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

Question # 1

It describes the law of supply

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

Question # 2

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 # 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

The composite demand for a product is generally:

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

Question # 5

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 # 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:

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

Question # 7

Long period supply curve is

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

Question # 8

During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to

rightward A
leftward B
downward C
no direction D

Question # 9

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

Fall A
Rise B
Remain unchanged C
Fluctuate D

Question # 10

Which of the following shifts supply curve of cars to the right

tax on new cars A
increase in wages of workers B
decrease in steel price C
a successful promotion campaign by sellers D

Question # 11

The product which have close substitute their demand is always.

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

Question # 12

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 # 13

The elasticity f demand in case of substitute is called.

Income elasticity of demand A
Priceelasticity of demand B
Crosselasticity of demand C
None of the three D

Question # 14

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 # 15

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 # 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 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 # 18

Products A and B are substitutes whereas A and C are complement. With a rise in the price of product A, quantity demand of:

Product B will go up A
Product will fall B
Both the above will take place C
Nothing will take place 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

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

Sr.#	Question	Answer
1	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
2	Products A and B are substitutes whereas A and C are complement. With a rise in the price of product A, quantity demand of:	A. Product B will go up B. Product will fall C. Both the above will take place D. Nothing will take place
3	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
4	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
5	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
6	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
7	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
8	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
9	If elasticity of supply is one, supply curve will be	A. horizontal B. vertical C. passing through origin D. touching x-axis
10	The composite demand for a product is generally:	A. Elastic B. Inelastic C. Equal to unity D. Equal to zero

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Economics Ics Part 1 English Medium Chapter 5 Online Test

It describes the law of supply

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

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

The composite demand for a product is generally:

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

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

Long period supply curve is

During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to

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

Which of the following shifts supply curve of cars to the right

The product which have close substitute their demand is always.

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

The elasticity f demand in case of substitute is called.

Supply of a commodity means

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.

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

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

Products A and B are substitutes whereas A and C are complement. With a rise in the price of product A, quantity demand of:

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

An increases in demand would cause supply curve to

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