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

ICS Part 1 Economics Chapter 5 Test

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ICS Part 1 Economics Chapter Wise Test

MCQ's Test For Chapter 5 "Economics Ics Part 1 English Medium Chapter 5 Online Test"

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Economics Ics Part 1 English Medium Chapter 5 Online Test

00:00
Question # 1

During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to

Question # 2

The method to measure the elasticity of demand is :

Question # 3

Elasticity of demand in case of minor change in price and quantity demand will be .

Question # 4

The elasticity f demand in case of substitute is called.

Question # 5

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 # 6

If price changes by one % and supply changes by 2% then supply is

Question # 7

With a fall in the price of a Giffen good or inferior good its quantity demand will.

Question # 8

It describes the law of supply

Question # 9

The total quantity of a commodity available in or near the market which can be brought for sale at a short notice

Question # 10

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 # 11

Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.

Question # 12

Which one is increasing function of price

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

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

The product which have close substitute their demand is always.

Question # 16

If elasticity of supply is one, supply curve will be

Question # 17

Supply curve will shift when

Question # 18

Which one of the following pairs represent complementary demand for a product.

Question # 19

Who present the Arc Elasticity formula for the measurement of elasticity of demand.

Question # 20

The composite demand for a product is generally:

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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 Long period supply curve is
A. relatively flatter
B. relatively steeper
C. more elastic
D. a and c of above
2 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
3 During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to
A. rightward
B. leftward
C. downward
D. no direction
4 The method to measure the elasticity of demand is :
A. Percentage method
B. Total outlay approach
C. Geometric approch
D. All the three
5 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
6 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
7 The composite demand for a product is generally:
A. Elastic
B. Inelastic
C. Equal to unity
D. Equal to zero
8 If elasticity of supply is one, supply curve will be
A. horizontal
B. vertical
C. passing through origin
D. touching x-axis
9 If a change in demand is brought by a change in income, of demand will be.
A. Income elasticity
B. Price elasticity
C. Cross elasticity
D. Arcelasticity
10 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

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