Economics MCQs

Page No. 349

A shift in aggregate supply is likely to ?


aReduce the general price level and reduce national income


b Reduce the general price level and increase national income


c Increase the general price level and reduce national income


d Increase the general price level and increase national income



An increase in price from 25 pence to 30 pence leads to an increase in the quantity supplied from 40 units to 44 units. The price elasticity of supply is ?


a +2


b +0.5


c-2


d-0.5


View Answer +0.5

A contraction in supply occurs when ?


a Demand shifts outwards


bThe supply curve shifts inwards


cThe quantity supplied falls when the price falls


dThe supply curve shifts outwards



Supply is likely to be more price elastic ?


aIn the short run rather than the long run


bIf factors of production are relatively immobile between industries


cIf there are very few producers


dIf it is easy to expand output



Which best describes a supply curve ?


aThe quantity consumers would like to buy in an ideal world


bThe quantity producers are willing and able to sell at each and every price all other things unchanged


cThe quantity producers are willing and able to sell at each and every income all other things unchanged


dThe quantity producers are willing and able to sell at each and every point in time all other things unchanged



For an inferior good ?


aThe price elasticity of demand is negative: the income elasticity of demand is negative


bThe price elasticity of demand is positive the income elasticity of demand is negative


c The price elasticity of demand is negative the income elasticity of demand is positive


d The price elasticity of demand is positive the income elasticity of demand is positive



Price increases from 10 to 12 pence and the price elasticity of demand is -0.5 The quantity demanded was 500 units. What will it be now ?


a 550 units


b500 units


c450 units


d490 units


View Answer 450 units

The income elasticity is +2 and income increases by 20% sales were 5000 units, what will they be now ?


a3000


b7000


c 5500


d4500


View Answer 7000

If the price elasticity of demand is unit then a fall in price ?


aReduces revenue


bLeaves revenue unchanged


c Increase revenue


d Reduces costs



Average income increase from Rs20,000 p.a to Rs 22,000 p.a Quantity demanded per year increases 5000 to 6000 units. Which of the following is correct ?


a Demand is price inelastic


b The good is inferior


cncome elasticity is -2


d The product is normal



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