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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 elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.
Question # 2
The product which have close substitute their demand is always.
Question # 3
If a change in demand is brought by a change in income, of demand will be.
Question # 4
The elasticity f demand in case of substitute is called.
Question # 5
Elasticity of demand in case of minor change in price and quantity demand will be .
Question # 6
If elasticity of supply is greater than one. supply curve will be
Question # 7
Supply curve
Question # 8
In case of perfectly elastic demand curve, the demand curve will be parallel to the.
Question # 9
Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.
Question # 10
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called
Question # 11
The method to measure the elasticity of demand is :
Question # 12
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 # 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
An increases in demand would cause supply curve to
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 composite demand for a product is generally:
Question # 18
The demand for a product is inelastic. In order to increase government revenue, the finance minister will :
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
Supply curve will shift when
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 | The product which have close substitute their demand is always. |
A. More elastic
B. Perfectly elastic
C. Perfectly inelastic
D. Less elastic
|
| 2 | Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer. |
A. Increase
B. Falls
C. Remains the same
D. None of the three
|
| 3 | 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
|
| 4 | If price changes by one % and supply changes by 2% then supply is |
A. elastic
B. inelastic
C. indeterminate
D. static
|
| 5 | The composite demand for a product is generally: |
A. Elastic
B. Inelastic
C. Equal to unity
D. Equal to zero
|
| 6 | 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
|
| 7 | 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
|
| 8 | It describes the law of supply |
A. supply curve
B. supply schedule
C. supply equation
D. all the three
|
| 9 | Which one is increasing function of price |
A. demand
B. utility
C. supply
D. consumption
|
| 10 | 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
|
Test Questions
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Shahzad
13 Dec 2018Nice