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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
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Question # 2
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 # 3
In case of perfectly elastic demand curve, the demand curve will be parallel to the.
Question # 4
Long period supply curve is
Question # 5
Who present the Arc Elasticity formula for the measurement of elasticity of demand.
Question # 6
The demand for a product is inelastic. In order to increase government revenue, the finance minister will :
Question # 7
If a change in demand is brought by a change in income, of demand will be.
Question # 8
The method to measure the elasticity of demand is :
Question # 9
Supply curve will shift when
Question # 10
Which one of the following pairs represent complementary demand for a product.
Question # 11
Supply of a commodity means
Question # 12
Which one is increasing function of price
Question # 13
What best explains a shift in market supply curve to the right?
Question # 14
The method to measure the elasticity of demand by the unitary method was introduced by.
Question # 15
Which of the following shifts supply curve of cars to the right
Question # 16
The product which have close substitute their demand is always.
Question # 17
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 # 18
If elasticity of supply is one, supply curve will be
Question # 19
The composite demand for a product is generally:
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 | 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
|
| 2 | 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
|
| 3 | If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is |
A. 0.05
B. 10
C. 20
D. indeterminate
|
| 4 | Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer. |
A. Increase
B. Falls
C. Remains the same
D. None of the three
|
| 5 | 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
|
| 6 | If elasticity of supply is one, supply curve will be |
A. horizontal
B. vertical
C. passing through origin
D. touching x-axis
|
| 7 | If price changes by one % and supply changes by 2% then supply is |
A. elastic
B. inelastic
C. indeterminate
D. static
|
| 8 | 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
|
| 9 | 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
|
| 10 | The composite demand for a product is generally: |
A. Elastic
B. Inelastic
C. Equal to unity
D. Equal to zero
|
Test Questions
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Shahzad
13 Dec 2018Nice