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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
If a change in demand is brought by a change in income, of demand will be.
Question # 2
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
Question # 3
The product which have close substitute their demand is always.
Question # 4
If the price of a product rises, quantity demand if its substitute will.
Question # 5
If elasticity of supply is one, supply curve will be
Question # 6
The price of a product double due to which its quantity demand falls to one half. The elasticity of demand for product will be:
Question # 7
Supply of a commodity means
Question # 8
Long period supply curve is
Question # 9
When a supply of a commodity increases without change in price it is called
Question # 10
The demand for a product is inelastic. In order to increase government revenue, the finance minister will :
Question # 11
Supply curve will shift when
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.
Question # 13
The composite demand for a product is generally:
Question # 14
Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.
Question # 15
Who present the Arc Elasticity formula for the measurement of elasticity of demand.
Question # 16
It describes the law of supply
Question # 17
Supply curve
Question # 18
The total quantity of a commodity available in or near the market which can be brought for sale at a short notice
Question # 19
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 20
The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.
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 | If price changes by one % and supply changes by 2% then supply is |
A. elastic
B. inelastic
C. indeterminate
D. static
|
| 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 | 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
|
| 4 | 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
|
| 5 | Which one is increasing function of price |
A. demand
B. utility
C. supply
D. consumption
|
| 6 | Supply curve will shift when |
A. price falls
B. price rises
C. demand shifts
D. technology changes
|
| 7 | The product which have close substitute their demand is always. |
A. More elastic
B. Perfectly elastic
C. Perfectly inelastic
D. Less elastic
|
| 8 | 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
|
| 9 | Which one of the following pairs represent complementary demand for a product. |
A. Tea & coffe
B. Butter & Margarine
C. Shirt & shoes
D. Shirt & trouser
|
| 10 | 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
|
Test Questions