1458) If the supply of commodity is perfectly inelastic, an increase in demand will result in Show Answer


Q1459) If the supply of a commodity is perfectly inelastic, a decrease in demand will result in Show Answer


Q1460) If the demand of a commodity is perfectly elastic, an increase in supply will result in Show Answer


Q1461) If the demand of a commodity is perfectly elastic, a decrease in supply will result in Show Answer


Q1462) If the demand of a commodity is perfectly inelastic, an increase in supply will result in Show Answer


Q1463) In Economics, a place where Buyers and Sellers meet and bargain over a commodity for a price is called Show Answer


Q1464) Which of the following statements best describe a "Market"? Show Answer


Q1465) Which of these is not a feature of Market? Show Answer


Q1466) Which of these is a feature of Market? Show Answer


Q1467) Which of the following is an element of Market Structure? Show Answer


Q1468) Which of these is not a Market Structure in Economics? Show Answer


Q1469) Which of these is a Market Structure in Economics? Show Answer


Q1470) Which of the following types of competition is just a theoretical economic concept, not a realistic case where actual competition and trade take place? Show Answer


Q1471) Free Entry/Exit is a characteristic feature of Show Answer


Q1472) Free Entry/Exit is not a characteristic feature of Show Answer


Q1473) Free Entry/Exit is possible in Show Answer


Q1474) The market for Food grains, Cereals, Vegetables, etc. closely resembles Show Answer


Q1475) Railways is an example of Show Answer


Q1476) Air Travel Service Industry is an example of Show Answer


Q1477) Electricity Supply Service is an example of Show Answer


Q1478) Bottled Cool Drinks Industry is an example of Show Answer


Q1479) Agricultural Goods markets depict characteristics close to Show Answer


Q1480) Which of the following is an Oligopoly? Show Answer


Q1481) Toothpaste Manufacturing Industry is an example of Show Answer


Q1482) Automobile (Cars) Manufacturing Industry is an example of Show Answer


Q1483) Toilet Soap Industry is an example of Show Answer


Q1484) Mobile Service Providers is an example of Show Answer


Q1485) The structure of the Cold Drink Industry in India is best described as Show Answer


Q1486) The conditions of Firm Equilibrium, i.e. MC = MR, and MC cuts MR from below, is applicable for Show Answer


Q1487) In which of the following market conditions, does a Firm maximizes its profit when its Marginal Revenue is equal to Marginal Cost? Show Answer


Q1488) What is the other name given for Average Revenue Curve? Show Answer


Q1489) Which of the following is not a characteristic feature common to both Monopolistic Competition and Perfect Competition? Show Answer


Q1490) As in Perfect Competition, the Firms operating in a monopolistically competitive industry can realize only Normal Profits in the long run because Show Answer


Q1491) The relationship Firm= Industry is applicable for Show Answer


Q1492) In which of the following market structures is the demand curve of the market us represented by the demand curve of the Firm? Show Answer


Q1493) The AR Curve and Industry Demand Curve are same in the case of Show Answer


Q1494) Why is the Demand Curve of the Market in Monopoly is represented by the Demand Curve of the Firm? Show Answer


Q1495) The relationship Industry = Large Number of Firms, is applicable for Show Answer


Q1496) The relationship Industry = Large Number of Firms, is applicable for Show Answer


Q1497) Which among the following market structures has the highest product differentiation? Show Answer


Q1498) Which among the following market structures has the highest price elasticity? Show Answer


Q1499) Which of the following market forms will never suffer losses in the short run? Show Answer


Q1500) Under which of the following market structures is the price lower and output larger? Show Answer


Q1501) In which form of the market structure is the degree of control over the price of its product by a Firm very large Show Answer


Q1502) A market structure in which many Firms sell products that are similar but not identical is known as Show Answer


Q1503) Which of the following types of market structure is the exact opposite of Perfect Competition? Show Answer


Q1504) Which of the following statements about Price and Marginal Cost (MC) in competitive and monopolized markets is true? Show Answer


Q1505) In which of the following types of market structures can a Firm earn abnormal profits in the long run? Show Answer


Q1506) In which of the following types of market structure, do Firms produce homogenous products? Show Answer


Q1507) Which of the following statements is incorrect? Show Answer


Q1508) Which of the following statements is not true with respect to the long run? Show Answer


Q1509) P = MR = MC = AC = is the condition of Show Answer


Q1510) Which of the following features is not seen in Imperfect Competition? Show Answer


Q1511) Market __________ has a greater role in determination of a market price. Show Answer


Q1512) Which of the following is not an essential condition of pure competition? Show Answer


Q1513) Profits of the firm will be more at: Show Answer


Q1514) What should firm do when Marginal revenue is gender than marginal cost? Show Answer


Q1515) Under monopoly price discrimination depends upon: Show Answer


Q1516) Firms in a monopolistic market are price ________. Show Answer


Q1517) Market which have two firms are known as: Show Answer


Q1518) Monopolist can determine Show Answer


Q1519) MR of n th unit is given by: Show Answer


Q1520) The market structure in which the number of sellers is small and there is inter dependence in decision making by the firms is known as: Show Answer


