ECONOMICS TEST (CA FOUNDATION ELITE GROUP ✨)

ECONOMICS TEST (CA FOUNDATION ELITE GROUP ✨)

University

35 Qs

quiz-placeholder

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ECONOMICS TEST (CA FOUNDATION ELITE GROUP ✨)

ECONOMICS TEST (CA FOUNDATION ELITE GROUP ✨)

Assessment

Quiz

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University

Practice Problem

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35 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

Which of the following is NOT a determinant of demand?

Cost of production

Price of related goods

Income of the consumer

Price of the commodity

2.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

If the price of a substitute good increases, what will happen to the demand for the original good?

Increase

Decrease

Remain unchanged

May increase or decrease depending on the elasticity

3.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

When the price of a good decreases, what happens to its quantity demanded, ceteris paribus?

Increases

Decreases

Remains unchanged

Becomes elastic

4.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

Which of the following is a determinant of supply?

Consumer preferences

Population size

Technology

NONE

5.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

When there is a surplus in the market, what happens to the price and quantity traded?

Price increases, quantity decreases

Price decreases, quantity increases

Price decreases, quantity decreases

Price increases, quantity increases

6.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

Elasticity of demand measures:

The responsiveness of quantity demanded to a change in price

The responsiveness of price to a change in quantity demanded

The total demand in the market

The sensitivity of demand to income changes

7.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

When demand is perfectly inelastic, the price elasticity of demand is:

0

1

INFINITE

CANT BE DETERMINED

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