Demand and Supply Questions | Demand and Supply Short Questions(MCQs) & Answers

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Questions
41 When cross elasticity of demand is a large positive number, one can conclude that:
A The good is normal
B The good is inferior
C The good is a substitute
D The good is a complement

Answer: The good is a substitute
42 Price and demand are positively correlated in case of:
A Necessities
B Comforts
C Giffen goods
D Luxuries

Answer: Giffen goods
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43 The supply of a good refers to:
A Stock available for sale
B Total stock in the warehouse
C Actual Production of the good
D Quantity of the good offered for sale at a particular price per unit of time

Answer: Quantity of the good offered for sale at a particular price per unit of time
44 The economist’s objections to monopoly rest on which of the following grounds?
A There is a transfer of income from consumers to the monopolist
B There is welfare loss as resources tend to be misallocated under monopoly
C Only A is correct
D Both A and B are correct

Answer: Both A and B are correct
45 In which of the following market structure is the degree of control over the price of its product by a firm very large?
A Imperfect competition
B Perfect competition
C Monopoly
D In A and B both

Answer: Monopoly
46 Which among the following is not a function of International Monetary Fund?
A It serves a medium term and long term credit institution’
B It provides a mechanism for improving short term balance of payments position’
C It provides machinery for international consultations’
D It provides reservoir of the currencies of the member countries and enables members to borrow one another’s currency’

Answer: It serves a medium term and long term credit institution’
47 Which among the following is NOT correct?
A Floating exchange rate system works on the market mechanism
B Floating exchange rate breeds uncertainties and speculation
C Economic and political factors and value judgments influence the choice of the exchange rate system
D The system of floating exchange rate requires comprehensive government intervention

Answer: The system of floating exchange rate requires comprehensive government intervention
48 Who propounded the opportunity cost Theory of international trade?
A Ricardo
B Marshall
C Heckscher & Ohlin
D Haberler

Answer: Haberler
49 Which of the following is also known as International Bank for Reconstruction and Development?
A Asian Development Bank
B World Bank
C Reserve Bank of India
D International Monetary Fund

Answer: World Bank
50 ‘Infant industry argument’ in international trade is given in support of:
A Granting Protection
B Free trade
C Encouragement to export oriented small and tiny industries
D None of the above

Answer: Granting Protection
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