Q1521) In perfect competition firm is a price taker, the _______ curve is a straight line. Show Answer


Q1522) For maximum profit, the condition is: Show Answer


Q1523) Equilibrium price may be determined through: Show Answer


Q1524) If price is forced to stay below equilibrium price: Show Answer


Q1525) An increase in supply with unchanged lead to Show Answer


Q1526) In the long run: Show Answer


Q1527) Condition for producer equilibrium is: Show Answer


Q1528) An increase in supply with demand remaining the same, brings about. Show Answer


Q1529) A competitive firm in the short run incure losses. The firm continues production, if: Show Answer


Q1530) Under ____ market condition, firm make normal profits in the long run: Show Answer


Q1531) A monopolist is able to maximize his profits when: Show Answer


Q1532) Under monopolistic competition the cross elasticity of demand for the product of a single firm would be: Show Answer


Q1533) When AR = Rs. 10 and AC = Rs. 8 the firm makes ___________: Show Answer


Q1534) What are the conditions for the long run equilibrium of the competitive firm? Show Answer


Q1535) Kinked demand curve hypothesis is given by: Show Answer


Q1536) Supernormal profits occur, when: Show Answer


Q1537) If the perfect competition, the price line lies below the average cost curve, the firm would: Show Answer


Q1538) The MR curve cuts the horizontal line between Y axis and demand curve into Show Answer


Q1539) Competitive firm in the long run earn: Show Answer


Q1540) For a monopolist, the necessary condition for equilibrium is: Show Answer


Q1541) A firm will shut down in the short run if: Show Answer


Q1542) ________ is the price at which demand for a commodity is equal to its supply: Show Answer


Q1543) ______ is a ideal Market. Show Answer


Q1544) Under which Market situation demand curve is linear and parallel to X axis: Show Answer


Q1545) Which market have characteristic of product differentiation? Show Answer


Q1546) Which of these are characteristic of perfect Competition. Show Answer


Q1547) MR Curve = AR = Demand Curve is a feature of which kind of Market? Show Answer


Q1548) In the long-run monopolist can Show Answer


Q1549) The demand curve of the firm and industry will be same in which form of market: Show Answer


Q1550) Oligopoly haring identical products is: Show Answer


Q1551) The demand curve of oligopoly is: Show Answer


Q1552) Demand curve is equal to M.R curve in which market? Show Answer


Q1553) Kinked demand hypothesis is designed to explain ________ in context to oligoploly. Show Answer


Q1554) Price discrimination can take place only in _______. Show Answer


Q1555) In oligopoly, the kind on the demand curve is more due to _________. Show Answer


Q1556) Price Discrimination is possible only when. Show Answer


Q1557) Which of the following is not the feature of an imperfect competition? Show Answer


Q1558) Price taker firm a _____________ . Show Answer


Q1559) Price rigidity is a situation found in which of the following market forms? Show Answer


Q1560) When elasticity of demand is Equal to one in monopoly, marginal Revenue will be ________. Show Answer


Q1561) Which one of the following statement is incorrect? Show Answer


Q1562) Under which of the following market structure AR of the firm will be equal to MR? Show Answer


Q1563) Tooth paste industry is an example of __________. Show Answer


Q1564) OPEC is an example of : Show Answer


Q1565) Monopolistic Competitive firms ________. Show Answer


Q1566) The price discrimination under monopoly will be possible under which of the following conditions? Show Answer


Q1567) Oligopoly having identical products is known as __________. Show Answer


Q1568) Which of these is the best example of oligopoly? Show Answer


Q1569) Monopolist can fix price of goods whose elasticity is _________. Show Answer


Q1570) Kinked demand curve is observed in _________. Show Answer


Q1571) Perfectly competitive firm faces: Show Answer


Q1572) In perfect competition when the firm is a price taker, which curve among the following will be a straight line? Show Answer


Q1573) "Price Discrimination" can be best exercise by the Seller in _________. Show Answer


Q1574) In Oligopoly the kink in the demand curve is more due to _________. Show Answer


Q1575) A firm Encounters "shut down" point when _____________. Show Answer


Q1576) Under which market Condition firms make only normal profit in the long run? Show Answer


Q1577) In Monopolistic competitive excess capacity in the firm ____________. Show Answer


Q1578) Number of firms in a perfect competition: Show Answer


Q1579) In which of the following market characteristics of product differentiation is observed? Show Answer


Q1580) Which of the following curve represent monopolistic competition? Show Answer


Q1581) If the long-run average cost curve is a downward sloping curve for a firm, it implies that the unit is subject to the law of __________ always. Show Answer


Q1582) A firm would be in equilibrium at the level of output where its Show Answer


Q1583) Which of the following commodities best represents a monopolistic competitive market? Show Answer


Q1584) In which of the following market structures, a firm is not a price maker Show Answer


Q1585) In which of the following market structures, a firm in long-run equilibrium earns abnormal profit Show Answer


Q1586) For a firm in short-run equilibrium its AR < AC, i.e. it is incurring losses, it will Show Answer


Q1587) A firm has to take decision about the nature and extent of product differentiation and hence the level of selling expenses in __________ market structure. Show Answer


