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