Question : Which of the following is an assumption made while drawing the demand curve
a:The demand curve must be linear
b:The price of substitutes should not change
c: The quantity demanded should not change
d: The price of the commodity should not change

Option 1: A and B 

Option 2: B only

Option 3: A, B and C only

Option 4: A, B, C and D all

Question : When a good's demand is less elastic,
a) Price change as a percentage of demand as a percentage of price change
b) Change in the amount demanded as a percentage of price change
c) Price change by percentage equals demand by percentage changed
d) Demand is more steeply curved.

Option 1: A and B only

Option 2: B and C only 

Option 3: A and D only

Option 4: All of the above

Question : Which of the following factors affects demand elasticity at prices?
a) The commodity's nature
a) Income status
c) The availability of alternatives
 

Option 1: A only 

Option 2: B and C only 

Option 3: C only 

Option 4: All of these

Question : Which of the following is the assumption of the law of demand?
A: The commodity's price should not change.
B: The quantity requested should not change.
C: Substitute prices should not change.

Option 1: Only A correct 

Option 2: B and C are correct

Option 3: Only C correct

Option 4: A, B, and C all are correct.

Question : ______________- shows the change in price levels between two different time periods.
 

Option 1: Price index
 

Option 2: National income at constant prices
 

Option 3: National income at current prices
 

Option 4: None of the above.