11th class Economics chapter 5 online mcq test with answers for ICS part 1 Economics chapter 5 (Supply)

Question # 1

If price changes by one % and supply changes by 2% then supply is

elastic A
inelastic B
indeterminate C
static D

Question # 2

Supply curve will shift when

price falls A
price rises B
demand shifts C
technology changes D

Question # 3

If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is

0.05 A
10 B
20 C
indeterminate D

Question # 4

The elasticity f demand in case of substitute is called.

Income elasticity of demand A
Priceelasticity of demand B
Crosselasticity of demand C
None of the three D

Question # 5

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

Perfectly elastic A
Perfectly inelastic B
Less elastic C
More elastic D

Question # 6

Products A and B are substitutes whereas A and C are complement. With a rise in the price of product A, quantity demand of:

Product B will go up A
Product will fall B
Both the above will take place C
Nothing will take place D

Question # 7

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

Supply A
Demand B
Stock C
None of these D

Question # 8

What best explains a shift in market supply curve to the right?

an advertising campaign is successful in promoting the good A
a new technique makes it cheaper to produce the good B
the government introduces a tax on the good C
the price of raw materials increases D

Question # 9

The demand for a product is inelastic. In order to increase government revenue, the finance minister will :

Lower down the tax rate A
Increase the tax rate B
Not change the tax rate C
Double the tax rate D

Question # 10

Who present the Arc Elasticity formula for the measurement of elasticity of demand.

R.G.D Allen A
Pareto B
J.R. Hicks C
Robbins D

Question # 11

The price of a product double due to which its quantity demand falls to one half. The elasticity of demand for product will be:

Equal to unity A
Lass than unity B
Greater than unity C
Equal to zero D

Question # 12

The product which have close substitute their demand is always.

More elastic A
Perfectly elastic B
Perfectly inelastic C
Less elastic D

Question # 13

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.

Equal to unity A
Greater than unity B
Less than unity C
Equal to zero D

Question # 14

Supply of a commodity means

willingness to sell a certain quantity A
physical stocks available B
planned production C
total production in a given period D

Question # 15

Which one of the following pairs represent complementary demand for a product.

Tea & coffe A
Butter & Margarine B
Shirt & shoes C
Shirt & trouser D

Question # 16

Elasticity of demand in case of minor change in price and quantity demand will be .

Income elasticity of demand A
Cross elasticity of demand B
Point elasticity of demand C
Arc elasticity of demand D

Question # 17

Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.

Increase A
Falls B
Remains the same C
None of the three D

Question # 18

Supply curve

is vertical in long run A
is flatter in long run B
is same in long and short run C
is horizontal in both short and long run D

Question # 19

If the price of a product rises, quantity demand if its substitute will.

Fall A
Rise B
Remain unchanged C
Fluctuate D

Question # 20

Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called

Law of Supply A
Law of Demand B
Law of equilibrium C
None of these D

Sr.#	Question	Answer
1	The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.	A. Fall B. Rise C. Remain the same D. Fluctuate
2	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	A. Supply B. Demand C. Stock D. None of these
3	Long period supply curve is	A. relatively flatter B. relatively steeper C. more elastic D. a and c of above
4	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
5	If elasticity of supply is greater than one. supply curve will be	A. horizontal B. vertical C. passing through origin D. touching y-axis
6	The product which have close substitute their demand is always.	A. More elastic B. Perfectly elastic C. Perfectly inelastic D. Less elastic
7	Supply curve will shift when	A. price falls B. price rises C. demand shifts D. technology changes
8	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
9	The method to measure the elasticity of demand is :	A. Percentage method B. Total outlay approach C. Geometric approch D. All the three
10	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

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Economics Ics Part 1 English Medium Chapter 5 Online Test

If price changes by one % and supply changes by 2% then supply is

Supply curve will shift when

If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is

The elasticity f demand in case of substitute is called.

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

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 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

What best explains a shift in market supply curve to the right?

The demand for a product is inelastic. In order to increase government revenue, the finance minister will :

Who present the Arc Elasticity formula for the measurement of elasticity of demand.

The price of a product double due to which its quantity demand falls to one half. The elasticity of demand for product will be:

The product which have close substitute their demand is always.

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.

Supply of a commodity means

Which one of the following pairs represent complementary demand for a product.

Elasticity of demand in case of minor change in price and quantity demand will be .

Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.

Supply curve

If the price of a product rises, quantity demand if its substitute will.

Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called

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