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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 of a commodity means
Question # 2
The demand for a product is inelastic. In order to increase government revenue, the finance minister will :
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
During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to
Question # 5
Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.
Question # 6
It describes the law of supply
Question # 7
Supply curve will shift when
Question # 8
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 # 9
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 # 10
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
Question # 11
The composite demand for a product is generally:
Question # 12
When a supply of a commodity increases without change in price it is called
Question # 13
Elasticity of demand in case of minor change in price and quantity demand will be .
Question # 14
In case of perfectly elastic demand curve, the demand curve will be parallel to the.
Question # 15
The elasticity f demand in case of substitute is called.
Question # 16
If elasticity of supply is greater than one. supply curve will be
Question # 17
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 # 18
The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.
Question # 19
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 # 20
Supply curve
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 | 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
|
| 2 | Who present the Arc Elasticity formula for the measurement of elasticity of demand. |
A. R.G.D Allen
B. Pareto
C. J.R. Hicks
D. Robbins
|
| 3 | The method to measure the elasticity of demand is : |
A. Percentage method
B. Total outlay approach
C. Geometric approch
D. All the three
|
| 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 | It describes the law of supply |
A. supply curve
B. supply schedule
C. supply equation
D. all the three
|
| 6 | 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
|
| 7 | The composite demand for a product is generally: |
A. Elastic
B. Inelastic
C. Equal to unity
D. Equal to zero
|
| 8 | The demand for a product is inelastic. In order to increase government revenue, the finance minister will : |
A. Lower down the tax rate
B. Increase the tax rate
C. Not change the tax rate
D. Double the tax rate
|
| 9 | 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
|
| 10 | 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
|
Test Questions
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Shahzad
13 Dec 2018Nice