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NAT – IIM Economics (Management Sciences Group)

NAT-IIM Test is for Students Who have Completed their 14 Years Education in Management Sciences and are looking for affirmation in College/University for Masters Degree

 

Economics Sample Questions

16-Demand for a commodity refers to:
a) Need for the commodity
b) Desire for the commodity
c) Amount of the commodity demanded at a particular price and at a particular time
d) Quantity demanded of that commodity

17-Which among the following statement is INCORRECT?
a) On a linear demand curve, all the five forms of elasticity can be depicted’
b) If two demand curves are linear and intersecting each other then coefficient of
elasticity would be same on different demand curves at the point of intersection.
c) If two demand curves are linear, and parallel to each other then at a particular
price the coefficient of elasticity would be different on different demand curves.
d) The price elasticity of demand is expressed in terms of relative not absolute,
changes in Price and quantity demanded’

18-If the demand for a good is inelastic, an increase in its price will cause
the total expenditure of the consumers of the good to:
a) Increase
b) Decrease
c) Remain the same
d) Become zero

19-The horizontal demand curve parallel to x-axis implies that the elasticity
of demand is:
a) Zero
b) Infinite
c) Equal to one
d) Greater than zero but less than infinity

20-An individual demand curve slopes downward to the right because of
the:
a) Working of the law of diminishing marginal utility
b) Substitution effect of decrease in price
c) Income effect of fall in Price
d) All of the above

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Answers

(16) Amount of the commodity demanded at a particular price and at a particular time
(17) If two demand curves are linear and intersecting each other then coefficient of
elasticity would be same on different demand curves at the point of intersection.
(18) Increase
(19) Infinite
(20) All of the above

 

 

 

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