UPSC CDS/OTA

Demand and Supply

General Studies

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Demand and Supply

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Questions

30

Time

30 min

Marks

30

Solutions

All inline

Q1Consider the following statements regarding the Law of Demand: 1. It states that other things remain constant, demand increases as price increases. 2. The law is represented by a downward-sloping demand curve. 3. Exceptions to the law include Giffen goods and Veblen goods. Which of the above statements is/are correct?MediumSolve →Q2Which of the following would cause a movement along the demand curve, and not a shift of the curve?MediumSolve →Q3The Law of Supply states that, other things remaining the same:MediumSolve →Q4Which of these is an exception to the Law of Supply?MediumSolve →Q5Which one of the following factors does NOT lead to a shift in the supply curve?MediumSolve →Q6What does an upward-sloping supply curve indicate?MediumSolve →Q7Which of the following is a Giffen good?MediumSolve →Q8Consider the following statements: 1. Veblen goods show a direct price-demand relationship. 2. Giffen goods and Veblen goods both defy the Law of Demand but for different reasons. Which is/are correct?MediumSolve →Q9A rightward shift in the demand curve can be caused by:MediumSolve →Q10The demand curve for a perfectly elastic demand is:MediumSolve →

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