Q.11)-Elasticity of demand measures the responsiveness of the quantity demanded of a goods to a-
  • changes in the price of the goods
  • Change in the price of substitutes
  • change in the price of the cmplements
  • change in the price of joint products
Q.12)-Which one of the following is having elastic demand?
  • Electricity
  • Medicines
  • Rice
  • Match boxes
Q.13)-Name the curve which shows the quantity of products as seller wishes to sell at a given price level-
  • Demand curve
  • Cost curve
  • Supply curve
  • None of these
Q.14)-The supply of labour in the economy depends on-
  • Population
  • National income
  • Per capita income
  • Natural resources
Q.15)-Which one of the following pairs of goods is an example for Joint Supply?
  • Coffee and Tea
  • Ink and Pen
  • Tooth brush and Paste
  • Wool and Mutton
Q.16)-Demand in Economic means:
  • Aggregate demand
  • Market demand
  • Individual demand
  • Demand backed by purchasing power
Q.17)-When percentage change in demand for a commodity is less than percentage changes is its price, then demand is said to be-
  • Highly elastic
  • Inelastic
  • Relatively elastic
  • Perfect elastic
Q.18)-The demand for necessities is-
  • Elastic
  • Perfectly inelastic
  • Inelastic
  • Perfect elastic
Q.19)-If a good has negative income elasticity and positive price elasticity of demand, it is a-
  • Giffen good
  • Normal good
  • Superior good
  • An inferior good
Q.20)-Cross demand expresses the functional relationship between-
  • Demand and prices of related commodities
  • Demand and income
  • Demand and prices
  • Demand and supply