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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
Elasticity of demand in case of minor change in price and quantity demand will be .
Question # 2
The method to measure the elasticity of demand by the unitary method was introduced by.
Question # 3
The price of a product double due to which its quantity demand falls to one half. The elasticity of demand for product will be:
Question # 4
Long period supply curve is
Question # 5
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
Question # 6
Supply curve
Question # 7
If a change in demand is brought by a change in income, of demand will be.
Question # 8
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 # 9
When a supply of a commodity increases without change in price it is called
Question # 10
With a fall in the price of a Giffen good or inferior good its quantity demand will.
Question # 11
What best explains a shift in market supply curve to the right?
Question # 12
The composite demand for a product is generally:
Question # 13
Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.
Question # 14
In case of perfectly elastic demand curve, the demand curve will be parallel to the.
Question # 15
Which one is increasing function of price
Question # 16
Which of the following shifts supply curve of cars to the right
Question # 17
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 18
The total quantity of a commodity available in or near the market which can be brought for sale at a short notice
Question # 19
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 # 20
If the price of a product rises, quantity demand if its substitute will.
ICS Part 1 Economics Chapter 5 MCQs Test
Top Scorers Of Chapter 5 "Economics Ics Part 1 English Medium Chapter 5 Online Test" MCQ`s Test
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L Laiba Muqaddas 26 - Jul - 2024 04 Min 11 Sec 18/20 -
R romana 23 - Jun - 2021 08 Min 00 Sec 18/20 -
A Ali Hassan 10 - Sep - 2022 03 Min 38 Sec 17/20 -
H hamza abid 02 - Sep - 2021 10 Min 50 Sec 16/20 -
M M Akram 11 - Aug - 2021 04 Min 11 Sec 15/20 -
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H Hanif Wazir 30 - May - 2022 05 Min 29 Sec 15/20 -
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E ekta 05 - Aug - 2021 04 Min 00 Sec 12/20 -
M M.Attiq-U-Rehman 24 - Nov - 2023 04 Min 03 Sec 12/20
ICS Part 1 Economics Chapter 5 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 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 | 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
|
| 5 | 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
|
| 6 | It describes the law of supply |
A. supply curve
B. supply schedule
C. supply equation
D. all the three
|
| 7 | 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
|
| 8 | If the price of a product rises, quantity demand if its substitute will. |
A. Fall
B. Rise
C. Remain unchanged
D. Fluctuate
|
| 9 | 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
|
| 10 | 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
|
Test Questions
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Shahzad
13 Dec 2018Nice