Class XI Eco Test Paper 2021

JavaScript isn't enabled in your browser, so this file can't be opened. Enable and reload.

ELASTICITY OF DEMAND

Email *

1. If there is no change in demand for commodity ‘x’, even after rise in its price, then its demand Is: *

1 point

Perfectly Elastic

Perfectly Inelastic

Less Elastic

Highly Elastic

2. the elasticity of demand for product will not be higher: *

1 point

When is considered a necessity by its buyers.

When more substitutes for the product are available.

When it has several uses.

When it is an expensive commodity.

3. Demand for a good is less elastic when: *

1 point

Percentage change in price>Percentage change in quantity demanded

Percentage change in quantity demand less than Percentage change in price

Percentage change in price=Percentage change in quantity demanded

Demand remains same even with change in price

4. Which of the following will have elastic demand? *

1 point

Matchbox

NCERT Textbooks

Medicines

Air Conditioners

5. If the price elasticity of demand for a commodity is less than unity, a decrease in price would Result in: *

1 point

Proportionately less increase in the quantity demanded.

Proportionately less increase in the quantity demanded

Increase in total expenditure on the product.

None of these

6. Which one of the following statements is incorrect: *

1 point

Higher numerically value of elasticity indicates larger effect of a price change on the Quantity demanded.

Elasticity of demand can vary only between-1 and +1.

The demand curves for all commodities which have unitary elastic demand will be Rectangular hyperbola.

Elasticity of demand establishes a quantitative relationship between quantity demanded a Commodity and its price, while other factors remain constant.

7. the following diagram represents _______________ elastic demand for commodity X. *

1 point

Less

Highly

Unitary

Perfectly

8. If the percentage increase in the quantity demanded of a commodity is less than the percentage Fall in its price, then elasticity of demand is: *

1 point

= 0

9. Price elasticity of demand is best defined as: *

1 point

Change in the tastes of consumers at different prices.

Change in demand when income of the consumer increases.

The rate of response of demand to a change in price.

The rate of response of demand to change in price of related goods.

10. Which of the following influence price elasticity of demand? *

1 point

Nature of the commodity

Income Level

Availability of substitutes

All of these

11. A negative sign with coefficient of price elasticity of demand denotes: *

1 point

Direct relation between price and elasticity of demand

Inverse relation between price and quantity demanded

No relation between price an quantity demanded

None of these

12. A 5% fall in the Price of X leads to a 10% rise in its demand. In case of good Y, a 2% rise in Price leads to a 6% fall in its demand. In the given case, ________ is more elastic *

1 point

Both X and Y are equally elastic

Both X and Y are inelastic

13. in case of ________ there is an infinite demand at particular price and demand becomes zero With a slight rise in price, *

1 point

Perfectly inelastic demand

Highly elastic demand

Less elastic demand

Perfectly elastic demand

14. If a good takes up significant share of consumers’ budget, it will be: *

1 point

Less elastic

Highly elastic

Unitary elastic

Perfectly elastic

15. If there is no change in quantity demanded to any charge in price, then demand is ________ and demand curve is a __________ *

1 point

Perfectly elastic, horizontal straight line

Perfectly elastic, vertical straight line

Perfectly inelastic, horizontal straight line

Perfectly inelastic, vertical straight line

16. If the demand for a good is made by a rich consumer, its demand is generally’. *

1 point

Less elastic

Highly elastic

Unitary elastic

Perfectly elastic

17. A firm is currently selling 10,000 units of its product per month. The firm plans to reduce the Retail price from Rs 1 to Rs 0.90. From the previous experience, the firm can now expect the Sales of: *

1 point

8,500 units

10,500 units

11,000 units

11,500 units

18. The demand for meals at a medium-priced restaurant is elastic. If the management of the Restaurant is considering raising prices, it can expect a relatively: *

1 point

Proportionately Large fall in quantity demanded

No change in quantity demanded

Proportionately small fall in quantity demanded

Infinite change in qty demanded

19. What increase in price of burgers by 22% its demand falls by 25% this indicates that demand For burgers is: *

1 point

Elastic

Inelastic

Unitary elastic

Perfectly elastic

20. which of the following diagram correctly depicts the situation of less Elastic demand? *

1 point

21. Among the following demand curves, which one is more elastic? *

1 point

22. If a commodity has Iarge number of substitutes, then its demand curve will be: *

1 point

Both (a) and (b)

Neither (a) nor (b)

23. Price Elasticity of Demand of a good is (-)3. It shows that: (a) (b) (c) (d) *

1 point

When price falls by 1% demand rises by 3%

When price rises by 1% dd falls by 3%

Either (a) or (b)

Neither (a) nor (b)

24. The Indian government imposed heavy taxes on commodity to reduce its consumption by the Public. Such heavy taxes will decrease the demand of the commodity only when: *

1 point

Ed=0

Ed>1

Ed<1

Ed=1

Submit

Clear form

This content is neither created nor endorsed by Google. Report Abuse - Terms of Service - Privacy Policy

Forms