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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
Who present the Arc Elasticity formula for the measurement of elasticity of demand.
Question # 2
The product which have close substitute their demand is always.
Question # 3
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
Question # 4
Which of the following shifts supply curve of cars to the right
Question # 5
With a fall in the price of a Giffen good or inferior good its quantity demand will.
Question # 6
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called
Question # 7
If elasticity of supply is one, supply curve will be
Question # 8
Which one is increasing function of price
Question # 9
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 # 10
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 11
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Question # 12
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 # 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
Which one of the following pairs represent complementary demand for a product.
Question # 16
Supply of a commodity means
Question # 17
Long period supply curve is
Question # 18
The composite demand for a product is generally:
Question # 19
If a change in demand is brought by a change in income, of demand will be.
Question # 20
An increases in demand would cause supply curve to
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 | 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
|
| 2 | 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
|
| 3 | 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
|
| 4 | Supply curve will shift when |
A. price falls
B. price rises
C. demand shifts
D. technology changes
|
| 5 | 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
|
| 6 | The method to measure the elasticity of demand is : |
A. Percentage method
B. Total outlay approach
C. Geometric approch
D. All the three
|
| 7 | 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
|
| 8 | The composite demand for a product is generally: |
A. Elastic
B. Inelastic
C. Equal to unity
D. Equal to zero
|
| 9 | 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
|
| 10 | The elasticity f demand in case of substitute is called. |
A. Income elasticity of demand
B. Priceelasticity of demand
C. Crosselasticity of demand
D. None of the three
|
Test Questions
