Home
News
Colleges
Courses
Admission
Lectures
Online Test
Past Papers
Date Sheets
Results
Study Abroad
Jobs
Tutors
More
Apps
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"
-
Total Questions20
-
Time Allowed30
Economics Ics Part 1 English Medium Chapter 5 Online Test
00:00
Question # 1
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
Question # 2
When a supply of a commodity increases without change in price it is called
Question # 3
Supply curve will shift when
Question # 4
Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.
Question # 5
The total quantity of a commodity available in or near the market which can be brought for sale at a short notice
Question # 6
Supply of a commodity means
Question # 7
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 # 8
With a fall in the price of a Giffen good or inferior good its quantity demand will.
Question # 9
The product which have close substitute their demand is always.
Question # 10
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Question # 11
Which one of the following pairs represent complementary demand for a product.
Question # 12
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 # 13
If a change in demand is brought by a change in income, of demand will be.
Question # 14
Supply curve
Question # 15
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
Question # 16
It describes the law of supply
Question # 17
Which one is increasing function of price
Question # 18
What best explains a shift in market supply curve to the right?
Question # 19
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 # 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
Top Scorers Of Chapter 5 "Economics Ics Part 1 English Medium Chapter 5 Online Test" MCQ`s Test
-
A Anum Fatima 19 - Jun - 2023 00 Min 15 Sec 20/20 -
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 -
Q Qazi Mohid 10 - Jun - 2026 11 Min 20 Sec 16/20 -
M M Akram 11 - Aug - 2021 04 Min 11 Sec 15/20 -
Z zainab nouman 18 - Apr - 2024 04 Min 46 Sec 15/20 -
H Hanif Wazir 30 - May - 2022 05 Min 29 Sec 15/20 -
N Naveera 02 - Jun - 2021 07 Min 28 Sec 15/20 -
S Samar 26 - Jun - 2021 10 Min 14 Sec 15/20 -
T Tazmeen Afaq 08 - Aug - 2023 06 Min 42 Sec 14/20 -
Z Zaina Ch 10 - May - 2024 00 Min 10 Sec 12/20 -
D Duaa 22 - Nov - 2021 03 Min 52 Sec 12/20 -
E ekta 05 - Aug - 2021 04 Min 00 Sec 12/20
ICS Part 1 Economics Chapter 5 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 2 | If elasticity of supply is greater than one. supply curve will be |
A. horizontal
B. vertical
C. passing through origin
D. touching y-axis
|
| 3 | 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
|
| 4 | 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
|
| 5 | 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
|
| 6 | 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
|
| 7 | In case of perfectly elastic demand curve, the demand curve will be parallel to the. |
A. Horizontal Axis
B. Vertical Axis
C. None of the above
|
| 8 | If the price of a product rises, quantity demand if its substitute will. |
A. Fall
B. Rise
C. Remain unchanged
D. Fluctuate
|
| 9 | The method to measure the elasticity of demand is : |
A. Percentage method
B. Total outlay approach
C. Geometric approch
D. All the three
|
| 10 | 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 |
A. Perfectly elastic
B. Perfectly inelastic
C. Less elastic
D. More elastic
|
Test Questions