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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
The total quantity of a commodity available in or near the market which can be brought for sale at a short notice
Question # 2
If price changes by one % and supply changes by 2% then supply is
Question # 3
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 4
If elasticity of supply is greater than one. supply curve will be
Question # 5
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
Question # 6
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 # 7
It describes the law of supply
Question # 8
With a fall in the price of a Giffen good or inferior good its quantity demand will.
Question # 9
What best explains a shift in market supply curve to the right?
Question # 10
The method to measure the elasticity of demand by the unitary method was introduced by.
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
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called
Question # 13
The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.
Question # 14
If elasticity of supply is one, supply curve will be
Question # 15
If the price of a product rises, quantity demand if its substitute will.
Question # 16
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
Question # 17
If a change in demand is brought by a change in income, of demand will be.
Question # 18
Supply curve
Question # 19
The method to measure the elasticity of demand is :
Question # 20
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.
ICS Part 1 Economics Chapter 5 MCQs Test
Top Scorers Of Chapter 5 "Economics Ics Part 1 English Medium Chapter 5 Online Test" MCQ`s Test
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L Laiba Muqaddas 26 - Jul - 2024 04 Min 11 Sec 18/20 -
R romana 23 - Jun - 2021 08 Min 00 Sec 18/20 -
A Ali Hassan 10 - Sep - 2022 03 Min 38 Sec 17/20 -
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M M Akram 11 - Aug - 2021 04 Min 11 Sec 15/20 -
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E ekta 05 - Aug - 2021 04 Min 00 Sec 12/20 -
M M.Attiq-U-Rehman 24 - Nov - 2023 04 Min 03 Sec 12/20
ICS Part 1 Economics Chapter 5 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | If elasticity of supply is one, supply curve will be |
A. horizontal
B. vertical
C. passing through origin
D. touching x-axis
|
| 2 | The price of a product double due to which its quantity demand falls to one half. The elasticity of demand for product will be: |
A. Equal to unity
B. Lass than unity
C. Greater than unity
D. Equal to zero
|
| 3 | Which one of the following pairs represent complementary demand for a product. |
A. Tea & coffe
B. Butter & Margarine
C. Shirt & shoes
D. Shirt & trouser
|
| 4 | Long period supply curve is |
A. relatively flatter
B. relatively steeper
C. more elastic
D. a and c of above
|
| 5 | 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
|
| 6 | 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
|
| 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 |
A. Supply
B. Demand
C. Stock
D. None of these
|
| 8 | The method to measure the elasticity of demand is : |
A. Percentage method
B. Total outlay approach
C. Geometric approch
D. All the three
|
| 9 | If price changes by one % and supply changes by 2% then supply is |
A. elastic
B. inelastic
C. indeterminate
D. static
|
| 10 | 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
|
Test Questions
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Shahzad
13 Dec 2018Nice