Q1588) Under monopolistic competition, loss making firms leave the group Show Answer


Q1589) For a monopoly state of market, which one of the following is not true? Show Answer


Q1590) As per Theory of Revenue, if price is denoted by (P) and quantity is denoted by (Q), then the total revenue (TR) will be: Show Answer


Q1591) A firm encounters its shut down point when: Show Answer


Q1592) If at least one factor is constant according to Diminishing return theory of production, at which stage total output starts diminishing. Show Answer


Q1593) Which of the following is not an example of Product differentiation? Show Answer


Q1594) The general term for market structures that fall somewhere in-between monopoly and perfect competition is: Show Answer


Q1595) Which of the following type of commodities, normally, do not operate in an oligopoly market structure? Show Answer


Q1596) Market for mobile phone-sets in India demonstrates the characteristics of a Show Answer


Q1597) Given below is the short-run cost-sheet of a perfectly competitive firm, at equilibrium level of output: Average variable cost = Rs. 9 per unit. Average fixed cost = Rs. 2 per unit. The firm would be well advised to continue to produce if the per unit market price of the commodity is Show Answer


Q1598) An Oligopoly is a market in which: Show Answer


Q1599) Which of the following is the difference between perfect competition and monopolistic competition? Show Answer


Q1600) A perfectly competitive firms short run shutdown point is the level of output at which: Show Answer


Q1601) In a free market, which of the following will be caused by excess supply for a commodity? Show Answer


Q1602) Which of the following is a characteristic of Monopoly? Show Answer


Q1603) The perfectly competitive firm can sell its output at __________ prices. Show Answer


Q1604) Supply of a product in __________ is relatively inelastic. Show Answer


Q1605) Many sellers offering differentiated products to many buyers is characterized as: Show Answer


Q1606) __________ refers to the selling of specific commodity or service to different buyer at two or more different prices. Show Answer


Q1607) In perfect competition since firm is the price taker which curve is straight line? Show Answer


Q1608) The actual factor which determines the size of the market in any country is: Show Answer


Q1609) At every level of output AR = MR in case of Show Answer


Q1610) The market that induces formation of cartels is ___________. Show Answer


Q1611) Price discrimination involves charging different prices for a commodity Show Answer


Q1612) Market __________ has a greater role in determination of a market price. Show Answer


Q1613) Market supply is perfectly Show Answer


Q1614) Competitive market is a market situation characterized by a large number of sellers and differentiated products. Show Answer


Q1615) In The short run if a firm fails to recover its average __________ cost it will shut own. Show Answer


Q1616) In the long run, the monopolist Show Answer


Q1617) Product differentiation in Monopolistic competition is Show Answer


Q1618) In India which of the following best describes a perfectly competition market? Show Answer


Q1619) Which industry best fits the description of a perfectly competition market? Show Answer


Q1620) Under pure competition, there are ________ Sellers. Show Answer


Q1621) Under perfect competition, the product is Show Answer


Q1622) The assumption of large number of sellers and product homogeneity in perfect competition, implies that all individual firms in Perfect competition are Show Answer


Q1623) In Perfect Competition Market Show Answer


Q1624) How are prices determined under Perfect Competition? Show Answer


Q1625) Under Perfect Competition, each Firm's control over price is Show Answer


Q1626) Under perfect competition, a Firm can earn ___________ in the long run. Show Answer


Q1627) Under Monopoly, there is/are ____________ seller(s). Show Answer


Q1628) Under Monopoly, The product is Show Answer


Q1629) In Monopoly, entry of new firm Show Answer


Q1630) Under Monopoly, each Firm is a ___________. Show Answer


Q1631) A Monopoly will not be a perfect monopoly, if cross elasticity of demand of the related goods is Show Answer


Q1632) By Imperfect monopoly, we mean Show Answer


Q1633) Under Monopoly, each Firm's control over price is: Show Answer


Q1634) Under Monopoly, the Firm's Demand curve is: Show Answer


Q1635) In Monopoly, the relationship between Average and Marginal Revenue Curve is as follows: Show Answer


Q1636) Under Monopoly, a Firm can earn __________ in the long-run. Show Answer


Q1637) Under Monopolistic Competition, there are __________ Sellers. Show Answer


Q1638) Under Monopolistic Competition, the product is Show Answer


Q1639) Under Monopolistic Competition, each firm is a Show Answer


Q1640) Under Monopolistic Competition, each firm's control over price is Show Answer


Q1641) Under Monopolistic Competition, Price Elasticity of Demand is Show Answer


Q1642) A fall in demand for the product under monopolistic competition will most likely result in Show Answer


Q1643) In imperfect competition Show Answer


Q1644) "Excess Capacity" is the essential characteristic of the firm in the market form of: Show Answer


Q1645) The LAC curve Show Answer


Q1646) Under Monopolistic Competition, in the long run, resource Show Answer


Q1647) Under oligopoly, there are __________ sellers. Show Answer


Q1648) Which one of the following is the best example of agreement between oligopolistic? Show Answer


