Download App

Economics MCQ (1 Marks )

Demand · Gujarat Board (GSEB) STD 11 Commerce (GSEB - English Medium). 80 questions.

Questions · Page 1 of 2

MCQ (1 Marks )

🎯

Test yourself on this topic

50 questions · timed · auto-graded

MCQ 11 Mark
Who has presented law of demand?
  • A
    Adam Smith
  • ✓
    Alfred Marshall
  • C
    Robbins
  • D
    Keynes
Answer
Correct option: B.
Alfred Marshall
View full question & answer→
MCQ 21 Mark
Which one has no relation with demand curve?
  • A
    Specific time
  • B
    Specific price
  • C
    Consumer
  • ✓
    Supply
Answer
Correct option: D.
Supply
View full question & answer→
MCQ 31 Mark
What is the movement of demand curve when demand expands?
  • A
    Upward
  • ✓
    Downward
  • C
    Right side on another demand curve
  • D
    Left side on another demand curve
Answer
Correct option: B.
Downward
View full question & answer→
MCQ 41 Mark
Which kind of commodities are called complementary commodities?
  • ✓
    Joint
  • B
    Competitive
  • C
    Not related
  • D
    Alternative
Answer
Correct option: A.
Joint
View full question & answer→
MCQ 51 Mark
What is the relationship between price and demand?
  • A
    Positive
  • ✓
    Inverse
  • C
    Equal
  • D
    Zero
Answer
Correct option: B.
Inverse
View full question & answer→
MCQ 71 Mark
What is the other name for poor quality commodities?
  • A
    Prestigious commodities
  • B
    Very cheap commodities
  • ✓
    Giffen commodities
  • D
    Useless commodities
Answer
Correct option: C.
Giffen commodities
View full question & answer→
MCQ 81 Mark
How is the demand curve sloped?
  • ✓
    Negative
  • B
    Positive
  • C
    Parallel to $X-$axis
  • D
    Parallel to $Y-$axis
Answer
Correct option: A.
Negative
View full question & answer→
MCQ 91 Mark
When products are expensive then how is the demand of prestigious goods of the rich?
  • ✓
    More
  • B
    Less
  • C
    Zero
  • D
    Negative
Answer
Correct option: A.
More
View full question & answer→
MCQ 101 Mark
Factors affecting demand can be classified into how many categories?
  • A
    One
  • ✓
    Two
  • C
    Three
  • D
    Four
Answer
Correct option: B.
Two
View full question & answer→
MCQ 111 Mark
The expansion - contraction of demand is based on the changes of$........$
  • A
    Production
  • B
    Income
  • C
      Commodity
  • ✓
    price of relative commodity
Answer
Correct option: D.
price of relative commodity
View full question & answer→
MCQ 121 Mark
When will demand form with specific time and place ?
  • A
    Desire to buy
  • B
    Capacity to buy
  • C
      Willingness to pay
  • ✓
      All of the give
Answer
Correct option: D.
  All of the give
View full question & answer→
MCQ 131 Mark
Which of the following is not included in
  • ✓
    Price of commodity
  • B
    Decreases in demand
  • C
    Suggestions
  • D
    Contraction of demand
Answer
Correct option: A.
Price of commodity
View full question & answer→
MCQ 141 Mark
What is the direction of change in case of increases in demand ?
  • A
      Right ward
  • ✓
      Leftward
  • C
     Up ward
  • D
      Down wrad
Answer
Correct option: B.
  Leftward
View full question & answer→
MCQ 151 Mark
The change in demand due to change in price is known as $........$
  • A
      Increases in demand
  • B
      Increase$-$Decrease in demand
  • C
      Decrease in demand
  • ✓
      Expansion $-$ contraction of demand
Answer
Correct option: D.
  Expansion $-$ contraction of demand
View full question & answer→
MCQ 161 Mark
How many methods are there to calculate price elasticity of demand ?
  • A
    One
  • ✓
    Three
  • C
    Four 
  • D
    Five
Answer
Correct option: B.
Three
View full question & answer→
MCQ 171 Mark
Which of the following goods may have zero income elasticity ?
  • A
    Bajara
  • B
    Scooter
  • ✓
    Niddle
  • D
    Ghee
Answer
Correct option: C.
Niddle
View full question & answer→
MCQ 181 Mark
What is the income elasticity of giffen goods?
  • ✓
    Unit income elasticity
