1. In economics, demand means?
(A) Power to purchase
(B) Willingness to purchase
(C) None of these
(D) Both a & b
2. Nature of relation between price and demand is:
(A) Inverse
(B) Mix
(C) Direct
(D) No relation
3. Slope of demand curve is towards?
(A) Center
(B) positive
(C) right to left
(D) left to right
4. Relationship between price and supply is:
(A) Negative
(B) Constant
(C) Positive
(D) No relation
5. Slope of supply curve is towards?
(A) Center
(B) Downward
(C) Negative
(D) Upward
6. According to law of demand, the relationship between price and demand is:
(A) Positive
(B) Neutral
(C) Negative
(D) Natural
7. According to law of supply, the relationship between price and supply is:
(A) Natural
(B) Negative
(C) Neutral
(D) Positive
8. It is not included in perishable goods:
(A) Milk
(B) Meat
(C) Iron safe
(D) Eggs
9. Nature of relation between price and supply is:
(A) Common
(B) Indirect
(C) Inverse
(D) Direct
10. The term “all other factors remain constant” is the assumption of?
(A) Law of demand
(B) Law of supply
(C) Both laws
(D) it is not an assumption
11. What is meant by “other things being equal”?
(A) Assumption
(B) Limitations
(C) All of these
(D) Exceptions
12. Increase or decrease in price and supply is called?
(A) Law of supply
(B) Law of demand
(C) Law of gravity
(D) Law of motion
13. Offering goods and services in a market at particular price is called?
(A) Demand
(B) Price
(C) Supply
(D) Business
14. According to law of demand, when price of a commodity increase, its demand becomes……….?
(A) Decrease
(B) Increase
(C) Same
(D) All of these
15. Which is the assumption of “law of demand”?
(A) No change in habits, fashion and customs
(B) All of theses
(C) No change in prices of alternate goods
(D) No change in income of consumers