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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 one of the following pairs represent complementary demand for a product.
Question # 2
The method to measure the elasticity of demand is :
Question # 3
The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.
Question # 4
Elasticity of demand in case of minor change in price and quantity demand will be .
Question # 5
The product which have close substitute their demand is always.
Question # 6
In case of perfectly elastic demand curve, the demand curve will be parallel to the.
Question # 7
The total quantity of a commodity available in or near the market which can be brought for sale at a short notice
Question # 8
If the price of a product rises, quantity demand if its substitute will.
Question # 9
Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.
Question # 10
What best explains a shift in market supply curve to the right?
Question # 11
The elasticity f demand in case of substitute is called.
Question # 12
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 # 13
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.
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.
Question # 15
It describes the law of supply
Question # 16
Which of the following shifts supply curve of cars to the right
Question # 17
Who present the Arc Elasticity formula for the measurement of elasticity of demand.
Question # 18
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Question # 19
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 20
The composite demand for a product is generally:
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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ICS Part 1 Economics Chapter 5 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 2 | The method to measure the elasticity of demand by the unitary method was introduced by. |
A. Alfred Marshall
B. Robbins
C. Adam Smith
D. Malthus
|
| 3 | An increases in demand would cause supply curve to |
A. shift to the left
B. shift to the right
C. change in slope of supply curve
D. no effect on supply
|
| 4 | 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
|
| 5 | 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
|
| 6 | Supply curve |
A. is vertical in long run
B. is flatter in long run
C. is same in long and short run
D. is horizontal in both short and long run
|
| 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: |
A. Product B will go up
B. Product will fall
C. Both the above will take place
D. Nothing will take place
|
| 8 | It describes the law of supply |
A. supply curve
B. supply schedule
C. supply equation
D. all the three
|
| 9 | 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
|
| 10 | 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
|
Test Questions
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Shahzad
13 Dec 2018Nice