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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
Supply of a commodity means
Question # 2
In case of perfectly elastic demand curve, the demand curve will be parallel to the.
Question # 3
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Question # 4
Which of the following shifts supply curve of cars to the right
Question # 5
During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to
Question # 6
The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.
Question # 7
Supply curve
Question # 8
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called
Question # 9
The method to measure the elasticity of demand is :
Question # 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:
Question # 11
If the price of a product rises, quantity demand if its substitute will.
Question # 12
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 # 13
It describes the law of supply
Question # 14
If a change in demand is brought by a change in income, of demand will be.
Question # 15
Elasticity of demand in case of minor change in price and quantity demand will be .
Question # 16
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 17
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 # 18
When a supply of a commodity increases without change in price it is called
Question # 19
The elasticity f demand in case of substitute is called.
Question # 20
With a fall in the price of a Giffen good or inferior good its quantity demand will.
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 -
H hamza abid 02 - Sep - 2021 10 Min 50 Sec 16/20 -
M M Akram 11 - Aug - 2021 04 Min 11 Sec 15/20 -
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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 | 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
|
| 2 | It describes the law of supply |
A. supply curve
B. supply schedule
C. supply equation
D. all the three
|
| 3 | The method to measure the elasticity of demand is : |
A. Percentage method
B. Total outlay approach
C. Geometric approch
D. All the three
|
| 4 | 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
|
| 5 | 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
|
| 6 | 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
|
| 7 | 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
|
| 8 | If elasticity of supply is one, supply curve will be |
A. horizontal
B. vertical
C. passing through origin
D. touching x-axis
|
| 9 | Supply curve will shift when |
A. price falls
B. price rises
C. demand shifts
D. technology changes
|
| 10 | The product which have close substitute their demand is always. |
A. More elastic
B. Perfectly elastic
C. Perfectly inelastic
D. Less elastic
|
Test Questions