Q1649) One characteristic not typical of oligopolistic Industry is Show Answer


Q1650) Under oligopoly, each Firm's control over price is Show Answer


Q1651) Under oligopoly, Price Elasticity of Demand is Show Answer


Q1652) Under Oligopoly, the firm's demand curve is Show Answer


Q1653) Oligopoly, is the market form in which there are Show Answer


Q1654) Which of the following most closely approximates the definition of an Oligopoly? Show Answer


Q1655) Pure oligopoly is one where Show Answer


Q1656) Oligopolistic Industries are characterized by Show Answer


Q1657) Under Monopolistic Competition, the Firms Demand Curve is Show Answer


Q1658) Product Differentiation in a Monopolistic Competition could lead to Show Answer


Q1659) Under Monopolistic Competition, a Firm can earn ____ in the long-run. Show Answer


Q1660) Under Monopolistic Competition, in the long-run, a Firm Show Answer


Q1661) Under Monopolistic Competition, in the long-run, a Firm Show Answer


Q1662) Which of these does not apply to Monopolistic Competition? Show Answer


Q1663) Which of these does not apply to Monopolistic Competition? Show Answer


Q1664) Which of the following is not a feature of Monopolistic Competition? Show Answer


Q1665) Which of the following is not a characteristic feature of Monopolistic Competition? Show Answer


Q1666) Which of the following is not a characteristic of Monopolistic Competition? Show Answer


Q1667) Which of these applies to Monopolistic Competition? Show Answer


Q1668) Under Monopolistic Competition, each Seller tries to develop Brand Loyalty for his product. This statement is Show Answer


Q1669) The sale of branded articles is common in a situation of Show Answer


Q1670) A Firm under Monopolistic Competition advertises Show Answer


Q1671) Through more advertising a monopolistically competitive Firm has successfully created more demand for its product. It would have resulted in shifting of Show Answer


Q1672) Under Monopolistic Competition, Price Discrimination is not possible at all. This statement is Show Answer


Q1673) Which of these does not apply to Monopolistic Competition? Show Answer


Q1674) Under Monopolistic Competition, in the short - run, the Firm can never make Losses. This statement is Show Answer


Q1675) Under Monopolistic Competition, the Firm can earn _________ in the short-run. Show Answer


Q1676) In short run, a Firm in Monopolistic Competition Show Answer


Q1677) In long-run, all Firms in Monopolistic Competition Show Answer


Q1678) In the short run equilibrium of a Firm in Monopolistic Competition, which Curve is U shaped? Show Answer


Q1679) Under Monopolistic Competition, in the short - run, the condition AR = MR = MC = AC, means that the Firm is earning Show Answer


Q1680) Under Monopolistic Competition, in the short-run, if AR > AC at the point when MC = MR, it means that the Firm Show Answer


Q1681) Under Monopolistic Competition, in the Short-run, if AR < AC at the point when MC = MR, it means that the firm Show Answer


Q1682) Under Monopolistic Competition, in the short-run, the firm will never shut-down. This statement is Show Answer


Q1683) Under Monopolistic Competition, in the short-run, the condition for shut-down is Show Answer


Q1684) In Monopolistic Competition, the long-run equilibrium price will be equal to Show Answer


Q1685) Under Monopolistic Competition, in the long-run, if MC = MR and LAC = LAR, then the industry is said to be Show Answer


Q1686) In the long-run, Indstry Equilibrium is achieved if MC = MR and LAC = LAR. This condition is applicable for Show Answer


Q1687) In the long-run, Industry Equilibrium is achieved in Monopolistic Competition only if LAC = LMC. This statement is Show Answer


Q1688) In the long-run, Industry Equilibrium is achieved in Monopolistic Competition only at the lowest point of LAC Curve. This statement is Show Answer


Q1689) In Monopolistic Competition, a Firm is in long run equilibrium Show Answer


Q1690) Under Monopolistic Competition, in the long-run, Output is produced at Show Answer


Q1691) Under Monopolistic Competition, in the long-run resources Show Answer


Q1692) Monopolistic Competition differs from Perfect Competition primarily because Show Answer


Q1693) The long-run equilibrium outcomes in Monopolistic competition and Perfect Competition are similar, because in both market structures Show Answer


Q1694) Product differentiation is the feature of __________. Show Answer


Q1695) Under __________ there will be no difference between firm and industry. Show Answer


Q1696) Monopolist is a __________. Show Answer


Q1697) In the long run, monopolist firm earn __________. Show Answer


Q1698) In long run, a monopolist can make profit because of: Show Answer


Q1699) The term differentiated product denotes __________ product used by __________ set of people. Show Answer


Q1700) In monopolistic competitive market, seller try to compete on the basis of:
(i) Price
(ii) Aggressive Advertising
(iii) Efficient after sale service
(iv) Product development Show Answer


Q1701) If firms in the Toothpaste Industry have the following market shares, which market structure would beIn Monopoly, entry of new firms Show Answer


Q1702) Under Oligopoly, the product is Show Answer


Q1703) In which of the following, a kinked Demand Curve can be seen in a frim? Show Answer


