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GK Set-1
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Micro Economics
91

Micro Economics MCQ (GK Set-1) with Answers

91) If the quantity demanded of a good is sensitive to a change in the price of that good, demand is said to be price inelastic

True

False

None

Both

Answer is:

True

Micro Economics MCQ (GK Set-1) with Answers

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Related Micro Economics MCQ (GK Set-1) with Answers

92) choose the correct answer: 1.The price elasticity of demand is defined as the percentage change in the price of that good divided by the percentage change in quantity demanded of that good.

1-F,2-T,3-F

1-T,2-T,3-T

1-F,2-T,3-T

1-F,2-F,3-T

Answer is:

1-F,2-T,3-F

93) choose the correct answer: 1.If a demand curve is linear, the price elasticity of demand is constant along it. 2.The supply of cars for this week is likely to be more price inelastic than the supply of cars for this

1-F,2-T,3-F

1-T,2-T,3-T

1-F,2-T,3-T

1-F,2-F,3-T

Answer is:

1-F,2-T,3-T

94) The price elasticity of supply tends to be more inelastic as the firm’s production facility reaches maximum capacity

yes

no

maybe

could not say

Answer is:

yes

95) The price elasticity of demand is defined as

the percentage change in the quantity demanded divided by the percentage change in income

the percentage change in income divided by the percentage change in the quantity demanded.

the percentage change in the quantity demanded of a good divided by the percentage change in the price of that good.

the percentage change in price of a good divided by the percentage change in the quantity demanded of that good

Answer is:

the percentage change in the quantity demanded of a good divided by the percentage change in the price of that good.

Micro Economics MCQ (GK Set-1) with Answers

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