Development Economics Quiz | Development Economics Short Questions and Answers

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Questions
41 Demand for a commodity refers to:
A Amount of the commodity demanded at a particular price and at a particular time
B Quantity demanded of that commodity
C Need for the commodity
D Desire for the commodity

Answer: Amount of the commodity demanded at a particular price and at a particular time
42 Which among the following statement is INCORRECT?
A If two demand curves are linear and intersecting each other then coefficient of elasticity would be same on different demand curves at the point of intersection.
B The price elasticity of demand is expressed in terms of relative not absolute, changes in Price and quantity demanded’
C On a linear demand curve, all the five forms of elasticity can be depicted’
D If two demand curves are linear, and parallel to each other then at a particular price the coefficient of elasticity would be different on different demand curves.

Answer: If two demand curves are linear and intersecting each other then coefficient of elasticity would be same on different demand curves at the point of intersection.
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43 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:
A Increase
B Remain the same
C Become zero
D Decrease

Answer: Increase
44 The horizontal demand curve parallel to x-axis implies that the elasticity of demand is:
A Greater than zero but less than infinity
B Zero
C Equal to one
D Infinite

Answer: Infinite
45 An individual demand curve slopes downward to the right because of the:
A income effect of fall in Price
B Working of the law of diminishing marginal utility
C substitution effect of decrease in price
D All of the above

Answer: All of the above
46 Income elasticity of demand is defined as the responsiveness of:
A Quantity demanded to a change in income
B Income to a change in quantity demanded
C Quantity demanded to a change in price
D Price to a change in income

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

Answer: Quantity of the good offered for sale at a particular price per unit of time
48 In the short run, when the output of a firm increases, its average fixed cost:
A Decreases
B First decreases and then rises
C Remains constant
D Increases

Answer: Decreases
49 The cost of one thing in terms of the alternative given up is called:
A opportunity cost
B Real cost
C Production cost
D Physical cost

Answer: opportunity cost
50 Assume that consumer’s income and the number of sellers in the market for good X both falls. Based on this information, we can conclude with certainty that the equilibrium:
A Quantity will increase
B Quantity will decrease
C Price will decrease
D Price will increase

Answer: Quantity will decrease
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