11th class Economics chapter 5 online mcq test with answers for ICS part 1 Economics chapter 5 (Supply)

Question # 1

In case of perfectly elastic demand curve, the demand curve will be parallel to the.

Horizontal Axis A
Vertical Axis B
None of the above C

Question # 2

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

R.G.D Allen A
Pareto B
J.R. Hicks C
Robbins D

Question # 3

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

elastic A
inelastic B
indeterminate C
static D

Question # 4

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

Increase A
Falls B
Remains the same C
None of the three D

Question # 5

When a supply of a commodity increases without change in price it is called

fall in supply A
expansion in supply B
contraction in supply in C
rise in supply D

Question # 6

In case of perfectly elastic demand curve, the demand curve will be parallel to the :

Horizontal axis A
Vertical Axis B
None of the above C

Question # 7

Supply curve will shift when

price falls A
price rises B
demand shifts C
technology changes D

Question # 8

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

Tea & coffe A
Butter & Margarine B
Shirt & shoes C
Shirt & trouser D

Question # 9

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

rightward A
leftward B
downward C
no direction D

Question # 10

The product which have close substitute their demand is always.

More elastic A
Perfectly elastic B
Perfectly inelastic C
Less elastic D

Question # 11

If a change in demand is brought by a change in income, of demand will be.

Income elasticity A
Price elasticity B
Cross elasticity C
Arcelasticity D

Question # 12

If elasticity of supply is one, supply curve will be

horizontal A
vertical B
passing through origin C
touching x-axis D

Question # 13

The demand for a product is inelastic. In order to increase government revenue, the finance minister will :

Lower down the tax rate A
Increase the tax rate B
Not change the tax rate C
Double the tax rate D

Question # 14

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.

2.5 A
0.5 B
1.5 C
3.5 D

Question # 15

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

Fall A
Rise B
Remain unchanged C
None of three D

Question # 16

Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called

Law of Supply A
Law of Demand B
Law of equilibrium C
None of these D

Question # 17

The elasticity f demand in case of substitute is called.

Income elasticity of demand A
Priceelasticity of demand B
Crosselasticity of demand C
None of the three D

Question # 18

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

Supply A
Demand B
Stock C
None of these D

Question # 19

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.

Equal to unity A
Greater than unity B
Less than unity C
Equal to zero D

Question # 20

Which of the following shifts supply curve of cars to the right

tax on new cars A
increase in wages of workers B
decrease in steel price C
a successful promotion campaign by sellers D

Sr.#	Question	Answer
1	The composite demand for a product is generally:	A. Elastic B. Inelastic C. Equal to unity D. Equal to zero
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	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
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 elasticity of supply is one, supply curve will be	A. horizontal B. vertical C. passing through origin D. touching x-axis
6	If price changes by one % and supply changes by 2% then supply is	A. elastic B. inelastic C. indeterminate D. static
7	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
8	The quantities of a commodity offered for sale at different prices during a given period of time are called	A. Supply B. Demand C. Stock D. None of these
9	If elasticity of supply is greater than one. supply curve will be	A. horizontal B. vertical C. passing through origin D. touching y-axis
10	With a fall in the price of a Giffen good or inferior good its quantity demand will.	A. Fall B. Rise C. Remain unchanged D. None of three

Latest Educational News Stories

Pakistan's Largest Database of Colleges and Universities

BS Programs

University Past Papers

University Results

Exam Results 2024

Study Abroad Programs and Opportunities for Pakistani Students

First Year Economics Chapter 5 Online MCQ Test for 1st Year Economics Chapter 5 (Supply)

ICS Part 1 Economics Chapter 5 Test

ICS Part 1 Economics Chapter Wise Test

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

Economics Ics Part 1 English Medium Chapter 5 Online Test

In case of perfectly elastic demand curve, the demand curve will be parallel to the.

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

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

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

When a supply of a commodity increases without change in price it is called

In case of perfectly elastic demand curve, the demand curve will be parallel to the :

Supply curve will shift when

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

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

The product which have close substitute their demand is always.

If a change in demand is brought by a change in income, of demand will be.

If elasticity of supply is one, supply curve will be

The demand for a product is inelastic. In order to increase government revenue, the finance minister will :

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.

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

Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called

The elasticity f demand in case of substitute is called.

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

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.

Which of the following shifts supply curve of cars to the right

Prepare Complete Set Wise Chapter 5 "Economics Ics Part 1 English Medium Chapter 5 Online Test" MCQs Online With Answers

Set 1

Set 2

Set 3

Topic Test

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

Test Questions

Is this page helpful?