class test for class 12 ECONOMICS
class test
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1.Normally a demand curve will have the shape:
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2.Law of demand shows relation between
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3.If quantity demanded is completely unresponsive to changes in price, demand is
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4.The following are causes of shift in demand EXCEPT the one:
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5.Price and demand are positively correlated in case of:
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6.Demand for a commodity refers to:
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7.The horizontal demand curve parallel to x-axis implies that the elasticity of demand is:
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8. Income elasticity of demand is defined as the degree of responsiveness of:
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9. The supply of a good refers to:
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10.Supply curve will shift when:
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11.If price changes by 1% and supply changes by 2% then supply is:
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12.If elasticity of supply is greater than one. Supply curve will be:
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13.When supply of a commodity increases without change in price it is called:
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14.Contraction of demand is the result of:
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15.Which of the following pairs of commodities is an example of substitutes?
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16.In the case of an inferior good, the income elasticity of demand is:
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17.The consumer is in equilibrium at a point where the budget line:
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18. An increase in the demand for a good will cause
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19.A decrease in demand causes the equilibrium price to:
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20.When price is below equilibrium level, there will be:
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21.Market equilibrium refers to a situation in which market price;
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22.An increase in the supply of a good will cause
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23.Macroeconomics is bottom-up view of the economy.
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24.If commodity X and the commodity Y are subsitute goods, what will be the cross elasticity o demand?
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25.This is an assumption of law of demand:
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