Economics Quiz 1 (B.Tech. CSE Even 2024)
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University
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Practice Problem
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Hard
Gaurav Kumar
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following will not decrease the demand for a commodity?
The price of a substitute decreases
Income falls and the good is normal
The price of a complement increases
The commodity's price increases
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The price elasticity of demand for a good will tend to be more elastic if
the good is broadly defined (e.g., the demand for food as opposed to the demand for carrots).
the good has relatively few substitutes.
a long period of time is required to fully adjust to a price change in the good.
none of the above are true.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following will cause a decrease in quantity demanded while leaving demand unchanged?
An increase in the price of a complementary good.
An increase in income when the good is inferior.
A decrease in the price of a substitute good.
An increase in the price of the good.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If consumer income declines, then the demand for
normal goods will increase.
inferior goods will increase.
substitute goods will increase.
complementary goods will increase.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the price of a good increases, then
the demand for complementary goods will increase.
the demand for the good will increase.
the demand for substitute goods will increase.
the demand for the good will decrease.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The law of demand refers to the
inverse relationship between the price of a commodity and the quantity demanded of the commodity per time period.
direct relationship between the desire a consumer has for a commodity and the amount of the commodity that the consumer demands.
inverse relationship between a consumer's income and the amount of a commodity that the consumer demands.
direct relationship between population and the market demand for a commodity.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not a determinant of a consumer's demand for a commodity?
Income
Population
Prices of related goods
Tastes
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