Home
News
Colleges
Courses
Admission
Lectures
Online Test
Past Papers
Date Sheets
Results
Study Abroad
Jobs
Tutors
More
Apps
.jpg)
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"
-
Total Questions20
-
Time Allowed30
Economics Ics Part 1 English Medium Chapter 5 Online Test
00:00
Question # 1
It describes the law of supply
Question # 2
The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.
Question # 3
Which one is increasing function of price
Question # 4
The method to measure the elasticity of demand by the unitary method was introduced by.
Question # 5
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called
Question # 6
Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.
Question # 7
If price changes by one % and supply changes by 2% then supply is
Question # 8
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
Question # 9
If elasticity of supply is one, supply curve will be
Question # 10
During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to
Question # 11
Long period supply curve is
Question # 12
Which one of the following pairs represent complementary demand for a product.
Question # 13
Supply curve will shift when
Question # 14
What best explains a shift in market supply curve to the right?
Question # 15
If the price of a product rises, quantity demand if its substitute will.
Question # 16
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 # 17
Who present the Arc Elasticity formula for the measurement of elasticity of demand.
Question # 18
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 # 19
The total quantity of a commodity available in or near the market which can be brought for sale at a short notice
Question # 20
Supply curve
ICS Part 1 Economics Chapter 5 MCQs Test
Top Scorers Of Chapter 5 "Economics Ics Part 1 English Medium Chapter 5 Online Test" MCQ`s Test
-
A Anum Fatima 19 - Jun - 2023 00 Min 15 Sec 20/20 -
L Laiba Muqaddas 26 - Jul - 2024 04 Min 11 Sec 18/20 -
R romana 23 - Jun - 2021 08 Min 00 Sec 18/20 -
A Ali Hassan 10 - Sep - 2022 03 Min 38 Sec 17/20 -
H hamza abid 02 - Sep - 2021 10 Min 50 Sec 16/20 -
M M Akram 11 - Aug - 2021 04 Min 11 Sec 15/20 -
Z zainab nouman 18 - Apr - 2024 04 Min 46 Sec 15/20 -
H Hanif Wazir 30 - May - 2022 05 Min 29 Sec 15/20 -
N Naveera 02 - Jun - 2021 07 Min 28 Sec 15/20 -
S Samar 26 - Jun - 2021 10 Min 14 Sec 15/20 -
T Tazmeen Afaq 08 - Aug - 2023 06 Min 42 Sec 14/20 -
Z Zaina Ch 10 - May - 2024 00 Min 10 Sec 12/20 -
D Duaa 22 - Nov - 2021 03 Min 52 Sec 12/20 -
E ekta 05 - Aug - 2021 04 Min 00 Sec 12/20 -
M M.Attiq-U-Rehman 24 - Nov - 2023 04 Min 03 Sec 12/20
ICS Part 1 Economics Chapter 5 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be. |
A. Equal to unity
B. Less than unity
C. Greater than unity
D. Equal to zero
|
| 2 | Long period supply curve is |
A. relatively flatter
B. relatively steeper
C. more elastic
D. a and c of above
|
| 3 | 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
|
| 4 | 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 |
A. Perfectly elastic
B. Perfectly inelastic
C. Less elastic
D. More elastic
|
| 5 | If elasticity of supply is one, supply curve will be |
A. horizontal
B. vertical
C. passing through origin
D. touching x-axis
|
| 6 | The product which have close substitute their demand is always. |
A. More elastic
B. Perfectly elastic
C. Perfectly inelastic
D. Less elastic
|
| 7 | If elasticity of supply is greater than one. supply curve will be |
A. horizontal
B. vertical
C. passing through origin
D. touching y-axis
|
| 8 | 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
|
| 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 | It describes the law of supply |
A. supply curve
B. supply schedule
C. supply equation
D. all the three
|
Test Questions