Q. If the quantity demanded of a commodity is unresponsive to change in prices, then the demand of that commodity is ________. Perfectly inelastic Elastic Unit elastic Inelastic Answer: Perfectly inelastic
Q. Law of demand shows a relation between the ___________. Quantity demand and quantity supply of a commodity Income and quantity demand of a commodity Price and quantity of a commodity Income and price of a commodity Answer: Price and quantity of a commodity
Q. Zubair has a special taste for college canteen is hotdogs. The owner of the canteen doubles the prices of hotdogs. Zubair did not respond to the increase in prices and kept on demanding the same quantity of hotdogs. His demand for hotdogs is: Perfectly elastic Perfectly inelastic Elastic Less elastic Answer: Perfectly inelastic
Q. If demand is inelastic, a change in the price: Will change the quantity in same direction Will change total revenue in same direction Will change total revenue in the opposite direction Will not change quantity Answer: Will change total revenue in same direction
Q. The elasticity for the demand of durable goods is __________. Zero Equal to unity Greater than unity Less than unity Answer: Greater than unity
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Q. Which of the following is an assumption made while drawing the demand curve? The demand curve must be linear The price of substitutes should not change The quantity demanded should not change The price of the commodity should not change Answer: The price of substitutes should not change
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Q. Normally the demand curve will have a _______________ shape. Upward sloping Downward sloping Vertical Horizontal Answer: Downward sloping
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Q. ‘Infant industry argument’ in international trade is given in support of: Granting Protection Free trade Encouragement to export oriented small and tiny industries None of the above Answer: Granting Protection
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Q. Which of the following is also known as International Bank for Reconstruction and Development? Asian Development Bank World Bank Reserve Bank of India International Monetary Fund Answer: World Bank
Q. Who propounded the opportunity cost Theory of international trade? Ricardo Marshall Heckscher & Ohlin Haberler Answer: Haberler
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