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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
Supply curve
Question # 2
The composite demand for a product is generally:
Question # 3
The product which have close substitute their demand is always.
Question # 4
Elasticity of demand in case of minor change in price and quantity demand will be .
Question # 5
In case of perfectly elastic demand curve, the demand curve will be parallel to the.
Question # 6
If elasticity of supply is one, supply curve will be
Question # 7
Which one of the following pairs represent complementary demand for a product.
Question # 8
Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.
Question # 9
An increases in demand would cause supply curve to
Question # 10
The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.
Question # 11
Supply curve will shift when
Question # 12
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called
Question # 13
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 # 14
The total quantity of a commodity available in or near the market which can be brought for sale at a short notice
Question # 15
Long period supply curve is
Question # 16
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 17
Which of the following shifts supply curve of cars to the right
Question # 18
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Question # 19
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 # 20
Which one is increasing function of price
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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ICS Part 1 Economics Chapter 5 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 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 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
|
| 3 | 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
|
| 4 | 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
|
| 5 | 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
|
| 6 | 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
|
| 7 | 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
|
| 8 | 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
|
| 9 | Who present the Arc Elasticity formula for the measurement of elasticity of demand. |
A. R.G.D Allen
B. Pareto
C. J.R. Hicks
D. Robbins
|
| 10 | 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
|
Test Questions