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

Question # 1

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 # 2

Long period supply curve is

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

Question # 3

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 # 4

If elasticity of supply is greater than one. supply curve will be

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

Question # 5

It describes the law of supply

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

The method to measure the elasticity of demand is :

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

Question # 8

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

Fall A
Rise B
Remain unchanged C
Fluctuate D

Question # 9

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 # 10

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 # 11

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 # 12

The total quantity of a commodity available in or near the market which can be brought for sale at a short notice

Stock A
Supply B
Demand C
None of these D

Question # 13

The composite demand for a product is generally:

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

Question # 14

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 # 15

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 # 16

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 # 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

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 # 19

The quantities of a commodity offered for sale at different prices during a given period of time are called

Supply A
Demand B
Stock C
None of these D

Question # 20

Which one is increasing function of price

demand A
utility B
supply C
consumption D

Sr.#	Question	Answer
1	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
2	If elasticity of supply is greater than one. supply curve will be	A. horizontal B. vertical C. passing through origin D. touching y-axis
3	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
4	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
5	Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called	A. Law of Supply B. Law of Demand C. Law of equilibrium D. None of these
6	The composite demand for a product is generally:	A. Elastic B. Inelastic C. Equal to unity D. Equal to zero
7	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
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	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
10	The total quantity of a commodity available in or near the market which can be brought for sale at a short notice	A. Stock B. Supply C. Demand D. None of these

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Economics Ics Part 1 English Medium Chapter 5 Online Test

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

Long period supply curve is

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

If elasticity of supply is greater than one. supply curve will be

It describes the law of supply

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

The method to measure the elasticity of demand is :

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

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.

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

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

The total quantity of a commodity available in or near the market which can be brought for sale at a short notice

The composite demand for a product is generally:

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

Supply of a commodity means

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

The product which have close substitute their demand is always.

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

The quantities of a commodity offered for sale at different prices during a given period of time are called

Which one is increasing function of price

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