Mr. Raees Ahmad bought 50 litres of petrol when his monthly income was Rs. 25000. Now his monthly income has risen to Rs. 50000 and he purchases 100 litre of petrol. His income elasticity of demand for petrol is:

  1. Home

Question:
Mr. Raees Ahmad bought 50 litres of petrol when his monthly income was Rs. 25000. Now his monthly income has risen to Rs. 50000 and he purchases 100 litre of petrol. His income elasticity of demand for petrol is:

1.1

2.100%

3.Less than one

4.More than one

Posted Date:-2021-08-20 03:17:52

More MCQS Questions and answers

  1. An economic theory is:
  2. Demand for a commodity refers to a:
  3. Economic problems arise because:
  4. Identify the aspect of taxation which is related to normative economics:
  5. If elasticity of supply is greater than one. Supply curve will be:
  6. If price changes by 1% and supply changes by 2% then supply is:
  7. Supply curve will shift when:
  8. Which is not an essential feature of a socialist economy?
  9. If demand is inelastic a change in the price:
  10. If demand is unitary elastic a 25% increases in price will result in:
  11. If elasticity of demand is very low it shows that the commodity is:
  12. If quantity demanded is completely unresponsive to changes in price demand is:
  13. Irrespective of price Sofia always spends Rs. 100 a week on ice cream we conclude that:
  14. It describes the law of supply:
  15. Law of demand shows relation between:
  16. Microeconomics deals with the:
  17. Normally a demand curve will have the shape:
  18. Other things equal if a good has more substitutes its price elasticity of demand is:
  19. Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is:
  20. When price elasticity of demand for normal goods is calculated the value is always:
  21. When supply of a commodity increases without change in price it is called:
  22. Which is not an essential condition for an economic problem to arise?
  23. Which of the following is Microeconomics concerned with?
  24. A mixed economy is characterised by the co-existence of:
  25. An increase in demand would cause supply curve to:
  26. Demand is a function of:
  27. During a particular year farmers experienced a dry weather if all other factors remain constant farmers supply curve for wheat will shift to:
  28. Formulation of an economic theory involves:
  29. If price and total revenue move in the same direction then demand is:
  30. Income elasticity of demand for normal good is always:
  31. Mr. Raees Ahmad bought 50 litres of petrol when his monthly income was Rs. 25000. Now his monthly income has risen to Rs. 50000 and he purchases 100 litre of petrol. His income elasticity of demand for petrol is:
  32. Price and demand are positively correlated in case of:
  33. Supply surve:
  34. The elasticity of demand of durable goods is:
  35. The elasticity of demand of durable goods is:
  36. This is an assumption of law of demand:
  37. What best explains a shift in market supply curve to the right?
  38. What does price elasticity of demand measure?
  39. When cross elasticity of demand is a large positive number one can conclude that:
  40. When demand is perfectly inelastic an increase in price will result in:
  41. Which is not a central problem of an economy?
  42. Which of the following is a demand function?
  43. Which of the following is incorrect?
  44. Which one is increasing function of price:
  45. Which one is the assumption of law of demand?
  46. Which one is the assumption of law of demand?
  47. Zubair has a special taste for college canteen is hotdogs. The owner of the canteen doubles the prices of hotdogs. Zubair did not respond to the increase in prices and kept on demanding the same quantity of hotdogs. His demand for hotdogs is:
Search
R4R Team
R4Rin Top Tutorials are Core Java,Hibernate ,Spring,Sturts.The content on R4R.in website is done by expert team not only with the help of books but along with the strong professional knowledge in all context like coding,designing, marketing,etc!