Top 1000+ Solved Fundamentals of Economics and Management MCQ Questions Answer
Q. Which of the following is not a type of elasticity in economics…………………
a. Income elasticity
b. Price elasticity
c. Utility elasticity
d. Cross elasticity
Q. Which of the following is not a method of measurement of price elasticity of demand in economics
a. Total Outlay
b. Total savings
c. Point method
d. Arc method
Q. As per total outlay method, demand is said to be elastic if as result of change in price total outlay
a. Increases
b. Decrease
c. Remain same
d. None
Q. If price of sugar fills leading to fall in total outlay on sugar, the demand of sugar is
a. Elastic
b. Inelastic
c. Unitary elastic
d. Less than unit elastic
Q. If price of X falls leading to increase in total outlay on X, the demand of X is
a. Elastic
b. Inelastic
c. Unitary elastic
d. Less than unit elastic
Q. If price of X falls leading to fall in total outlay on X, the demand of X is
a. Elastic
b. Inelastic
c. Unitary elastic
d. Less than unit elastic
Q. If price of coffee falls leading to increase in total outlay on coffee, the demand of coffee is
a. Elastic
b. Inelastic
c. Unitary elastic
d. Less than unit elastic
Q. A decrease in price will result in an increase in total revenue if
a. Percentage change in quantity demanded in greater than the percentage change in price
b. Percentage change in quantity demanded is less than the percentage change in price
c. Percentage change in quantity demanded is equal to the percentage change in price
d. None
Q. An increase in price will result in an increase in total revenue if
a. Percentage change in quantity demanded in greater than the percentage change in price
b. Percentage change in quantity demanded is less than the percentage change in price
c. Percentage change in quantity demanded is equal to the percentage change in price
d. None
Q. An increase in price will result in no change in total revenue if
a. Percentage change in price equal the percentage change in price
b. Percentage change in demanded is more than the percentage change in price
c. Percentage change in price is less than percentage change in demand
d. Change in price is more than change in demand in absolute terms
Q. Price elasticity of demand of a product will be more inelastic if
a. It forms a major part of consumer house hold budget
b. It forms a very small part of consumers household budget
c. It is inferior
d. It is for mass consumption
Q. Price elasticity demand of product will be more elastic if it
a. Has no substitutes
b. Has number of substitutes
c. Is an item of necessity
d. Is life saving Product
Q. If the consumption of a product can be postponed for the time being
a. The demand for the product will be inelastic
b. The demand for the product will be relatively elastic
c. The demand for the product will be perfectly elastic
d. The demand for the product will be perfectly inelastic