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This online test contains MCQs about following topics:
Supply Vs Stock,law of Supply ,Changes in Supply,Elasticity of Supply
MCQ's Test For Chapter 5 "Economics Ics Part 1 English Medium Chapter 5 Online Test"
Try The MCQ's Test For Chapter 5 "Economics Ics Part 1 English Medium Chapter 5 Online Test"
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Total Questions20
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Time Allowed30
Economics Ics Part 1 English Medium Chapter 5 Online Test
00:00
Question # 1
During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to
Question # 2
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
Question # 3
With a fall in price quantity demand changes in such a way that total expenditure of the consumer remain constant, elasticity of demand will be.
Question # 4
Supply curve will shift when
Question # 5
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Question # 6
An increases in demand would cause supply curve to
Question # 7
The demand for a product is inelastic. In order to increase government revenue, the finance minister will :
Question # 8
Which one of the following pairs represent complementary demand for a product.
Question # 9
A schedule of the amount of a good that would be offered for sale at all possible prices, at any one instant of time or during any period of time are called
Question # 10
If a change in demand is brought by a change in income, of demand will be.
Question # 11
Who present the Arc Elasticity formula for the measurement of elasticity of demand.
Question # 12
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called
Question # 13
Long period supply curve is
Question # 14
The product which have close substitute their demand is always.
Question # 15
The method to measure the elasticity of demand is :
Question # 16
In May 2012, firm was supplying 1000 kg of sugar at market price of Rs. 60/- per kg. During June 2012, firm's supply of sugar had decreased to 900 kg at price Rs. 40/- per kg. These changes show that supply of sugar is
Question # 17
Supply of a commodity means
Question # 18
The elasticity f demand in case of substitute is called.
Question # 19
Which of the following shifts supply curve of cars to the right
Question # 20
Elasticity of demand in case of minor change in price and quantity demand will be .
ICS Part 1 Economics Chapter 5 MCQs Test
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ICS Part 1 Economics Chapter 5 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | If a change in demand is brought by a change in income, of demand will be. |
A. Income elasticity
B. Price elasticity
C. Cross elasticity
D. Arcelasticity
|
| 2 | The total quantity of a commodity available in or near the market which can be brought for sale at a short notice |
A. Stock
B. Supply
C. Demand
D. None of these
|
| 3 | Supply curve |
A. is vertical in long run
B. is flatter in long run
C. is same in long and short run
D. is horizontal in both short and long run
|
| 4 | In case of perfectly elastic demand curve, the demand curve will be parallel to the : |
A. Horizontal axis
B. Vertical Axis
C. None of the above
|
| 5 | An increases in demand would cause supply curve to |
A. shift to the left
B. shift to the right
C. change in slope of supply curve
D. no effect on supply
|
| 6 | Which one is increasing function of price |
A. demand
B. utility
C. supply
D. consumption
|
| 7 | The method to measure the elasticity of demand by the unitary method was introduced by. |
A. Alfred Marshall
B. Robbins
C. Adam Smith
D. Malthus
|
| 8 | During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to |
A. rightward
B. leftward
C. downward
D. no direction
|
| 9 | With a fall in price quantity demand changes in such a way that total expenditure of the consumer remain constant, elasticity of demand will be. |
A. Equal to unity
B. Greater than unity
C. Less than unity
D. Equal to zero
|
| 10 | If the price of a product increase from Rs. 12 per unit and as a consequence quantity demand of the product falls from 100 units to 50 units . The price elasticity of the product will be. |
A. 2.5
B. 0.5
C. 1.5
D. 3.5
|
Test Questions
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Shahzad
13 Dec 2018Nice