Q.101)-A fall in demand or rise in supply of a commodity-
  • increases the price of that commodity
  • decrease the price of that commodity
  • neutralises the changes in the price
  • determines the price elasticity
Q.102)-The law of Demand expresses -
  • Effect of change in price of a commodity on its demand
  • Effect of change in price of a commodity on its price
  • Effect of change in price of a commodity over the supply of its substitute
  • None of the above
Q.103)-The demand curve for a Giffen good is-
  • Upward rising
  • Downward falling
  • Parallal to the quantity axis
  • parallel to the price axis
Q.104)-The supply of agricultural products is generally-
  • Elastic
  • Inealastic
  • Perfectly elastic
  • Perfectly inelastic
Q.105)-All of the goods which are scarce and limited in supply are called-
  • Luxury goods
  • Expensive goods
  • Capital goods
  • Economic goods
Q.106)-Engel's Law states the relationship between-
  • Quantity demanded and price of a commodity
  • Quantity demanded and price of substitutes
  • Quantity demanded and tastes of the consumers
  • Quantity demanded and income of the consumers