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Bihar Board Class 12 (Arts) Theory of Consumer Behaviour & Demand — practice questions — page 6

Explore 192 free Theory of Consumer Behaviour & Demand questions in Bihar Board Class 12 (Arts) Economics. Open each question or exercise to read its content, reference answers and available explanation.

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Theory of Consumer Behaviour & Demand questions and exercises with answers

Showing questions 151–180 of 192.

An increase in the price of a substitute shifts a good's demand curve in which direction?Read the answer and worked solution →Why is the demand curve for ice-cream likely to shift rightward in summer?Read the answer and worked solution →A health scare about cold-drinks is likely to do what to their demand curve?Read the answer and worked solution →A change in the price of the good itself causes what on its demand curve?Read the answer and worked solution →The market demand at a price is obtained how?Read the answer and worked solution →The method of adding individual demand curves to get the market demand curve is called what?Read the answer and worked solution →Consumers have demands d1 = 10 - p and d2 = 15 - p. What is market demand at a price of 4?Read the answer and worked solution →Price elasticity of demand equals which ratio?Read the answer and worked solution →If percentage change in quantity is less than percentage change in price, demand is called what?Read the answer and worked solution →If a 10 percent price rise cuts quantity by 25 percent, demand at that price is what?Read the answer and worked solution →Demand for essential goods is often found to be what?Read the answer and worked solution →At the midpoint of a linear demand curve, what is the price elasticity of demand?Read the answer and worked solution →Where a linear demand curve meets the horizontal quantity axis, elasticity is what?Read the answer and worked solution →Elasticity on the part of a linear demand curve to the left of the midpoint is what?Read the answer and worked solution →A vertical demand curve is described as what?Read the answer and worked solution →Which demand curve has elasticity of one at every point?Read the answer and worked solution →Which kind of good typically has price inelastic demand?Read the answer and worked solution →Why is demand for a particular variety of pulses likely more elastic than for food overall?Read the answer and worked solution →Expenditure on a good equals which product?Read the answer and worked solution →A price rises and quantity falls by a larger percentage. What happens to expenditure on the good?Read the answer and worked solution →For a price-inelastic good, a price rise causes expenditure to do what?Read the answer and worked solution →When markets fail to produce efficient outcomes, economists call it what?Read the answer and worked solution →Who introduced partial equilibrium theory in Principles of Economics in 1890?Read the answer and worked solution →General equilibrium theory in microeconomics was developed by which economist?Read the answer and worked solution →National output is usually measured as which aggregate?Read the answer and worked solution →Adding net factor incomes from abroad to GDP gives which measure?Read the answer and worked solution →Short-term drops in output caused by business cycles are called what?Read the answer and worked solution →The unemployment rate is the percentage of the labour force that is what?Read the answer and worked solution →Which group is not counted as unemployed under the standard definition?Read the answer and worked solution →According to the original Okun's law, a 3% rise in output lowers unemployment by how much?Read the answer and worked solution →

Worked practice questions

An increase in the price of a substitute shifts a good's demand curve in which direction?

  1. Leftward
  2. Rightward
  3. Downward only
  4. Nowhere
Show answer and solution

Correct answer: B. Rightward

Buyers move to this good when its substitute becomes costlier, so demand rises at every price.

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Why is the demand curve for ice-cream likely to shift rightward in summer?

  1. Preference for it rises
  2. Its price becomes zero
  3. Income starts falling
  4. It is an inferior good
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Correct answer: A. Preference for it rises

Taste changes in favour of a good raise demand at every price in summer.

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A health scare about cold-drinks is likely to do what to their demand curve?

  1. Shift it rightward
  2. Shift it leftward
  3. Make it vertical
  4. Leave it unchanged
Show answer and solution

Correct answer: B. Shift it leftward

An unfavourable change in preferences reduces demand at each price, shifting the curve left.

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