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Demand analysis objective Fill in the blanks Multiple choice Questions

Demand analysis

1. The demand for ___________ is highly inelastic.

perfumes

gold

medicines

diamond

2. The demand for salt is __________

elastic

inelastic

zero

maximum

3.  The elasticity of demand of pins is ___________

elastic

inelastic

zero

maximum

4. A desire backed by ability to pay and willingness to pay for a commodity is called.

supply

perfect desire

demand

5. When the price of petrol goes up, demand of car will _____________

rise

fall

becomes zero

remain unchanged

all

some

one

two

one

two

all

some

8. Implicit demand is also known as ______________

derived

direct

composite

joint

9. Indirect demand is also known as ___________ demand.

direct

composite

joint

derived.

10. The demand for consumer goods is _____________ demand

derived

implicit

direct

indirect

11. The law of demand is applicable to __________________ goods.

Giffen

prestige

inferior

normal

12. When less is purchased at the constant prices, it is called _____________ in demand.

decrease

increase

expansion

contraction

13. When price of commodity rises, the demand for it ______________

falls

remains constant

becomes negative

becomes positive

14. Income elasticity of demand for inferior goods is ______________

positive

negative

zero

greater than one

15. The slope of demand curve is __________ in the case of inelastic demand.

flatter

steeper

horizontal

vertical

16. Cross elasticity of demand is applicable to ________________ goods.

prestige

substitute

inferior

superior

17. Perfectly elastic demand curve is _____________

horizontal to OX – axis

Horizontal to OY – axis

Passes through the origin.

Steeper

18. If a commodity has many substitutes, then its demand becomes __________

more elastic

less elastic

unitary elastic

perfectly elastic.

19. As price falls, demand ___________

increases

decreases

contracts

expands.

20. The Law of demand is based on the law of ______________

supply

Diminishing Marginal Utility

Newton's Law of gravitational force

Einstein's E = mc2 .

21. In the case of Giffen goods the income elasticity of demand is _____________

positive

negative

zero

infinite

22. In case of normal goods the income elasticity of demand is ____________

positive

negative

zero

infinite