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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
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
Question # 2
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 # 3
If the price of a product rises, quantity demand if its substitute will.
Question # 4
If a change in demand is brought by a change in income, of demand will be.
Question # 5
It describes the law of supply
Question # 6
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Question # 7
Supply curve
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
The total quantity of a commodity available in or near the market which can be brought for sale at a short notice
Question # 10
The elasticity f demand in case of substitute is called.
Question # 11
An increases in demand would cause supply curve to
Question # 12
The composite demand for a product is generally:
Question # 13
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 14
Elasticity of demand in case of minor change in price and quantity demand will be .
Question # 15
Which of the following shifts supply curve of cars to the right
Question # 16
With a fall in the price of a Giffen good or inferior good its quantity demand will.
Question # 17
Products A and B are substitutes whereas A and C are complement. With a rise in the price of product A, quantity demand of:
Question # 18
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
Question # 19
Long period supply curve is
Question # 20
Who present the Arc Elasticity formula for the measurement of elasticity of demand.
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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E ekta 05 - Aug - 2021 04 Min 00 Sec 12/20
ICS Part 1 Economics Chapter 5 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 2 | Which one is increasing function of price |
A. demand
B. utility
C. supply
D. consumption
|
| 3 | 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
|
| 4 | 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
|
| 5 | 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
|
| 6 | 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
|
| 7 | 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
|
| 8 | If price changes by one % and supply changes by 2% then supply is |
A. elastic
B. inelastic
C. indeterminate
D. static
|
| 9 | 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
|
| 10 | 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
|
Test Questions
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Shahzad
13 Dec 2018Nice