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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
What best explains a shift in market supply curve to the right?
Question # 2
If elasticity of supply is greater than one. supply curve will be
Question # 3
If price changes by one % and supply changes by 2% then supply is
Question # 4
The method to measure the elasticity of demand by the unitary method was introduced by.
Question # 5
The elasticity f demand in case of substitute is called.
Question # 6
Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.
Question # 7
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called
Question # 8
The price of a product double due to which its quantity demand falls to one half. The elasticity of demand for product will be:
Question # 9
Which of the following shifts supply curve of cars to the right
Question # 10
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
Question # 11
Supply curve will shift when
Question # 12
If elasticity of supply is one, supply curve will be
Question # 13
Who present the Arc Elasticity formula for the measurement of elasticity of demand.
Question # 14
The method to measure the elasticity of demand is :
Question # 15
When a supply of a commodity increases without change in price it is called
Question # 16
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Question # 17
Supply of a commodity means
Question # 18
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 19
Supply curve
Question # 20
It describes the law of supply
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 | 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 |
A. Supply
B. Demand
C. Stock
D. None of these
|
| 2 | Elasticity of demand in case of minor change in price and quantity demand will be . |
A. Income elasticity of demand
B. Cross elasticity of demand
C. Point elasticity of demand
D. Arc elasticity of demand
|
| 3 | 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
|
| 4 | The demand for a product is inelastic. In order to increase government revenue, the finance minister will : |
A. Lower down the tax rate
B. Increase the tax rate
C. Not change the tax rate
D. Double the tax rate
|
| 5 | Which one is increasing function of price |
A. demand
B. utility
C. supply
D. consumption
|
| 6 | Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called |
A. Law of Supply
B. Law of Demand
C. Law of equilibrium
D. None of these
|
| 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 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. |
A. 2.5
B. 0.5
C. 1.5
D. 3.5
|
| 9 | 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
|
| 10 | 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
|
Test Questions
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Shahzad
13 Dec 2018Nice