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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
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
Question # 2
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 3
Which of the following shifts supply curve of cars to the right
Question # 4
If elasticity of supply is greater than one. supply curve will be
Question # 5
The elasticity f demand in case of substitute is called.
Question # 6
It describes the law of supply
Question # 7
The demand for a product is inelastic. In order to increase government revenue, the finance minister will :
Question # 8
Long period supply curve is
Question # 9
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Question # 10
Supply curve will shift when
Question # 11
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 # 12
What best explains a shift in market supply curve to the right?
Question # 13
An increases in demand would cause supply curve to
Question # 14
Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.
Question # 15
The product which have close substitute their demand is always.
Question # 16
Which one is increasing function of price
Question # 17
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
Question # 18
When a supply of a commodity increases without change in price it is called
Question # 19
Which one of the following pairs represent complementary demand for a product.
Question # 20
Supply curve
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 | 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
|
| 3 | If elasticity of supply is one, supply curve will be |
A. horizontal
B. vertical
C. passing through origin
D. touching x-axis
|
| 4 | The method to measure the elasticity of demand is : |
A. Percentage method
B. Total outlay approach
C. Geometric approch
D. All the three
|
| 5 | 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
|
| 6 | 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
|
| 7 | 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
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| 8 | 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
|
| 9 | Which one of the following pairs represent complementary demand for a product. |
A. Tea & coffe
B. Butter & Margarine
C. Shirt & shoes
D. Shirt & trouser
|
| 10 | With a fall in the price of a Giffen good or inferior good its quantity demand will. |
A. Fall
B. Rise
C. Remain unchanged
D. None of three
|
Test Questions
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Shahzad
13 Dec 2018Nice