Demand Microeconomics Online Test

The Law of Demand states that:
The Demand falls when the Price falls
The Demand falls when the Price rises
The Demand rises when the Income rises
The Demand rises when the Income and Price rise
All of the above
In most cases, while estimating Demand when the price of the commodity falls,:
The Negative Income Effect and Positive Substitution Effect cancel out each other
The Negative Income Effect outweighs Positive Substitution Effect
The Positive Income Effect and Negative Substitution Effect cancel out each other
The Positive Substitution Effect is reinforced by the Positive Income Effect
All of the above
A Consumer’s Demand Curve can be obtained from: I Engel’s Curve II Income Consumption Curve III Price Consumption Curve
I only
II only
III only
II and III
I, II and III
The Demand Curve brings out:
The inverse relationship between Quantity Demanded and the rate of change in Demand
The inverse relationship between Quantity Demanded and its Cost of Production
The inverse relationship between rate of change in Demand and Cost of Production at a give time
The inverse relationship between rate of change in Demand and the Price
Direct relationship between the Demand and Price of a commodity at a given Price
The Market Demand Curve for Giffen goods may be the same as that of the Normal Goods because: I the commodity could be Giffen goods for a small section of the society II it may not be Giffen good for everyone III with fall in prices, new buyers may enter the market
I only
II only
III only
I and II
I, II and III
Extension and Contraction of Demand implies: I movement along the same Demand Curve II movement to a higher Demand Curve III movement to a lower Demand Curve
I only
II only
III only
I and II
II and III
Competitive Demand is also known as: I Demand for Substitutes II Derived Demand III Joint Demand
I only
II only
III only
I and II
II and III
Market Demand Curve for a commodity is: I the combined Demand for all the goods in the market II the Demand Curve of an individual as expressed in the market III estimated by adding together the Demand Curves of all individuals in the market
I only
II only
III only
I and II
II and III
With an unexpected increase in the temperature during Summers, Prices remaining the same, a consumer of Chilled Cold Drinks moves to:
To a lower Demand Curve
Lower down on the same Demand Curve
To a higher Demand Curve
Up on the same Demand Curve
Nowhere and stays on the same point on the Demand Curve
The Demand for one commodity in order to satisfy two or more units is known as:
Joint Demand
Complementary Demand
Direct Demand
Composite Demand
Derived Demand
Description:

In Microeconomics, the study of Demand, Theory of Demand, its Determinants and Elasticity of Demand is of great importance. Here is a 7 minute short Revision test on Multiple Choice questions relating to the Demand Function. This test is a must for any student of AP Microeconomics

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Md. Hafizur Rahman Hafizul

I WOULD LIKE TO ONLINE MCQ TEST ON ECONOMICS (MIRO & MACRO ECONOMICS, ) AND WANT TO BE OBTAINED HIGH SCORE.

1937 days 22 hours 32 minutes ago

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