10 Question MCQ (including Assertion)

Question 1 of 10

Match each pair of goods in Column I with its type in Column II.

Column I
(i) Movie ticket and popcorn
(ii) Eraser and pencil
(iii) Laptop and desktop computer
(iv) Air conditioner and cooler

Column II
(P) Substitute goods
(Q) Complementary goods

A (i)-Q, (ii)-Q, (iii)-P, (iv)-P B (i)-P, (ii)-P, (iii)-Q, (iv)-Q C (i)-Q, (ii)-P, (iii)-Q, (iv)-P D (i)-P, (ii)-Q, (iii)-P, (iv)-Q

Select one option. Answers are shown after the test.

Question 2 of 10

Assertion (A): Assertion (A): Wheat and chickpeas are called substitutes in production.

Reason (R): Reason (R): A farmer can grow either wheat or chickpeas on the same piece of land, and growing more of one usually means growing less of the other.

A Both A and R are true, and R is the correct explanation of A. B Both A and R are true, but R is not the correct explanation of A. C A is true, but R is false. D A is false, but R is true.

Select one option. Answers are shown after the test.

Question 3 of 10

What is supply, as defined in the chapter?

A The quantity of a product that sellers are willing and able to offer at a particular price B The quantity of a product that buyers want to purchase C The total money a seller earns from a sale D The maximum price a seller is allowed to charge

Select one option. Answers are shown after the test.

Question 4 of 10

Assertion (A): Assertion (A): Srivalli has no demand for an iPhone.

Reason (R): Reason (R): Srivalli does not want to own an iPhone at all.

A Both A and R are true, and R is the correct explanation of A. B Both A and R are true, but R is not the correct explanation of A. C A is true, but R is false. D A is false, but R is true.

Select one option. Answers are shown after the test.

Question 5 of 10

What is purchasing power?

A A measure of how much one unit of a particular currency can buy at a particular time B The total money a shop earns from selling a product C The maximum price the government allows a seller to charge D The number of items a factory can produce in a day

Select one option. Answers are shown after the test.

Question 6 of 10

Assertion (A): Assertion (A): The demand curve for mangoes slopes downward.

Reason (R): Reason (R): As the price of mangoes falls, buyers purchase a larger quantity.

A Both A and R are true, and R is the correct explanation of A. B Both A and R are true, but R is not the correct explanation of A. C A is true, but R is false. D A is false, but R is true.

Select one option. Answers are shown after the test.

Question 7 of 10

Coffee becomes costlier while tea's price stays the same, and some coffee drinkers switch to tea. What kind of goods are tea and coffee here?

A Substitute goods B Complementary goods C Public goods D Private goods only

Select one option. Answers are shown after the test.

Question 8 of 10

India has far higher demand for mobile phones than Mongolia. Which determinant of demand explains this?

A Population B Seasonality C Future price expectations D Taste and preference

Select one option. Answers are shown after the test.

Question 9 of 10

Why is the market demand curve flatter than Srivalli's individual demand curve, even though the same price change applies to both?

A Market demand adds up many buyers, so the same price fall causes a much bigger total change in quantity B The market demand curve is drawn on a different kind of graph paper C Srivalli buys more mangoes than all other buyers put together D Market demand does not depend on price at all

Select one option. Answers are shown after the test.

Question 10 of 10

According to the Law of Demand, what happens to the quantity demanded of a product when its price rises?

A It falls B It rises C It stays exactly the same D It first rises and then falls

Select one option. Answers are shown after the test.

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10 Question MCQ (including Assertion)