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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
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 # 2
The product which have close substitute their demand is always.
Question # 3
The demand for a product is inelastic. In order to increase government revenue, the finance minister will :
Question # 4
An increases in demand would cause supply curve to
Question # 5
Which one of the following pairs represent complementary demand for a product.
Question # 6
Which one is increasing function of price
Question # 7
Supply curve
Question # 8
The method to measure the elasticity of demand is :
Question # 9
The composite demand for a product is generally:
Question # 10
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 11
If elasticity of supply is greater than one. supply curve will be
Question # 12
The elasticity f demand in case of substitute is called.
Question # 13
With a fall in the price of a Giffen good or inferior good its quantity demand will.
Question # 14
If price changes by one % and supply changes by 2% then supply is
Question # 15
The method to measure the elasticity of demand by the unitary method was introduced by.
Question # 16
What best explains a shift in market supply curve to the right?
Question # 17
Elasticity of demand in case of minor change in price and quantity demand will be .
Question # 18
Supply of a commodity means
Question # 19
Who present the Arc Elasticity formula for the measurement of elasticity of demand.
Question # 20
When a supply of a commodity increases without change in price it is called
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 | Supply curve will shift when |
A. price falls
B. price rises
C. demand shifts
D. technology changes
|
| 2 | When a supply of a commodity increases without change in price it is called |
A. fall in supply
B. expansion in supply
C. contraction in supply in
D. rise in supply
|
| 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 | 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
|
| 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 | It describes the law of supply |
A. supply curve
B. supply schedule
C. supply equation
D. all the three
|
| 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 | 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
|
| 9 | Long period supply curve is |
A. relatively flatter
B. relatively steeper
C. more elastic
D. a and c of above
|
| 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
|
Test Questions
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Shahzad
13 Dec 2018Nice