QUIZ ON ECONOMICS

• CONSUMPTION FUNCTION

• SAVING FUNCTION

• DEMAND FUNCTION

• SUPPLY FUNCTION

DEMAND CURVE FOR A COMMODITY IS __________

• HORIZONTAL

• VERTICAL

• DOWNWARD SLOPING

• UPWARD SLOPING

Factors responsible for shift in Demand

• Income of Consumer

• Change in prices of substitute goods

• Change in prices of Complementary goods

• Changes in test and preferences

• All the above

When the demand for a product or service is higher than the supply this causes what?

• shortage
• consumer
• surplus
• equilibrium

Demand curve remain the same , Only shift in equilibrium point due to change in prices is known as

• Shift in demand

• Movement along the supply Curve

• Movement along the Demand Curve

• shift in supply

Upward movement along the same demand curve is known as

• Expansion in Demand

• Contraction in Demand

• Increase in demand

• Decrease in demand

When quantity demanded of a commodity changes due to a change in its price, keeping other factors constant is known as

• Movement along the Demand Curve

• Movement along the Supply curve

• Shift in demand

• shift in supply