Q1704) Which of these does not apply to Oligopoly? Show Answer


Q1705) Which of these applies to Oligopoly? Show Answer


Q1706) Duopoly is a specific from where are Show Answer


Q1707) The American Economist sweezy developed the Show Answer


Q1708) When an Oligopolistic Firm Changes its price, its rival Firms Show Answer


Q1709) A Price War in an Oligopoly refers to Show Answer


Q1710) A Firm under _________ cannot have sure and definite Demand Curve Show Answer


Q1711) Price Leadership is form of Show Answer


Q1712) Under Oligopoly, if one firm reduces its prices, the other firms will generally Show Answer


Q1713) As per Kinked Demand Curve Theory of Oligopoly, the Kink is formed at Show Answer


Q1714) As per Kinked Demand Curve Theory of Oligopoly, the demand above the Kink is Show Answer


Q1715) As per Kinked Demand Curve Theory of Oligopoly, the demand below the Kink is Show Answer


Q1716) What does the Kinked Demand Curve explain? Show Answer


Q1717) A Firm having a Kinked Demand Curve indicated that Show Answer


Q1718) The Kinked Demand Hypothesis is designed to explain in the context of Oligopoly Show Answer


Q1719) The Kinked Demand Curve model assumes that price elasticity of demand- Show Answer


Q1720) The kinked Demand Curve model of Oligopoly assumes that Show Answer


Q1721) In both the Chamberlin and Kinked Demand Curve models, the Oligopolists Show Answer


Q1722) In Oligopoly, why it difficult to determine the equilibrium price and Output? Show Answer


Q1723) If the Demand Curve confronting an individual firm is perfectly elastic then Show Answer


Q1724) Which of the following is not a condition of perfect competition? Show Answer


Q1725) Which is the other name that is given to the average revenue curve? Show Answer


Q1726) In perfect competition in the long run there will be no_________. Show Answer


Q1727) When the perfectly competitive firm and industry are in long run equilibrium then: Show Answer


Q1728) Product differentiation is the feature of _____________. Show Answer


Q1729) ________ defines market as, "not any particular market place in which things are bought and sold, but the whole of any region in which buyers and sellers are in such free intercourse with each other that the prices of the same goods tend to equality easily and quickly". Show Answer


Q1730) According to __________," Market means the general field within which, the force determining the price of particular product operate". Show Answer


Q1731) _________ explain the term market as "any organization whereby buyers and sellers of a good are kept in close touch with each other". Show Answer


Q1732) Which of the following is/are basic components of market Show Answer


Q1733) __________ refers to a market structure in which a large number of firms produce identical goods and sell them at a uniform price, where firms have the freedom of entry and exit and all the buyers and sellers have full knowledge of the market conditions. Show Answer


Q1734) Which of the following is feature of 'Perfect Competition'? Show Answer


Q1735) Which of the following is not a characteristic of a perfectly competitive market? Show Answer


Q1736) Which of the following is not a characteristic of a "price taker"? Show Answer


Q1737) Which of the following is feature of 'Perfect Competition'? Show Answer


Q1738) Which of the following is feature of 'Perfect Competition'? Show Answer


Q1739) Which of the following markets would most closely satisfy the requirements for a perfectly competitive market? Show Answer


Q1740) Which of the following is feature of 'Perfect Competition'? Show Answer


Q1741) Which of the following is not feature of 'Perfect Competition'? Show Answer


Q1742) In a perfect competition, product supplied by one firm is a perfect substitute of that supplied by another Show Answer


Q1743) In a perfect competition, every firm in the industry is thus, a price maker. Show Answer


Q1744) In a perfect competition, the demand for product of the firm is Show Answer


Q1745) In a perfect competition, single buyer or seller may have influence on the price. Show Answer


Q1746) In a perfect competition, every buyer and seller may not have knowledge of the market. Show Answer


Q1747) A purely competitive firm's supply schedule in the short run is determined by Show Answer


Q1748) In a perfect competition, seller has to incur selling expenses because his product has to be differentiated from the products supplied by other sellers. Show Answer


Q1749) Since a perfectly competitive firm is a price taker, it is faced with a straight line demand curve i.e. AR is - Show Answer


Q1750) Which is the first order condition for the profit of a firm to be maximum? Show Answer


Q1751) In a perfect competition, the firm will be in equilibrium when Show Answer


Q1752) The short run average cost curve (SAC) is Show Answer


Q1753) In a perfect competition, the firms have Show Answer


Q1754) On account of the law of _____, the average variable cost curve is U-shaped. Show Answer


Q1755) In a perfect competition, no firm is able to earn an abnormal profit. Show Answer


Q1756) These short run cost curves (SACs) are also called as Show Answer


Q1757) In a perfect competition in long run firm gets equilibrium if it is operating under _____ Show Answer


Q1758) For the price-taking firm Show Answer


Q1759) In perfect competition in the long run there will be no Show Answer


Q1760) If under perfect completion, the price line lies below the average cost curve, the firm would __________. Show Answer


Q1761) In a perfect competition which curve among following will be a straight line? Show Answer


Q1762) Price-taking firms, i.e., firms that operate in a perfectly competitive market, are said to be "small" relative to the market. Which of the following best describes this smallness? Show Answer


