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Test: Theory Of Supply


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30 Questions MCQ Test Economics for CA CPT | Test: Theory Of Supply

Test: Theory Of Supply for CA Foundation 2022 is part of Economics for CA CPT preparation. The Test: Theory Of Supply questions and answers have been prepared according to the CA Foundation exam syllabus.The Test: Theory Of Supply MCQs are made for CA Foundation 2022 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Theory Of Supply below.
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Test: Theory Of Supply - Question 1

If the price of apples rises from Rs. 30 per kg to Rs. 40 per kg and the supply increases from 240 kg to Rs. 300 kg. Elasticity of supply is

Detailed Solution for Test: Theory Of Supply - Question 1

Test: Theory Of Supply - Question 2

 Supply refers to quantity supplied at a particular price for a particular period of time: 

Test: Theory Of Supply - Question 3

When supply price increase in the short run, the profit of the producer________:

Test: Theory Of Supply - Question 4

 The supply of a goods refers to: 

Test: Theory Of Supply - Question 5

When change in the quantity supplied is proportionate to the change in the price, the producer is said to have ______:

Test: Theory Of Supply - Question 6

 Increase or Decrease in supply means  

Test: Theory Of Supply - Question 7

Short run price is also called by the name of ________.

Test: Theory Of Supply - Question 8

 

Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is

Detailed Solution for Test: Theory Of Supply - Question 8

Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is 3.

Test: Theory Of Supply - Question 9

 Increase or decrease in supply means: 

Test: Theory Of Supply - Question 10

When supply is perfectly inelastic, elasticity of supply is equal to:

Test: Theory Of Supply - Question 11

A perfectly inelastic supply curve will be

Detailed Solution for Test: Theory Of Supply - Question 11

Perfectly Inelastic Supply
In other words, the supply of such a commodity always remains constant no matter what the price is. A perfectly inelastic supply is represented as Es= 0. Further, a perfectly inelastic supply curve is a vertical straight line parallel to the Y-axis.

Test: Theory Of Supply - Question 12

A change in the supply of a commodity along with same supply curve may occur due to: 

Test: Theory Of Supply - Question 13

 If a 20% fall in price brings about a 10% fall in quantity supplied, in such a case elasticity of supply will be equal to:

Test: Theory Of Supply - Question 14

 Elasticity of supply is defined as responsiveness of quantity supplied of a good to change in _____.

Test: Theory Of Supply - Question 15

If supply curve is Perfectly Inelastic, the supply curve is: 

Test: Theory Of Supply - Question 16

 If Rs. 20% fall in the price brings about a 10% fall in the quantity supplied, then the elasticity of supply will be equal to:

Test: Theory Of Supply - Question 17

 

The following are causes of shift in demand EXCEPT the one

Test: Theory Of Supply - Question 18

 When Supply Curve shifts to the right there is _____ in Supply.

Test: Theory Of Supply - Question 19

 If the supply of a commodity is perfectly elastic, an increase in demand will result in:

Test: Theory Of Supply - Question 20

The price of mangoes increases form Rs. 30 per kilogram to Rs. 40 per kilogram and the supply increases from 240 kilograms the 300 kilograms. What will be the elasticity of supply for mangoes?

Test: Theory Of Supply - Question 21

A horizontal supply curve parallel to the quantity axis implies that the elasticity of supply is

Test: Theory Of Supply - Question 22

 

If quantity demanded is completely unresponsive to changes in price, demand is:

Detailed Solution for Test: Theory Of Supply - Question 22

 

The correct option is D.

Perfectly inelastic demand means that a consumer will buy a good or service regardless of the movement of price. In order for perfectly inelastic demand to exist, it has no close substitutes available.So when a demand for a good is completely unresponsive of the changes in price level this means it is not affected by whatever the price maybe so its perfectly inelastic.

Test: Theory Of Supply - Question 23

Expansion in supply refers to a situation when the producers are willing to supply a: 

Test: Theory Of Supply - Question 24

Increase or Decrease in Supply means:

Detailed Solution for Test: Theory Of Supply - Question 24

If the supply curve shifts to the right, this is an increase in supply; more is provided for sale at each price. If the supply curve moves inwards, there is a decrease in supply meaning that less will be supplied at each price.

Test: Theory Of Supply - Question 25

When supply price increase in the short run, the profit of the producer________:

Test: Theory Of Supply - Question 26

When price remains constant and quantity demanded changes, then the elasticity of demand will be:

Test: Theory Of Supply - Question 27

Supply of a commodity is a ________.

Test: Theory Of Supply - Question 28

What is the elasticity of supply, when price changes from Rs. 15 to Rs. 12 and supply change from 6 units to 5 units?

Test: Theory Of Supply - Question 29

 At a price of Rs. 25 per kg, the supply of a commodity is 10,000 kg per week. An increase in its price to Rs. 30 per kg, increases the supply of the commodity to 12,000 kg per week. The elasticity of supply will be:-

Test: Theory Of Supply - Question 30

Short run price is also called by the name of ________.

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