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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 quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 2
Supply curve will shift when
Question # 3
Who present the Arc Elasticity formula for the measurement of elasticity of demand.
Question # 4
The product which have close substitute their demand is always.
Question # 5
If elasticity of supply is one, supply curve will be
Question # 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:
Question # 7
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Question # 8
The method to measure the elasticity of demand by the unitary method was introduced by.
Question # 9
In case of perfectly elastic demand curve, the demand curve will be parallel to the.
Question # 10
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 # 11
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
Question # 12
If a change in demand is brought by a change in income, of demand will be.
Question # 13
Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.
Question # 14
If price changes by one % and supply changes by 2% then supply is
Question # 15
Long period supply curve is
Question # 16
If elasticity of supply is greater than one. supply curve will be
Question # 17
With a fall in the price of a Giffen good or inferior good its quantity demand will.
Question # 18
The method to measure the elasticity of demand is :
Question # 19
Which one is increasing function of price
Question # 20
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
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 |
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
|
| 2 | 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
|
| 3 | The composite demand for a product is generally: |
A. Elastic
B. Inelastic
C. Equal to unity
D. Equal to zero
|
| 4 | If elasticity of supply is greater than one. supply curve will be |
A. horizontal
B. vertical
C. passing through origin
D. touching y-axis
|
| 5 | 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
|
| 6 | Which one of the following pairs represent complementary demand for a product. |
A. Tea & coffe
B. Butter & Margarine
C. Shirt & shoes
D. Shirt & trouser
|
| 7 | The elasticity f demand in case of substitute is called. |
A. Income elasticity of demand
B. Priceelasticity of demand
C. Crosselasticity of demand
D. None of the three
|
| 8 | 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
|
| 9 | 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
|
| 10 | The method to measure the elasticity of demand is : |
A. Percentage method
B. Total outlay approach
C. Geometric approch
D. All the three
|
Test Questions
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Shahzad
13 Dec 2018Nice