×
5th Chapter

ICS Part 1 Economics Chapter 5 MCQs Test

First Year Economics Chapter 5 Online MCQ Test for 1st Year Economics Chapter 5 (Supply)

This online test contains MCQs about following topics:

Supply Vs Stock,law of Supply ,Changes in Supply,Elasticity of Supply

First Year Economics Chapter 5 Online MCQ Test for 1st Year Economics Chapter 5 (Supply)

Sr. # Questions Answers Choice
1 The method to measure the elasticity of demand is :
  • A. Percentage method
  • B. Total outlay approach
  • C. Geometric approch
  • D. All the three
2 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
3 Supply curve will shift when
  • A. price falls
  • B. price rises
  • C. demand shifts
  • D. technology changes
4 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
5 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
6 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
7 The quantities of a commodity offered for sale at different prices during a given period of time are called
  • A. Supply
  • B. Demand
  • C. Stock
  • D. None of these
8 When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
  • A. Equal to unity
  • B. Less than unity
  • C. Greater than unity
  • D. Equal to zero
9 Which one is increasing function of price
  • A. demand
  • B. utility
  • C. supply
  • D. consumption
10 Long period supply curve is
  • A. relatively flatter
  • B. relatively steeper
  • C. more elastic
  • D. a and c of above

Share your comments questions here
Sort By:
  • S

    Shahzad

    13 Dec 2018

    Nice

    Like (1)
    Reply
X

Sign in

to continue to ilmkidunya.com

inquiry-image

Free Admission Advice

Fill the form. Our admission consultants will call you with admission options.

X

Sign in

to continue to ilmkidunya.com

X

Sign in

to continue to ilmkidunya.com

X

Forgot Password

to continue to ilmkidunya.com

X

Register Type

Please Provide following information to Register

  • Student
  • Tutor
  • Consultant
  • Employer