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