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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
Long period supply curve is
Question # 2
The method to measure the elasticity of demand by the unitary method was introduced by.
Question # 3
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 4
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 # 5
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.
Question # 6
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Question # 7
Products A and B are substitutes whereas A and C are complement. With a rise in the price of product A, quantity demand of:
Question # 8
With a fall in the price of a Giffen good or inferior good its quantity demand will.
Question # 9
If elasticity of supply is greater than one. supply curve will be
Question # 10
If price changes by one % and supply changes by 2% then supply is
Question # 11
The composite demand for a product is generally:
Question # 12
If the price of a product rises, quantity demand if its substitute will.
Question # 13
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
Question # 14
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
Question # 15
What best explains a shift in market supply curve to the right?
Question # 16
Which one is increasing function of price
Question # 17
Supply curve will shift when
Question # 18
An increases in demand would cause supply curve to
Question # 19
The method to measure the elasticity of demand is :
Question # 20
Which of the following shifts supply curve of cars to the right
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 | Products A and B are substitutes whereas A and C are complement. With a rise in the price of product A, quantity demand of: |
A. Product B will go up
B. Product will fall
C. Both the above will take place
D. Nothing will take place
|
| 2 | 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
|
| 3 | The elasticity f demand in case of substitute is called. |
A. Income elasticity of demand
B. Priceelasticity of demand
C. Crosselasticity of demand
D. None of the three
|
| 4 | 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
|
| 5 | Elasticity of demand in case of minor change in price and quantity demand will be . |
A. Income elasticity of demand
B. Cross elasticity of demand
C. Point elasticity of demand
D. Arc elasticity of demand
|
| 6 | If elasticity of supply is one, supply curve will be |
A. horizontal
B. vertical
C. passing through origin
D. touching x-axis
|
| 7 | With a fall in the price of a Giffen good or inferior good its quantity demand will. |
A. Fall
B. Rise
C. Remain unchanged
D. None of three
|
| 8 | The method to measure the elasticity of demand is : |
A. Percentage method
B. Total outlay approach
C. Geometric approch
D. All the three
|
| 9 | The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will. |
A. Fall
B. Rise
C. Remain the same
D. Fluctuate
|
| 10 | 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
|
Test Questions