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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
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 2
If elasticity of supply is greater than one. supply curve will be
Question # 3
Which of the following shifts supply curve of cars to the right
Question # 4
With a fall in the price of a Giffen good or inferior good its quantity demand will.
Question # 5
It describes the law of supply
Question # 6
If the price of a product rises, quantity demand if its substitute will.
Question # 7
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 # 8
Supply curve
Question # 9
The method to measure the elasticity of demand is :
Question # 10
Long period supply curve is
Question # 11
During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to
Question # 12
When a supply of a commodity increases without change in price it is called
Question # 13
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Question # 14
The demand for a product is inelastic. In order to increase government revenue, the finance minister will :
Question # 15
The product which have close substitute their demand is always.
Question # 16
The method to measure the elasticity of demand by the unitary method was introduced by.
Question # 17
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 # 18
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 # 19
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
Question # 20
Which one is increasing function of price
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 | 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
|
| 2 | 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
|
| 3 | It describes the law of supply |
A. supply curve
B. supply schedule
C. supply equation
D. all the three
|
| 4 | Supply curve will shift when |
A. price falls
B. price rises
C. demand shifts
D. technology changes
|
| 5 | 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
|
| 6 | 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
|
| 7 | 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
|
| 8 | 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
|
| 9 | 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
|
| 10 | 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
|
Test Questions