Share Facebook Email Telegram WhatsApp Results #1. The elasticity for the demand of durable goods is __________. Zero Zero Equal to unity Equal to unity Greater than unity Greater than unity Less than unity Less than unity #2. Normally the demand curve will have a _______________ shape. Upward sloping Upward sloping Downward sloping Downward sloping Vertical Vertical Horizontal Horizontal #3. Which of the following is an assumption made while drawing the demand curve? The demand curve must be linear The demand curve must be linear The price of substitutes should not change The price of substitutes should not change The quantity demanded should not change The quantity demanded should not change The price of the commodity should not change The price of the commodity should not change #4. Law of demand shows a relation between the ___________ Quantity demand and quantity supply of a commodity Quantity demand and quantity supply of a commodity Income and quantity demand of a commodity Income and quantity demand of a commodity Price and quantity of a commodity Price and quantity of a commodity Income and price of a commodity Income and price of a commodity #5. When the price of a product falls by 10% and its demand rises by 30%, then the elasticity of demand is _________. 13 13 3 3 10 10 30 30 #6. When the elasticity of demand for a commodity is very low, it shows that the product ________. Has little importance in the total budget Has little importance in the total budget Is a luxury Is a luxury Is a necessity Is a necessity None of the above None of the above #7. Which of the following is not a cause of the shift in demand for a product? Change in the price of substitutes Change in the price of substitutes Change in the income of a consumer Change in the income of a consumer Change in the price of a product Change in the price of a product None of the above None of the above #8. In case the price of a product and the total revenue from that product move in the same direction, then the demand is ____________. Perfectly elastic Perfectly elastic Inelastic Inelastic Elastic Elastic Unrelated Unrelated #9. Which of the following scenarios will not lead to a change in demand for a product? A change in the tastes of its consumers A change in the tastes of its consumers A change in the price of that product A change in the price of that product An increase in the income of its consumers An increase in the income of its consumers None of the above None of the above #10. If price changes by 1% and supply changes by 2%, then the supply is ______ Static Static Indeterminate Indeterminate Inelastic Inelastic Elastic Elastic Finish
