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Economics MCQs → Economics Questions from 31 to 35
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31. The price elasticity of demand is the percentage change in _____ demanded divided by the percentage change in _____.
(A) supply, price
(B) quantity, price
(C) price, supply
(D) price, quantity
32. When price of a commodity increased by 3%, the quantity demanded decreased by 5%. The quantity is said to have
(A) price-elastic demand
(B) price-elastic supply
(C) price-inelastic demand
(D) price-inelastic supply
33. When price of a commodity increased by 5%, the quantity demanded decreased by 3%. The quantity is said to have
(A) price-elastic demand
(B) price-elastic supply
(C) price-inelastic demand
(D) price-inelastic supply
34. When price of a commodity decreased by 4%, the quantity demanded increased by 4%. The quantity is said to have
(A) unit-elastic demand
(B) unit-elastic supply
(C) price equilibrium
(D) supply-demand equilibrium
35. The term “recession” refers to the
(A) high employment
(B) high unemployment
(C) high supply and demand
(D) low supply and demand
ANSWERS: ECONOMICS QUESTIONS
31. (B) quantity, price
32. (A) price-elastic demand
33. (C) price-inelastic demand
34. (A) unit-elastic demand
35. (B) high unemployment