11th class Economics chapter 5 online mcq test with answers for ICS part 1 Economics chapter 5 (Supply)

Question # 1

Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called

Law of Supply A
Law of Demand B
Law of equilibrium C
None of these D

Question # 2

When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.

Equal to unity A
Less than unity B
Greater than unity C
Equal to zero D

Question # 3

The product which have close substitute their demand is always.

More elastic A
Perfectly elastic B
Perfectly inelastic C
Less elastic D

Question # 4

The elasticity f demand in case of substitute is called.

Income elasticity of demand A
Priceelasticity of demand B
Crosselasticity of demand C
None of the three D

Question # 5

If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is

0.05 A
10 B
20 C
indeterminate D

Question # 6

During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to

rightward A
leftward B
downward C
no direction D

Question # 7

The total quantity of a commodity available in or near the market which can be brought for sale at a short notice

Stock A
Supply B
Demand C
None of these D

Question # 8

Long period supply curve is

relatively flatter A
relatively steeper B
more elastic C
a and c of above D

Question # 9

An increases in demand would cause supply curve to

shift to the left A
shift to the right B
change in slope of supply curve C
no effect on supply D

Question # 10

The method to measure the elasticity of demand by the unitary method was introduced by.

Alfred Marshall A
Robbins B
Adam Smith C
Malthus D

Question # 11

If elasticity of supply is greater than one. supply curve will be

horizontal A
vertical B
passing through origin C
touching y-axis D

Question # 12

If the price of a product rises, quantity demand if its substitute will.

Fall A
Rise B
Remain unchanged C
Fluctuate D

Question # 13

Which one of the following pairs represent complementary demand for a product.

Tea & coffe A
Butter & Margarine B
Shirt & shoes C
Shirt & trouser D

Question # 14

When a supply of a commodity increases without change in price it is called

fall in supply A
expansion in supply B
contraction in supply in C
rise in supply D

Question # 15

With a fall in the price of a Giffen good or inferior good its quantity demand will.

Fall A
Rise B
Remain unchanged C
None of three D

Question # 16

If price changes by one % and supply changes by 2% then supply is

elastic A
inelastic B
indeterminate C
static D

Question # 17

What best explains a shift in market supply curve to the right?

an advertising campaign is successful in promoting the good A
a new technique makes it cheaper to produce the good B
the government introduces a tax on the good C
the price of raw materials increases D

Question # 18

The method to measure the elasticity of demand is :

Percentage method A
Total outlay approach B
Geometric approch C
All the three D

Question # 19

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.

2.5 A
0.5 B
1.5 C
3.5 D

Question # 20

Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.

Increase A
Falls B
Remains the same C
None of the three D

Sr.#	Question	Answer
1	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
2	If the price of a product rises, quantity demand if its substitute will.	A. Fall B. Rise C. Remain unchanged D. Fluctuate
3	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
4	If elasticity of supply is one, supply curve will be	A. horizontal B. vertical C. passing through origin D. touching x-axis
5	The composite demand for a product is generally:	A. Elastic B. Inelastic C. Equal to unity D. Equal to zero
6	The price of a product double due to which its quantity demand falls to one half. The elasticity of demand for product will be:	A. Equal to unity B. Lass than unity C. Greater than unity D. Equal to zero
7	Supply of a commodity means	A. willingness to sell a certain quantity B. physical stocks available C. planned production D. total production in a given period
8	It describes the law of supply	A. supply curve B. supply schedule C. supply equation D. all the three
9	The product which have close substitute their demand is always.	A. More elastic B. Perfectly elastic C. Perfectly inelastic D. Less elastic
10	What best explains a shift in market supply curve to the right?	A. an advertising campaign is successful in promoting the good B. a new technique makes it cheaper to produce the good C. the government introduces a tax on the good D. the price of raw materials increases

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Economics Ics Part 1 English Medium Chapter 5 Online Test

Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called

When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.

The product which have close substitute their demand is always.

The elasticity f demand in case of substitute is called.

If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is

During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to

The total quantity of a commodity available in or near the market which can be brought for sale at a short notice

Long period supply curve is

An increases in demand would cause supply curve to

The method to measure the elasticity of demand by the unitary method was introduced by.

If elasticity of supply is greater than one. supply curve will be

If the price of a product rises, quantity demand if its substitute will.

Which one of the following pairs represent complementary demand for a product.

When a supply of a commodity increases without change in price it is called

With a fall in the price of a Giffen good or inferior good its quantity demand will.

If price changes by one % and supply changes by 2% then supply is

What best explains a shift in market supply curve to the right?

The method to measure the elasticity of demand is :

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.

Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.

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