  • B
    Income elasticity is greater than $1$
  • C
    Zero income elasticity
  • D
    Negative income elasticity
Answer
Correct option: A.
Unit income elasticity
View full question & answer→
MCQ 191 Mark
What is the elasticity of demand for luxury goods?
  • A
    Elastic
  • B
    Inelastic
  • ✓
    Perfectly elastic
  • D
    Perfectly inelastic
Answer
Correct option: C.
Perfectly elastic
View full question & answer→
MCQ 201 Mark
What is elasticity of demand in case of perfect competition ?
  • A
    Elastic
  • B
    Inverse
  • ✓
    Perfectly elastic
  • D
    Perfectly inelastic
Answer
Correct option: C.
Perfectly elastic
View full question & answer→
MCQ 211 Mark
An increases in demand due to income and substitution effect is known as
  • A
    Increases in demand
  • B
    Decreases in demand
  • C
    Expansion of demand
  • ✓
    Contraction of demand
Answer
Correct option: D.
Contraction of demand
View full question & answer→
MCQ 221 Mark
Which relationship of price and demand is explained by elasticity of demand ?
  • A
    Correlation
  • B
    Inverse
  • ✓
    Quantitative
  • D
    Equal
Answer
Correct option: C.
Quantitative
View full question & answer→
MCQ 231 Mark
The shift in the demand curve to the right is.
  • ✓
    Increases in demand
  • B
    Decreases in demand
  • C
    Expansion of demand
  • D
    Contraction of demand
Answer
Correct option: A.
Increases in demand
View full question & answer→
MCQ 241 Mark
How the increases $-$ decreases in demand is recognized ?
  • A
      Same demand curve
  • ✓
      More than one demand curve
  • C
      Demand function
  • D
      None of the given
Answer
Correct option: B.
  More than one demand curve
View full question & answer→
MCQ 251 Mark
What is the slope of demand curve when demand is perfectly inelastic ?
  • A
      Negative slope
  • ✓
      Parallel to vertical axis
  • C
      Parallel to horizontal axis
  • D
      Positively sloped
Answer
Correct option: B.
  Parallel to vertical axis
View full question & answer→
MCQ 261 Mark
An increase in price of substitute commodity then the demand for origianl commodity 
  • A
      Increases
  • B
      Become zero
  • ✓
      Decreases
  • D
      Does not change 
Answer
Correct option: C.
  Decreases
View full question & answer→
MCQ 271 Mark
What will be the elasticity of demand if percentage change in demand is less then the percentage change in price?
  • A
    Elastic demand
  • ✓
    Inelastic demand
  • C
    Perfectly elastic demand
  • D
    Perfectly inelastic demand
Answer
Correct option: B.
Inelastic demand
View full question & answer→
MCQ 281 Mark
What will be the change in demand of giffen goods with a fall in price ?
  • A
    Increase
  • ✓
    Decrease
  • C
    Zero
  • D
    None of the given
Answer
Correct option: B.
Decrease
View full question & answer→
MCQ 291 Mark
What is the value of elasticity of demand ?
  • A
    Inverse
  • ✓
    Negative
  • C
    Straight
  • D
    Positive
Answer
Correct option: B.
Negative
View full question & answer→
MCQ 301 Mark
Which of the following is not an exemption of law of demand ?
  • A
    Giffen goods
  • B
    Status symbol goods
  • ✓
    Rate goods
  • D
    Very cheap goods
Answer
Correct option: C.
Rate goods
View full question & answer→
MCQ 311 Mark
An increase of population and income $........$ the demand.
  • A
    Decrease
  • ✓
    Increase
  • C
    Expands
  • D
    Contracts
Answer
Correct option: B.
Increase
View full question & answer→
MCQ 321 Mark
What is the meaning of change in demand due to factors other than price?
  • A
       increases in demand
  • ✓
      Increases $-$ decreases in demand
  • C
    Decrease in demand
  • D
      Expansion $–$ contraction of demand
Answer
Correct option: B.
  Increases $-$ decreases in demand
View full question & answer→
MCQ 331 Mark
What will be the change in price if new consumers enter in the market ?
  • ✓
      Increases
  • B
      Decreases
  • C
      Becomes zero
  • D
      Does not
