Q. An increase in demand would cause supply curve to: A.           Shift to the left             B.            Shift to the ...

Q.         Supply curve will shift when: A.           Price falls         B.            Price rises ...

Q.         What does price elasticity of demand measure? A.           Change in price caused by changes in demand      B.            The rate of change of sales ...

Q.         It describes the law of supply: A.           Supply curve B.            Supply schedule C.            Supply ...

Q.          Which one is increasing function of price: A.           Demand            B.            Utility ...

Q.         If price and total revenue move in the same direction, then demand is: A.           Inelastic            B.            ...

Q.          Demand is a function of: A.           Price    B.            Quantity C.            Supply ...

Q. Income elasticity of demand for normal good is always: A.           1              B.            More than one ...

Q. When price elasticity of demand for normal goods is calculated, the value is always: A.           Positive             ...

Q. This is an assumption of law of demand: Price of the commodity should not change             Quantity should not changeSupply should not change   Income of consumer should not change Answer: Income of consumer should not change

Q. When the quantity demanded of a goods is equal to the quantity supplied of that goods, then ___________. There is a surplusThe government is intervening in the marketThere is a shortageNone of the above Answer: None of the above

Q. An increase in the number of restaurants serving fast-food leads to _______. Growth in the demand of fast-food mealsIncrease in the supply of fast-food mealsIncrease in the price of fast-food mealsGrowth in the demand for substitutes of fast-food meals Answer: Increase in the supply of ...