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 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 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
3 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
4 The total quantity of a commodity available in or near the market which can be brought for sale at a short notice
  • A. Stock
  • B. Supply
  • C. Demand
  • D. None of these
5 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
6 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
7 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
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 price quantity demand changes in such a way that total expenditure of the consumer remain constant, elasticity of demand will be.
  • A. Equal to unity
  • B. Greater than unity
  • C. Less than unity
  • D. Equal to zero
10 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

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    Shahzad

    13 Dec 2018

    Nice

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