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

Question # 1

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

elastic A
inelastic B
indeterminate C
static D

Question # 2

In case of perfectly elastic demand curve, the demand curve will be parallel to the :

Horizontal axis A
Vertical Axis B
None of the above C

Question # 3

In case of perfectly elastic demand curve, the demand curve will be parallel to the.

Horizontal Axis A
Vertical Axis B
None of the above C

Question # 4

Who present the Arc Elasticity formula for the measurement of elasticity of demand.

R.G.D Allen A
Pareto B
J.R. Hicks C
Robbins D

Question # 5

The composite demand for a product is generally:

Elastic A
Inelastic B
Equal to unity C
Equal to zero D

Question # 6

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

Supply A
Demand B
Stock C
None of these D

Question # 7

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 # 8

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

Question # 9

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 # 10

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

Fall A
Rise B
Remain unchanged C
Fluctuate D

Question # 11

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 # 12

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.

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

Question # 13

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 # 14

The demand for a product is inelastic. In order to increase government revenue, the finance minister will :

Lower down the tax rate A
Increase the tax rate B
Not change the tax rate C
Double the tax rate D

Question # 15

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 # 16

Long period supply curve is

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

Question # 17

The product which have close substitute their demand is always.

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

Question # 18

Elasticity of demand in case of minor change in price and quantity demand will be .

Income elasticity of demand A
Cross elasticity of demand B
Point elasticity of demand C
Arc elasticity of demand D

Question # 19

Supply curve

is vertical in long run A
is flatter in long run B
is same in long and short run C
is horizontal in both short and long run D

Question # 20

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

Sr.#	Question	Answer
1	With a fall in the price of a Giffen good or inferior good its quantity demand will.	A. Fall B. Rise C. Remain unchanged D. None of three
2	Which one is increasing function of price	A. demand B. utility C. supply D. consumption
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	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
5	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
6	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
7	If price changes by one % and supply changes by 2% then supply is	A. elastic B. inelastic C. indeterminate D. static
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	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
10	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.	A. Equal to unity B. Greater than unity C. Less than unity D. Equal to zero

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Economics Ics Part 1 English Medium Chapter 5 Online Test

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

In case of perfectly elastic demand curve, the demand curve will be parallel to the :

In case of perfectly elastic demand curve, the demand curve will be parallel to the.

Who present the Arc Elasticity formula for the measurement of elasticity of demand.

The composite demand for a product is generally:

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

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

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

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

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

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

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.

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

The demand for a product is inelastic. In order to increase government revenue, the finance minister will :

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

Long period supply curve is

The product which have close substitute their demand is always.

Elasticity of demand in case of minor change in price and quantity demand will be .

Supply curve

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.

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