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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
Which of the following shifts supply curve of cars to the right
Question # 2
In case of perfectly elastic demand curve, the demand curve will be parallel to the.
Question # 3
With a fall in the price of a Giffen good or inferior good its quantity demand will.
Question # 4
The method to measure the elasticity of demand is :
Question # 5
The composite demand for a product is generally:
Question # 6
Elasticity of demand in case of minor change in price and quantity demand will be .
Question # 7
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 # 8
The elasticity f demand in case of substitute is called.
Question # 9
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 # 10
It describes the law of supply
Question # 11
Supply of a commodity means
Question # 12
An increases in demand would cause supply curve to
Question # 13
Which one is increasing function of price
Question # 14
What best explains a shift in market supply curve to the right?
Question # 15
Supply curve
Question # 16
Which one of the following pairs represent complementary demand for a product.
Question # 17
The total quantity of a commodity available in or near the market which can be brought for sale at a short notice
Question # 18
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 # 19
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 20
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
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 | When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be. |
A. Equal to unity
B. Less than unity
C. Greater than unity
D. Equal to zero
|
| 2 | 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
|
| 3 | If elasticity of supply is one, supply curve will be |
A. horizontal
B. vertical
C. passing through origin
D. touching x-axis
|
| 4 | 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
|
| 5 | 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
|
| 6 | If the price of a product rises, quantity demand if its substitute will. |
A. Fall
B. Rise
C. Remain unchanged
D. Fluctuate
|
| 7 | Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer. |
A. Increase
B. Falls
C. Remains the same
D. None of the three
|
| 8 | If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is |
A. 0.05
B. 10
C. 20
D. indeterminate
|
| 9 | 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
|
| 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. |
A. 2.5
B. 0.5
C. 1.5
D. 3.5
|
Test Questions
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Shahzad
13 Dec 2018Nice