Q1763) The firm in a perfectly competitive market is a price taker. This designation as a price taker is based on the assumption that Show Answer


Q1764) Suppose that the demand curve for the XYZ Co. slopes downward and to the right. We can conclude that Show Answer


Q1765) Which one of the following does NOT occur in perfect competition? Show Answer


Q1766) In perfect competition, a firm's marginal revenue equals its Show Answer


Q1767) A perfectly competitive firm's demand curve is Show Answer


Q1768) In perfect competition, the marginal revenue of an individual firm Show Answer


Q1769) In the case of a perfectly competitive firm, the _____. Show Answer


Q1770) In perfect competition, the firm's marginal revenue curve Show Answer


Q1771) The above figure illustrates a firm's total revenue and total cost curves. Which one of the following statements is FALSE? Show Answer


Q1772) For a firm in perfect competition, a diagram shows quantity on the horizontal axis and both the firm's Marginal Cost (MC) and its Marginal Revenue (MR) on the vertical axis. The firm's profit-maximizing quantity occurs at the point where the Show Answer


Q1773) The term monopoly means a Show Answer


Q1774) A monopoly firm faces a __________ for his product. Show Answer


Q1775) Which of the following is feature of 'Monopoly Firm'? Show Answer


Q1776) Which of the following is not a feature of 'Monopoly Firm'? Show Answer


Q1777) Which of the following is not a feature of 'Monopoly Firm'? Show Answer


Q1778) All of the following are characteristics of a monopoly except ________. Show Answer


Q1779) In a monopoly, the monopolist can Show Answer


Q1780) According to "total revenue & total cost" approach, a monopoly firm attains equilibrium when the difference between its total revenue and total cost is the ________. Show Answer


Q1781) According to "Marginal revenue marginal cost approach" approach, a monopoly firm attains equilibrium when Show Answer


Q1782) During short run monopolist may Show Answer


Q1783) The art of selling the same commodity produced under a single control to different buyers at different prices is called Show Answer


Q1784) Essential condition(s) for price discrimination is/are Show Answer


Q1785) Essential condition(s) for price discrimination is/are Show Answer


Q1786) __________ is the basic objective before a discriminating monopolist. Show Answer


Q1787) Under price discrimination, the seller charges _____ in market having the less elastic demand. Show Answer


Q1788) Under price discrimination, the seller charges ___________ in a market having elastic demand. Show Answer


Q1789) A non discriminating monopolist will find that marginal revenue ___________. Show Answer


Q1790) A monopolist is able to maximise his profits when Show Answer


Q1791) Discriminating monopoly implies that the monopolist charges different prices for his commodity Show Answer


Q1792) Price discrimination will be profitable only if the elasticity of demand in different market in which the total market has been divided is Show Answer


Q1793) A monopolistic competition is defined as that market structure in which each seller produces a _____________. Show Answer


Q1794) The concept of product differentiation means that ______________. Show Answer


Q1795) Which of the following method is adopted for product differentiation? Show Answer


Q1796) Which of the following is/are feature of monopolistic competition? Show Answer


Q1797) Which of the following is/ are feature of monopolistic competition? Show Answer


Q1798) Which of the following is not feature of monopolistic competition? Show Answer


Q1799) In short run a firm operating under monopolistic competition may Show Answer


Q1800) In monopolistic competition, firms earn only _____ in the long run. Show Answer


Q1801) A monopolist will maximize profit Show Answer


Q1802) Which of the following is not a characteristic of a monopolistically competitive market? Show Answer


Q1803) Free entry and exit condition exist in Show Answer


Q1804) Single firm in industry is feature of Show Answer


Q1805) Large number of buyer exists in Show Answer


Q1806) Uniform price is a feature of Show Answer


Q1807) Firm in industry is 'price taker'. This is feature of Show Answer


Q1808) Firm in industry is 'price maker'. This is feature of Show Answer


Q1809) Price elasticity of demand for individual firm is perfectly elastic. This is feature of Show Answer


Q1810) Product differentiation is a feature of Show Answer


Q1811) No selling costs exist. This is feature of Show Answer


Q1812) Tooth paste industry is example of Show Answer


Q1813) Price discrimination take place in Show Answer


Q1814) Under which market situation demand curve is linear and parallel to X-Axis? Show Answer


Q1815) AR = MR = P, is a feature of Show Answer


Q1816) Under _____ market condition, firms in industry make normal profit in the long run. Show Answer


Q1817) Which of the following is not a characteristic of a competitive market? Show Answer


Q1818) Assume that when price is Rs. 20, quantity demanded is 9 units, and when price is Rs. 19, quantity demanded is 10 units. Based on this information, what is the marginal revenue resulting from an increase in output from 9 units to 10 units. Show Answer


Q1819) Suppose a firm is producing a level of output such that MR > MC. What should be firm do to maximize its profits? Show Answer


Q1820) Assume that when price is Rs. 20, quantity demanded is 15 units, and when price is Rs. 18, quantity demanded is 18 units. Based on this information, what is the marginal revenue resulting from an increase in output from 15 units to 18 units? Show Answer


