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

Question # 1

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 # 2

Supply of a commodity means

willingness to sell a certain quantity A
physical stocks available B
planned production C
total production in a given period D

Question # 3

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 # 4

The method to measure the elasticity of demand is :

Percentage method A
Total outlay approach B
Geometric approch C
All the three D

Question # 5

If elasticity of supply is one, supply curve will be

horizontal A
vertical B
passing through origin C
touching x-axis D

Question # 6

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

Question # 7

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

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

Question # 8

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 # 9

An increases in demand would cause supply curve to

shift to the left A
shift to the right B
change in slope of supply curve C
no effect on supply D

Question # 10

Supply curve will shift when

price falls A
price rises B
demand shifts C
technology changes D

Question # 11

If a change in demand is brought by a change in income, of demand will be.

Income elasticity A
Price elasticity B
Cross elasticity C
Arcelasticity D

Question # 12

It describes the law of supply

supply curve A
supply schedule B
supply equation C
all the three D

Question # 13

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 # 14

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

elastic A
inelastic B
indeterminate C
static D

Question # 15

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

Fall A
Rise B
Remain unchanged C
Fluctuate D

Question # 16

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 # 17

The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.

Fall A
Rise B
Remain the same C
Fluctuate D

Question # 18

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 # 19

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 # 20

The price of a product double due to which its quantity demand falls to one half. The elasticity of demand for product will be:

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

Sr.#	Question	Answer
1	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
2	If a change in demand is brought by a change in income, of demand will be.	A. Income elasticity B. Price elasticity C. Cross elasticity D. Arcelasticity
3	The demand for a product is inelastic. In order to increase government revenue, the finance minister will :	A. Lower down the tax rate B. Increase the tax rate C. Not change the tax rate D. Double the tax rate
4	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
5	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
6	The product which have close substitute their demand is always.	A. More elastic B. Perfectly elastic C. Perfectly inelastic D. Less elastic
7	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
8	When a supply of a commodity increases without change in price it is called	A. fall in supply B. expansion in supply C. contraction in supply in D. rise in supply
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	Which one is increasing function of price	A. demand B. utility C. supply D. consumption

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MCQ's Test For Chapter 5 "Economics Ics Part 1 English Medium Chapter 5 Online Test"

Economics Ics Part 1 English Medium Chapter 5 Online Test

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.

Supply of a commodity means

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

The method to measure the elasticity of demand is :

If elasticity of supply is one, supply curve will be

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.

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

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

An increases in demand would cause supply curve to

Supply curve will shift when

If a change in demand is brought by a change in income, of demand will be.

It describes the law of supply

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

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

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

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

The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.

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

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

The price of a product double due to which its quantity demand falls to one half. The elasticity of demand for product will be:

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