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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
Supply curve will shift when
Question # 2
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
Question # 3
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called
Question # 4
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
Question # 5
If the price of a product rises, quantity demand if its substitute will.
Question # 6
With a fall in the price of a Giffen good or inferior good its quantity demand will.
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
When a supply of a commodity increases without change in price it is called
Question # 9
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 # 10
The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.
Question # 11
The composite demand for a product is generally:
Question # 12
The method to measure the elasticity of demand is :
Question # 13
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 14
Which one of the following pairs represent complementary demand for a product.
Question # 15
It describes the law of supply
Question # 16
Supply curve
Question # 17
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 # 18
The elasticity f demand in case of substitute is called.
Question # 19
In case of perfectly elastic demand curve, the demand curve will be parallel to the.
Question # 20
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.
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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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 -
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 -
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 | 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
|
| 2 | Supply of a commodity means |
A. willingness to sell a certain quantity
B. physical stocks available
C. planned production
D. total production in a given period
|
| 3 | The composite demand for a product is generally: |
A. Elastic
B. Inelastic
C. Equal to unity
D. Equal to zero
|
| 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: |
A. Equal to unity
B. Lass than unity
C. Greater than unity
D. Equal to zero
|
| 5 | Long period supply curve is |
A. relatively flatter
B. relatively steeper
C. more elastic
D. a and c of above
|
| 6 | 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
|
| 7 | Which one is increasing function of price |
A. demand
B. utility
C. supply
D. consumption
|
| 8 | 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
|
| 9 | 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
|
| 10 | 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
|
Test Questions