5th Chapter

ICS Part 1 Economics Chapter 5 MCQs Test

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

Sr. # Questions Answers Choice
1 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
2 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
3 If price changes by one % and supply changes by 2% then supply is
  • A. elastic
  • B. inelastic
  • C. indeterminate
  • D. static
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 Long period supply curve is
  • A. relatively flatter
  • B. relatively steeper
  • C. more elastic
  • D. a and c of above
6 Which one is increasing function of price
  • A. demand
  • B. utility
  • C. supply
  • D. consumption
7 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
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 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
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

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  • S

    Shahzad

    13 Dec 2018

    Nice

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