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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
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 # 2
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
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
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 # 5
Which of the following shifts supply curve of cars to the right
Question # 6
Supply curve will shift when
Question # 7
If a change in demand is brought by a change in income, of demand will be.
Question # 8
Long period supply curve is
Question # 9
Who present the Arc Elasticity formula for the measurement of elasticity of demand.
Question # 10
Elasticity of demand in case of minor change in price and quantity demand will be .
Question # 11
Which one is increasing function of price
Question # 12
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 13
Supply curve
Question # 14
The elasticity f demand in case of substitute is called.
Question # 15
It describes the law of supply
Question # 16
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 # 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
When a supply of a commodity increases without change in price it is called
Question # 19
The demand for a product is inelastic. In order to increase government revenue, the finance minister will :
Question # 20
The total quantity of a commodity available in or near the market which can be brought for sale at a short notice
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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M M.Attiq-U-Rehman 24 - Nov - 2023 04 Min 03 Sec 12/20
ICS Part 1 Economics Chapter 5 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 2 | 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
|
| 3 | 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
|
| 4 | 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
|
| 5 | If a change in demand is brought by a change in income, of demand will be. |
A. Income elasticity
B. Price elasticity
C. Cross elasticity
D. Arcelasticity
|
| 6 | Supply curve will shift when |
A. price falls
B. price rises
C. demand shifts
D. technology changes
|
| 7 | It describes the law of supply |
A. supply curve
B. supply schedule
C. supply equation
D. all the three
|
| 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 | 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
|
| 10 | Long period supply curve is |
A. relatively flatter
B. relatively steeper
C. more elastic
D. a and c of above
|
Test Questions
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Shahzad
13 Dec 2018Nice