First Year Economics Chapter 5 Online MCQ Test for 1st Year Economics Chapter 5 (Supply)

This online test contains MCQs about following topics:

Supply Vs Stock,law of Supply ,Changes in Supply,Elasticity of Supply

ICS Part 1 Economics Chapter 5 Test

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ICS Part 1 Economics Chapter Wise Test

MCQ's Test For Chapter 5 "Economics Ics Part 1 English Medium Chapter 5 Online Test"

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Economics Ics Part 1 English Medium Chapter 5 Online Test

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Question # 1

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

Question # 2

The method to measure the elasticity of demand is :

Question # 3

With a fall in the price of a Giffen good or inferior good its quantity demand will.

Question # 4

In case of perfectly elastic demand curve, the demand curve will be parallel to the.

Question # 5

When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.

Question # 6

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 # 7

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

Question # 8

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

Question # 9

The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.

Question # 10

Supply curve

Question # 11

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 # 12

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 # 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

When a supply of a commodity increases without change in price it is called

Question # 15

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 # 16

The elasticity f demand in case of substitute is called.

Question # 17

The method to measure the elasticity of demand by the unitary method was introduced by.

Question # 18

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

Question # 19

It describes the law of supply

Question # 20

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

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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 Long period supply curve is
A. relatively flatter
B. relatively steeper
C. more elastic
D. a and c of above
2 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
3 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
4 Supply curve
A. is vertical in long run
B. is flatter in long run
C. is same in long and short run
D. is horizontal in both short and long run
5 Elasticity of demand in case of minor change in price and quantity demand will be .
A. Income elasticity of demand
B. Cross elasticity of demand
C. Point elasticity of demand
D. Arc elasticity of demand
6 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
A. Perfectly elastic
B. Perfectly inelastic
C. Less elastic
D. More elastic
7 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
8 If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
A. 0.05
B. 10
C. 20
D. indeterminate
9 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
10 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. Product B will go up
B. Product will fall
C. Both the above will take place
D. Nothing will take place

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