Economics MCQs – Elasticity MCQs ( Economics ) MCQs
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Latest Economics MCQs
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Latest Elasticity Mcqs ( Economics ) Mcqs
The most occurred mcqs of Elasticity Mcqs ( Economics ) in past papers. Past papers of Elasticity Mcqs ( Economics ) Mcqs. Past papers of Elasticity Mcqs ( Economics ) Mcqs . Mcqs are the necessary part of any competitive / job related exams. The Mcqs having specific numbers in any written test. It is therefore everyone have to learn / remember the related Elasticity Mcqs ( Economics ) Mcqs. The Important series of Elasticity Mcqs ( Economics ) Mcqs are given below:
If the income elasticity of demand for a good is negative it must be ?
A. a normal good
B. an inferior good
C. an elastic good
D. a luxury good
If there is excess capacity in a production facility it is likely that the firm’s supply curve is ?
A. unit price elastic
B. none of these
C. price inelastic
D. price elastic
Technological improvements in agriculture that shift the supply of agricultural commodities to the right tend to ?
A. increase total revenue to farmers as whole because the demand for food is inelastic
B. increase total revenue to farmers as a whole because the demand for food is elastic
C. reduce total revenue to farmers as a whole because the demand for food is elastic
D. reduce total revenue to farmers as a whole because the demand for food is inelastic
A decrease in supply (shift to the left) will increase total revenue in that market if ?
A. demand is price inelastic
B. supply is price inelastic
C. supply is price elastic
D. demand is price elastic
If a supply curve for a good is price elastic then ?
A. the quantity supplied is sensitive to changes in the price of that good
B. the quantity demanded is sensitive to changes in the price of that good
C. That quantity demanded is insensitive to changes in the price of that good
D. the quantity supplied is incentive to changes in the price of that good
E. None of these
The demand for which of the following is likely to be the most price inelastic ?
A. transportation
B. bus tickets
C. taxi rides
D. airline tickets
Supply And Demand MCQs
in general a flatter demand curve is more likely to be ?
A. unit price elastic
B. none of these answers
C. price elastic
D. price inelastic
The price elasticity of demand is defined as ?
A. the percentage change in income divided by the percentage change in the quantity demanded
B. the percentage change in the quantity demanded divided by the percentage change in income.
C. the percentage change in the quantity demanded of a good divided by the percentage change in the price of that good
D. none of these answers
If consumers think that there are very few substitutes for a good, then ?
A. demand would tend to be price elastic
B. none of these answers
C. demand would tend to be price inelastic
D. Supply would tend to be price elastic
If demand is linear (a straight line) then price elasticity of demand is ?
A. elastic in the upper portion and inelastic in the lower portion
B. inelastic in the upper portion and elastic in the lower portion
C. constant along the demand curve
D. inelastic throughout
Suppose that at a price of Rs 30 per month there are 30000 subscribers to cable television in small Town. If small Town Cablevision raise its price to Rs 40 per month the number of subscribers will fall to 20000 At which of the following price does small Town Cablevision earn the greatest total revenue ?
A. Rs 40 per month
B. Rs 30 per month
C. Rs 0 per month
D. Either Rs 30 or Rs 40 per month because the price elasticity of demand is 1.0
Suppose that at a price of Rs 30 per month there are 30000 subscribers to cable television in small Town. If small Town Cablevision raises its price Rs40 per month the number of subscribers will fall to 20000 Using the midpoint method for calculating the elasticity what is the price elasticity of demand for cable TV in Small Town ?
A. 1.4
B. 0.75
C. 0.66
D. 2.0
If supply is price inelastic the value of the price elasticity of supply must be ?
A. Zero
B. infinite
C. less than 1
D. none of these
E. greater than 1
If consumers always spend 15 percent of their income on food. then the income elasticity of demand for food is ?
A. 1.15
B. 1.50
C. none of these
D. 0.15
E. 1.00
If an increase in the price of a good has no impact on the total revenue in that market demand must be ?
A. all of these answers
B. price elastic
C. unit price elastic
D. price inelastic
Macroeconomic Policy Tools MCQs
If a fisher must sell all of his daily catch before it spoils for whatever price he is offered once the fish are caught the fisherman’s price elasticity of supply for fresh fish is ?
A. zero
B. one
C. infinite
D. unable to be determined form this information
If the cross-price elasticity between two goods is negative the two goods are likely to be ?
A. necessities
B. complements
C. substitutes
D. luxuries
Which of the following would cause a demand curve for a good to be price inelastic ?
A. The good is an inferior good
B. There are a great number of substitutes for the good
C. The good is a necessity
D. The good is luxury
in general a flatter demand curve is more likely to be ?
A. price elastic
B. price inelastic
C. none of these answers
D. unit price elastic
If a small percentage increase in the price of a good greatly reduces the quantity demanded for that good, the demand for that good is ?
A. price inelastic
B. income inelastic
C. price elastic
D. unit price elastic