Answer
Correct option: A.
  Increases
View full question & answer→
MCQ 341 Mark
What is the meaning of the change in demand due to change in price of related goods
  • A
      Price elasticity of demand
  • ✓
      Cross elasticity of demand
  • C
      Income elasticity of demand
  • D
      Price elasticity of supply
Answer
Correct option: B.
  Cross elasticity of demand
View full question & answer→
MCQ 351 Mark
How the contraction of demand expressed on demand curve ?
  • ✓
      Upward
  • B
      Downward
  • C
      Rightward shift of demand curve
  • D
      Leftward shift of the demand curve
Answer
Correct option: A.
  Upward
View full question & answer→
MCQ 371 Mark
What will be the nature of demand if elasticity of demand is $1 ?$
  • A
      Perfectly elastic demand
  • B
      Perfectly inelastic demand
  • ✓
    Unit elasticity of demand
  • D
      Elastic demand
Answer
Correct option: C.
Unit elasticity of demand
View full question & answer→
MCQ 381 Mark
The change in price of substitute good $........$ the demand for goods ?
  • ✓
    Decrease
  • B
    increase
  • C
    Zero
  • D
    Does not affect
Answer
Correct option: A.
Decrease
View full question & answer→
MCQ 391 Mark
When products are expensive then how is the demand of presitigous goods of the rich ?
  • ✓
    More
  • B
    Less
  • C
    Zero
  • D
    Negative
Answer
Correct option: A.
More
View full question & answer→
MCQ 401 Mark
Who has presented law of demand ?
  • A
    Adam Smith
  • ✓
    Alfred Marshal
  • C
    Robbins
  • D
    Keynes
Answer
Correct option: B.
Alfred Marshal
View full question & answer→
MCQ 411 Mark
What is the movement of demand curve when demand expands ?
  • A
     Upward
  • ✓
     Downward
  • C
     Rigth side on another demand curve
  • D
     Leftward shift on another demandcurve
Answer
Correct option: B.
 Downward
View full question & answer→
MCQ 421 Mark
Which kind of Commodities are called complementary Commodities ?
  • ✓
     Joint
  • B
     Competitive
  • C
     Not related
  • D
     Alternative
Answer
Correct option: A.
 Joint
View full question & answer→
MCQ 431 Mark
What is the relationship between price and demand ?
  • A
     Positive
  • ✓
     increases
  • C
     Proportional
  • D
     Zero
Answer
Correct option: B.
 increases
View full question & answer→
MCQ 441 Mark
How many types of Price elasticity of demand are there?
  • A
     Two
  • B
     four
  • ✓
     Five
  • D
     Seven
Answer
Correct option: C.
 Five
View full question & answer→
MCQ 451 Mark
What is the other name for poor quality commodities ?
  • A
     Prestigious Commodities
  • B
     Very cheap Commodities
  • ✓
     Giffen Commodities
  • D
     Usesless Commodities
Answer
Correct option: C.
 Giffen Commodities
View full question & answer→
MCQ 461 Mark
Factors affecting demand can be classified in to how many categories ?
  • A
    One
  • ✓
    Two
  • C
    Three
  • D
    Four
Answer
Correct option: B.
Two
View full question & answer→
MCQ 471 Mark
How is the demand curves sloped ?
  • ✓
     Negative
  • B
     Positive
  • C
    Parallel to $X$ axis
  • D
    Parallel to $Y$ axis
Answer
Correct option: A.
 Negative
View full question & answer→
MCQ 481 Mark
All the terms of demand schedule are$........$
  • A
    interrelated
  • B
    Equal
  • ✓
    Alternative
  • D
    Opposite
Answer
Correct option: C.
Alternative
View full question & answer→
MCQ 491 Mark
Which one has no relation with demand curve ?
  • A
    Specific time
  • B
    Specific price
  • C
    Consumer
  • ✓
    Supplay
Answer
Correct option: D.
Supplay
View full question & answer→
MCQ 501 Mark
Any good in economic analysis can be studied or compared in context of its
  • A
    Substitute goods
  • B
    Inferior goods
  • C
    Complementary goods
  • ✓
    Both $(A)$ and $(C)$
Answer
Correct option: D.
Both $(A)$ and $(C)$
View full question & answer→
Generate Paper FreeAll Demand topics
MCQ (1 Marks ) - Economics STD 11 Commerce Questions - Vidyadip