Supply and demand - MCQ CSEET Economics

Economics CSEET Supply and demand MCQs

1. If the computer increases and all other factors remain unchanged, it will be reasonable to expect.

2. An increase in the quality of computers demanded

3. An increase in the demand for computers

4. A decrease in the demand for computers

5. A decrease in the quality of computers demanded.

Ans d

1. Demand for a commodity is desire for that commodity backed by

2. Promise to make payment

3. Ability and willingness to pay

4. Wish for the lowest possible price

5. Cash in one’s pocket

Ans b

1. Which of the following factors is not a detrimental of demand

2. Own price

3. Taste and preferences

4. Price of unrelated goods

5. Income

Ans c

1. Which of the following is false with regard to the derivation of empirical demand curves

2. Supply shifts must be greater than demand curves

3. Market and not individual demand curves are derived

4. The price of related commodities must remain constant

5. Taste must remain constant over the period analysis

Ans . c

1. Which among the following is downward sloping

2. Individual’s demand curve

3. Market demand curve

4. Price searcher’s demand curve

5. All the above

Ans d

1. Contraction of demand curve is the result of

2. Decrease in the income of purchase

3. Increase in the price of the commodity concerned

4. Increase in the price of other goods

5. Decrease in the number of consumers

Ans b

1. Demand for a commodity refers to a

a. need for the commodity

b. quantity demanded of that commodity

c. desire for the commodity

d. quantity of the commodity demanded at the a certain price during any particular period of time.

Ans d

1. The modern theory of market demand rests on the structure built by

2. Lucas

3. Keynes

4. Sen

5. Marshal

Ans d

1. The low of demand states that the quantity denuded of a good change, other things being equal, when

2. The price of a good change

3. A change occurs in the quantities of other goods purchased

4. Consumer income changes

5. The price of other goods changes

Ans a

1. Cross demand is the change in the quantity demanded of a given commodity in response to the

2. Change in the quantity of another commodity

3. Change in the price of the another commodity

4. Change in the size of the another commodity

5. Change in the nature of another commodity.

Ans b

1. Right ward shift in the demand curve for pen

2. Decreases the demand for ink

3. Decreases the demand for pen

4. Increases the demand for ink

5. Increases the demand for pen

Ans c

1. The willingness to buy a commodity or service for which necessary resources are available is called

2. Utility

3. Desire

4. Demand

5. Satisfaction

Ans c

1. An individual consumer’s demand is not related to

2. Size of population

3. Price of the commodity

4. Prices of substitutes

5. House hold income.

Ans a

1. Utility in economics means

2. Desire

3. Bliss

4. Pleasure

5. Want satisfying power of a commodity

Ans d

1. Consumer allocates his income to

2. Maximise total utility

3. Minimize marginal utility

4. Maximise average utility

5. Minimize total cost.

Ans a

1. Consumption is a study about the theory of

2. Profits

3. Costs

4. Supply

5. Wants.

Ans d

1. The exception to the law of demand are

2. Artificial and temporary

3. Imaginary and spurious

4. Real and genuine

5. More true of individuals but not of the market as a whole.

Ans d