Economy Quiz : Demand & Supply/Price/Revenue & Cost (English)

Economy Quiz 

Demand & Supply/Price/Revenue & Cost (English)

Our Daily Static Quiz will cover all the topics of static subjects – Polity, History, Geography, Economics, Environment and Science and technology. The level of difficulty will be from moderate to difficult and they will be designed in such a manner that you learn something new from the topics that you have already covered. The questions will be in the quiz format so you will be able to answer them directly on the portal.


1. Devaluation usually causes the internal price to


2. The supply-side economics lays greater emphasis on the point of view of:


3. The price at which the Government purchase food grains for maintaining the public distribution system and for building up buffer stocks are known as


4. Which one of the following agencies of Indian Government implements the price support scheme (PSIS)?


5. Who recommends the MSP and issue prices?


6. The base of Consumer Price Index for Industrial Workers is being shifted from 1982 to—


7. With reference to India, consider the following statements

1.WPI is available on a monthly basis only.

2. As compare to Consumer Price Index for the Industrial Worker (CPIIW), the WPI gives less weightage to food articles.

Which of the statements given above is/are correct?


8. Which of the following would cause the aggregate demand curve to shift to the right?


9. Which of the following statements is true about supply-side economics?


10. Which of the following is not a ‘Public Good’?


11. What is meant by price discrimination?


12. What is meant by ‘Public Good’?


13. In view of the fact that kerosene is an inferior good in India, what is/are its implication(s)?

1. As households get richer, they consume less kerosene.

2. Over time there is a decline in quality of kerosene.

3. Government needs to stop subsidies on kerosene.

Select the correct answer using the code given below.


14. Brent index is associated with


15. Which one among the following is a fixed cost to a manufacturing firm in the short run?


16. The income elasticity of demand for inferior goods is


17. The average fixed cost curve will always be



18. If the average total cost is declining then



19. Which of the following statements is/are true?

1. If increase in demand and supply are of equal magnitude, the price will remain unchanged, but the equilibrium quantity will increase.

2. If increase in demand is of greater magnitude than increase in supply, both equilibrium price and equilibrium quantity will increase.

3. If increase in supply is of greater magnitude than increase in demand, equilibrium price will fall but equilibrium quantity will increase.

Select the correct answer using the code given below:


20. Which of the following statements are correct?

1. When marginal revenue is positive, total revenue increases with increase in output.

2. When marginal revenue is zero, total revenue is maximum.

3. When marginal revenue becomes negative, total revenue falls with increase in output.

Select the correct answer using the code given below:


21. Demand for a commodity refers to



22. An exceptional demand curve is one that slopes



23. Rise in the price of a commodity means



Question 1 of 23


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