Functional Areas of Business MCQs and Notes

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Q 21. How many forms of production function have?

(A) One

(B) Two

(C) Three

(D) Four

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Q 22. Relationship between which factors are shown by production function?

(A) Production and sale

(B) Production and purchase

(C) Production and factors of production

(D) Sales and purchase

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Q 23. How is the demand of most of goods of rich people?

(A) Elastic

(B) Perfectly Elastic

(C) Inelastic

(D) Unit Elastic

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Q 24. How is the elasticity of demand in long run compare to short run?

(A) More

(B) Equal

(C) Less

(D) Zero

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Q 25. What is the slope of demand curve when demand is perfectly inelastic?

(A) Negative slope

(B) Parallel to vertical axis

(C) Parallel to horizontal axis

(D) Positively slopped

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Q 26. Which of the following goods may have zero income elasticity?

(A) Bajara

(B) Scooter

(C) Niddle

(D) Ghee

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Q 27. What is the income elasticity of giffen goods?

(A) Unit income elasticity

(B) income elasticity is greater than 1

(C) Zero income elasticity

(D) Negative income elasticity

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Q 28. What is the elasticity of demand for luxury goods?

(A) Elastic

(B) Inelastic

(C) Perfectly elastic

(D) Perfectly inelastic

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Q 29. What is elasticity of demand in case of perfect competition?

(A) Elastic

(B) Inelastic

(C) Perfectly elastic

(D) Perfectly inelastic

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Q 30. Which relationship of price and demand is explained by elasticity of demand?

(A) Correlation

(B) Inverse

(C) Quantitative

(D) Equal