Class 11 Economics MCQ Chapter 4 Elasticity of Demand Question Answer English Medium to each chapter is provided in the list so that you can easily browse through different chapters Class 11 Economics MCQ Chapter 4 Elasticity of Demand and select need one. AHSEC Class 11 Economics Objective Type Solutions in English As Per AHSEC New Book Syllabus Download PDF. AHSEC Economics MCQ Class 11.
Class 11 Economics MCQ Chapter 4 Elasticity of Demand
Also, you can read the NCERT book online in these sections Solutions by Expert Teachers as per Central Board of Secondary Education (CBSE) Book guidelines. AHSEC Class 11 Economics Multiple Choice Solutions are part of All Subject Solutions. Here we have given AHSEC Class 11 Economics MCQ in English for All Chapters, You can practice these here.
Elasticity of Demand
Chapter: 4
| PART – A : MICROECONOMICS |
Choose the Correct Option:
1. Which concept measures the degree of responsiveness of demand to price change?
(a) Law of Demand.
(b) Price Elasticity of Demand.
(c) Demand Schedule.
(d) Income Effect.
Ans: (b) Price Elasticity of Demand.
2. The Law of Demand is a concept –
(a) Quantitative.
(b) Elastic.
(c) Qualitative.
(d) Numerical.
Ans: (c) Qualitative.
3. Price Elasticity of Demand is a concept
(a) Quantitative.
(b) Subjective.
(c) Qualitative.
(d) Theoretical.
Ans: (a) Quantitative.
4. What does the Law of Demand fail to indicate?
(a) Direction of demand.
(b) Quantity demanded.
(c) Magnitude of change.
(d) Demand curve.
Ans: (c) Magnitude of change.
5. Which formula represents Price Elasticity of Demand?
(a) % change in income ÷ % change in demand.
(b) % change in demand ÷ % change in price.
(c) % change in price ÷ % change in supply.
(d) % change in quantity ÷ % change in price.
Ans: (b) % change in demand ÷ % change in price.
6. Who first developed the concept of Price Elasticity of Demand?
(a) Kenneth Boulding.
(b) Samuelson.
(c) Alfred Marshall.
(d) Cairncross.
Ans: (c) Alfred Marshall.
7. If the price of a good falls slightly and demand changes greatly, the demand is:
(a) Elastic.
(b) Inelastic.
(c) Fixed.
(d) Stable.
Ans: (a) Elastic.
8. The ratio of % change in demand to % change in price gives:
(a) Law of Supply.
(b) Price Function.
(c) Elasticity of Demand.
(d) Total Revenue.
Ans: (c) Elasticity of Demand.
9. According to Cairncross, elasticity of demand is:
(a) Degree of satisfaction.
(b) Change in marginal utility.
(c) Rate of change in quantity bought.
(d) Consumer’s income level.
Ans: (c) Rate of change in quantity bought.
10. Kenneth Boulding defined elasticity of demand as:
(a) Relationship between utility and price.
(b) Change in consumer income.
(c) Responsiveness to price change.
(d) Effect of advertisement.
Ans: (c) Responsiveness to price change.
11. What does the Law of Demand state?
(a) Price and demand are unrelated.
(b) Price and supply are directly related.
(c) Price and demand are inversely related.
(d) Price has no effect on quantity demanded.
Ans: (c) Price and demand are inversely related.
12. What does elasticity of demand measure?
(a) Price change.
(b) Quantity only.
(c) Response of quantity to price change.
(d) Value of demand.
Ans: (c) Response of quantity to price change.
13. Which of the following affects the direction of change in demand?
(a) Price elasticity.
(b) Law of demand.
(c) Supply law.
(d) Marginal utility.
Ans: (a) Price elasticity.
14. Which concept measures the magnitude of change in demand?
(a) Law of demand.
(b) Cross elasticity.
(c) Income elasticity.
(d) Price elasticity.
Ans: (d) Price elasticity.
15. In which direction does the demand curve slope?
(a) Upward.
(b) Vertical.
(c) Downward.
(d) Horizontal.
Ans: (c) Downward.
Hi! my Name is Parimal Roy. I have completed my Bachelor’s degree in Philosophy (B.A.) from Silapathar General College. Currently, I am working as an HR Manager at Dev Library. It is a website that provides study materials for students from Class 3 to 12, including SCERT and NCERT notes. It also offers resources for BA, B.Com, B.Sc, and Computer Science, along with postgraduate notes. Besides study materials, the website has novels, eBooks, health and finance articles, biographies, quotes, and more.