Q1821) Marginal Revenue is equal to Show Answer


Q1822) Suppose that a sole proprietorship is earning total revenues of Rs. 1,00,000 and is incurring explicit costs of Rs. 75,000. If the owner could work for another company for Rs. 30,000 a year, we would conclude that ____________. Show Answer


Q1823) Assume that consumers' incomes and the number of sellers in the market for a product both decrease. Based upon this information we can conclude, with certainty, that equilibrium Show Answer


Q1824) Suppose that the supply of cameras increases due to an increase in foreign imports. Which of the following will most likely occur? Show Answer


Q1825) Assume that in the market for product Z there is a simultaneous increase in demand and the quantity supplied. The result will be Show Answer


Q1826) Suppose the technology for producing personal computers improves and, at the same time, individuals discover new uses for personal computers so that there is greater utilisation of personal computers. Which of the following will happen to equilibrium price and equilibrium quantity? Show Answer


Q1827) Oligopolistic industries are characterized by Show Answer


Q1828) Firm encounters its "shutdown point" when Show Answer


Q1829) Suppose that, at the profit-maximizing level of output, a firm finds that market price is less than average total cost, but greater than average variable cost. Which of the following statements is correct? Show Answer


Q1830) When price is less than average variable cost at the profit-maximising level of output, a firm should Show Answer


Q1831) The structure of the toothpaste industry in India is best described as Show Answer


Q1832) When ___________, we know that the firms are earning just normal profits. Show Answer


Q1833) When _____, we know that the firms must be producing at the minimum point of the average cost curve and so there will be productive efficiency. Show Answer


Q1834) When _____, there will be allocative efficiency meaning thereby that the cost of the last unit is exactly equal to the price consumers are willing to pay for it and so that the right goods are being sold to the right people at the right price. Show Answer


Q1835) The competitive firm maximizes profit when it produces output up to the point where Show Answer


Q1836) When an oligopolist individually chooses its level of production to maximize its profits, it charges a price that is Show Answer


Q1837) In the long-run equilibrium of a competitive market, firms operate at Show Answer


Q1838) Time element was conceived by Show Answer


Q1839) When e > 1 then MR is Show Answer


Q1840) When e = 1 then MR is Show Answer


Q1841) In oligopoly, when the industry is dominated by one large firm which is considered as leader of the group. This is called Show Answer


Q1842) When the product are sold through a centralized body oligopoly is known as Show Answer


Q1843) Which three of the following characteristics apply to oligopoly?
I. Each firm faces a downward sloping demand curve.
II. A few large firms account for a high percentage of industry output.
III. Many small firms account for a high percentage of industry output.
IV. Each firm faces a horizontal demand curve.
V. The industry is often characterized by extensive non-price competition.
Select the correct answer from the options given below Show Answer


Q1844) To achieve more market power, firms can Show Answer


Q1845) Under which type of market structure is price rigidity (stickiness) often predicted? Show Answer


Q1846) Which two of the following assumptions apply to 'kinked-demand' analysis in oligopoly markets? Show Answer


Q1847) In the above figure, the firm is making an economic loss at Show Answer


Q1848) In the above figure, the firm is break even points at Show Answer


Q1849) In the above figure, when the firm produces output corresponding to point c, the firm's marginal cost - Show Answer


Q1850) If the firm is not producing anything, it will have an operating loss equal to it __________. Show Answer


Q1851) If new firm enters in the industry in long run in perfect competitive market, supply curve. Show Answer


Q1852) When quantity supplied of a commodity is more than its quantity demanded, the most common outcome is competition among ? Show Answer


Q1853) During Diwali festive season, when airlines in India raise prices, if the Indian Railways were to reduce their ticket prices and run additional passenger trains, what would have happened, assuring that rail travel is a substitute to air travel ? Show Answer


Q1854) When there is a 10% increase in price of movie tickets, aggregate supply increases by 8%. What is the relationship between supply and price of movie tickets ? Show Answer


Q1855) To classify manufacturing sector enterprises in to micro, small and medium the Government of India measures the size of business units in terms of : Show Answer


Q1856) In the long run, a firm in a perfectly competitive industry earns :
Show Answer


Q1857) In India, which reform policies led to the establishment of private sector banks, both Indian and foreign ? Show Answer


Q1858) Potato chips and popcorn are substitutes if there is an increase in the price of potato chips, all other things remaining constant.
Show Answer


Q1859) In monopolistic competition, each firm makes its product different on the basis of colour, taste, packaging size and shape. This practice is called : Show Answer


Q1860) Commodities A and B are complementary goods. If price of A decreases,
Show Answer


Q1861) A unit tax that the government imposes per unit sale of output for manufacturing firm operating under perfect competition, what is the likely impact of a unit tax an its supply ? Show Answer


Q1862) In a perfectly competitive market with a fixed number of firms, with market supply curve remaining unchanged when market demand curved shift left ward. Show Answer


Q1863) Commodities X and Y are complementary goods. If price of X increases, it is likely that Show Answer


Q1864) In general, if market demand for a commodity is price inelastic, then the price elasticity of demand for that commodity is : Show Answer


