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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
The elasticity f demand in case of substitute is called.
Question # 2
What best explains a shift in market supply curve to the right?
Question # 3
The method to measure the elasticity of demand is :
Question # 4
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
Question # 5
An increases in demand would cause supply curve to
Question # 6
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 # 7
If price changes by one % and supply changes by 2% then supply is
Question # 8
The product which have close substitute their demand is always.
Question # 9
When a supply of a commodity increases without change in price it is called
Question # 10
The price of a product double due to which its quantity demand falls to one half. The elasticity of demand for product will be:
Question # 11
It describes the law of supply
Question # 12
In case of perfectly elastic demand curve, the demand curve will be parallel to the.
Question # 13
If the price of a product rises, quantity demand if its substitute will.
Question # 14
Long period supply curve is
Question # 15
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called
Question # 16
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 # 17
Supply curve
Question # 18
Which one is increasing function of price
Question # 19
With a fall in the price of a Giffen good or inferior good its quantity demand will.
Question # 20
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
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 | Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called |
A. Law of Supply
B. Law of Demand
C. Law of equilibrium
D. None of these
|
| 2 | 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
|
| 3 | 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
|
| 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 |
A. Supply
B. Demand
C. Stock
D. None of these
|
| 5 | Who present the Arc Elasticity formula for the measurement of elasticity of demand. |
A. R.G.D Allen
B. Pareto
C. J.R. Hicks
D. Robbins
|
| 6 | 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
|
| 7 | The demand for a product is inelastic. In order to increase government revenue, the finance minister will : |
A. Lower down the tax rate
B. Increase the tax rate
C. Not change the tax rate
D. Double the tax rate
|
| 8 | 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
|
| 9 | 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
|
| 10 | Long period supply curve is |
A. relatively flatter
B. relatively steeper
C. more elastic
D. a and c of above
|
Test Questions