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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
The method to measure the elasticity of demand is :
Question # 2
The method to measure the elasticity of demand by the unitary method was introduced by.
Question # 3
The composite demand for a product is generally:
Question # 4
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
Question # 5
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
Question # 6
The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.
Question # 7
The product which have close substitute their demand is always.
Question # 8
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called
Question # 9
An increases in demand would cause supply curve to
Question # 10
Products A and B are substitutes whereas A and C are complement. With a rise in the price of product A, quantity demand of:
Question # 11
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 12
During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to
Question # 13
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 # 14
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
Question # 15
If the price of a product rises, quantity demand if its substitute will.
Question # 16
What best explains a shift in market supply curve to the right?
Question # 17
Who present the Arc Elasticity formula for the measurement of elasticity of demand.
Question # 18
With a fall in the price of a Giffen good or inferior good its quantity demand will.
Question # 19
If a change in demand is brought by a change in income, of demand will be.
Question # 20
When a supply of a commodity increases without change in price it is called
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 | 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
|
| 2 | Elasticity of demand in case of minor change in price and quantity demand will be . |
A. Income elasticity of demand
B. Cross elasticity of demand
C. Point elasticity of demand
D. Arc elasticity of demand
|
| 3 | What best explains a shift in market supply curve to the right? |
A. an advertising campaign is successful in promoting the good
B. a new technique makes it cheaper to produce the good
C. the government introduces a tax on the good
D. the price of raw materials increases
|
| 4 | If elasticity of supply is one, supply curve will be |
A. horizontal
B. vertical
C. passing through origin
D. touching x-axis
|
| 5 | Supply of a commodity means |
A. willingness to sell a certain quantity
B. physical stocks available
C. planned production
D. total production in a given period
|
| 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 |
A. Supply
B. Demand
C. Stock
D. None of these
|
| 7 | The composite demand for a product is generally: |
A. Elastic
B. Inelastic
C. Equal to 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 | 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
|
| 10 | If elasticity of supply is greater than one. supply curve will be |
A. horizontal
B. vertical
C. passing through origin
D. touching y-axis
|
Test Questions