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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
What best explains a shift in market supply curve to the right?
Question # 2
It describes the law of supply
Question # 3
Who present the Arc Elasticity formula for the measurement of elasticity of demand.
Question # 4
Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.
Question # 5
The demand for a product is inelastic. In order to increase government revenue, the finance minister will :
Question # 6
If elasticity of supply is greater than one. supply curve will be
Question # 7
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.
Question # 8
During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to
Question # 9
If elasticity of supply is one, supply curve will be
Question # 10
If a change in demand is brought by a change in income, of demand will be.
Question # 11
The total quantity of a commodity available in or near the market which can be brought for sale at a short notice
Question # 12
Which of the following shifts supply curve of cars to the right
Question # 13
Supply curve will shift when
Question # 14
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
Question # 15
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called
Question # 16
Which one of the following pairs represent complementary demand for a product.
Question # 17
The product which have close substitute their demand is always.
Question # 18
With a fall in the price of a Giffen good or inferior good its quantity demand will.
Question # 19
If the price of a product rises, quantity demand if its substitute will.
Question # 20
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.
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 -
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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 | Which of the following shifts supply curve of cars to the right |
A. tax on new cars
B. increase in wages of workers
C. decrease in steel price
D. a successful promotion campaign by sellers
|
| 2 | Which one is increasing function of price |
A. demand
B. utility
C. supply
D. consumption
|
| 3 | An increases in demand would cause supply curve to |
A. shift to the left
B. shift to the right
C. change in slope of supply curve
D. no effect on supply
|
| 4 | 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
|
| 5 | 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
|
| 6 | 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
|
| 7 | 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
|
| 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 composite demand for a product is generally: |
A. Elastic
B. Inelastic
C. Equal to unity
D. Equal to zero
|
| 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
|
Test Questions