Q1865) Studies of market equilibrium show that for fixed number of firms. If the supply curve shifts rightward and if simultaneously the demand curve shifts leftward, then Show Answer


Q1866) A perfectly competitive market having a fixed number of firms was in equilibrium . The equilibrium was last, price rase and market supply exceed market demand. The expected outcome is competition among. Show Answer


Q1867) Duopoly is the special case of oligopoly where there are.
Show Answer


Q1868) In which market structure, is the following statement true ?
The demand curve that a firm faces is perfectly elastic, it is a horizontal straight line at the market price. Show Answer


Q1869) Consider the following statements :
(I) In a perfectly competitive market, firms are price takers.
(II) The market supply curve is obtained by the horizontal summation of the supply curves of individual firms.
Which of the following is correct ? Show Answer


Q1870) Which is correct for each firm operating in a perfectly competitive market ? Show Answer


Q1871) The market price of a commodity rises from Rs 500 to Rs 550. As a result, the quantity supplied by a firm increases by 10 units. The price elasticity of the firm's supply curve is 0.8. What are the initial and final output levels of the firm ? Show Answer


Q1872) In a perfectly competitive market, when both supply curve and demand curve shift rightwards, what is the effect ? Show Answer


Q1873) Consider the following statement :
As the income of the consumer increases, the demand for this good falls, and as the income decreases, the demand for this good rises. The statement applies to : Show Answer


Q1874) Darjeeling Tea, Nagpur Orange and Banaras Sarees and brocades enjoy domestic and International Production as : Show Answer


Q1875) A manufacturing firm operating under perfect competition uses two factors of production capital and labour. The firm makes a technological innovation and thus, starts to produce more units of output with the same levels of capital and labour. All other things being equal, what is the expected effect on the quantity supplied by the firm of any given price ? Show Answer


Q1876) Shoes and socks are complementary goods. IF there is an increase in the price of socks, all other things remaining constant : Show Answer


Q1877) Pen and Ink are complementary goods. if there is an increase in the price of pens, all other things remaining constant, it can be expected that : Show Answer


Q1878) Consider the following statements :
(I) The number of firms is large
(II) There is free entry and exit of firms
(III) The goods produced by the firms are not homogenous
All statements are true in case of :
Show Answer


Q1879) The nature of relationship of India with foreign countries and the political ideology and practices of the ruling party are some of the elements of the : Show Answer


Q1880) In general, if the market demand for a good is said to be inelastic, at a given price, then at that price the price elasticity of demand for that good is : Show Answer


Q1881) A manufacturing firm operates under perfect competition. At the market price of Rs 100, the firm supplies 200 units of output. The market prices increases to Rs 110. The price elasticity of the firm's supply is 11 what quantity will the firm supply at the new price ? Show Answer


Q1882) For a firm under monopolistic competition, the average Revenue Curve is : Show Answer


Q1883) In a perfectly competitive market with a fixed number of firms, at the current market price, it is found that the market supply exceeds the market demand. Then all other things remaining the same, it can be expected that : Show Answer


Q1884) With a fixed number of firms, market equilibrium was achieved in a perfectly competitive market with demand curve remaining unchanged when supply curve shifts rightward, then : Show Answer


Q1885) As an example of monopolistic competition in up on Meerut highway Shopkeepers sell soda that is of almost flavour from Jan Shikanji this is an example of : Show Answer


Q1886) In a perfectly competitive market, demand curve facing a firm is : Show Answer


Q1887) In which market structure does,the following relationship hold good for all firms ?
Marginal revenue = Average revenue - market price
Show Answer


Q1888) In market equilibrium, supply of oil is vertical line. The downward sloping demand curve shifts to the rights. Then : Show Answer


Q1889) Two goods X and Y are substitutes if price of X falls. What is the expected impact on equilibrium quantity of Y ?
Show Answer


Q1890) The firms adopt the following strategy in an industry characterized by monopolistic competition. Show Answer


Q1891) Which market structure has all of the following characteristics ?
(I) Firms produce goods that are not homogeneous
(II) Free entry and exit of firms
(III) A large number of firms Show Answer


Q1892) A firm in a perfectly competitive industry in the long run, earns
Show Answer


Q1893) The loan given from the International Monetary Fund to the Government of India are examples of Show Answer


Q1894) Consider the following statements :
(I) In monopoly, there is restriction on entry of firms
(II) In a monopoly, the demand curve for the output that the monopolist firm faces is a horizontal line.
Which of the following is Correct ?
Show Answer


Q1895) A market structure in which the number of firms is large selling differentiated Products based on colour, taste, packing, size, and shape, there is free entry and exit of firms and each firm has partial control over price. Show Answer


Q1896) For each firm operating in a perfectly Competitive market, the following is correct ?
Show Answer


Q1897) For a firm under perfect Competition which relationships holds good ? Show Answer


Q1898) Consider the following statements :
(I) Net Domestic Product at Factor Cost is the factor income occurring to owners of factors of production for supplying factor services within domestic, territory during an accounting year.
(II) A subsidy given directly to firm by the government to encourage production is likely to reduce prices.
Which of the following is correct ?
Show Answer