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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
Which one of the following pairs represent complementary demand for a product.
Question # 2
The method to measure the elasticity of demand by the unitary method was introduced by.
Question # 3
It describes the law of supply
Question # 4
Which of the following shifts supply curve of cars to the right
Question # 5
If elasticity of supply is one, supply curve will be
Question # 6
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 7
If the price of a product rises, quantity demand if its substitute will.
Question # 8
Who present the Arc Elasticity formula for the measurement of elasticity of demand.
Question # 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:
Question # 10
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 # 11
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Question # 12
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
Question # 13
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 # 14
Supply of a commodity means
Question # 15
The composite demand for a product is generally:
Question # 16
If price changes by one % and supply changes by 2% then supply is
Question # 17
With a fall in the price of a Giffen good or inferior good its quantity demand will.
Question # 18
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 # 19
In case of perfectly elastic demand curve, the demand curve will be parallel to the.
Question # 20
If elasticity of supply is greater than one. supply curve will be
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 | 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
|
| 2 | 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
|
| 3 | Long period supply curve is |
A. relatively flatter
B. relatively steeper
C. more elastic
D. a and c of above
|
| 4 | If elasticity of supply is greater than one. supply curve will be |
A. horizontal
B. vertical
C. passing through origin
D. touching y-axis
|
| 5 | 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
|
| 6 | If the price of a product rises, quantity demand if its substitute will. |
A. Fall
B. Rise
C. Remain unchanged
D. Fluctuate
|
| 7 | 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
|
| 8 | 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
|
| 9 | 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
|
| 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