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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 of the following shifts supply curve of cars to the right
Question # 2
In case of perfectly elastic demand curve, the demand curve will be parallel to the.
Question # 3
The elasticity f demand in case of substitute is called.
Question # 4
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 # 5
Supply of a commodity means
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
If the price of a product rises, quantity demand if its substitute will.
Question # 8
The demand for a product is inelastic. In order to increase government revenue, the finance minister will :
Question # 9
When a supply of a commodity increases without change in price it is called
Question # 10
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
Question # 11
If price changes by one % and supply changes by 2% then supply is
Question # 12
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Question # 13
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 # 14
Supply curve
Question # 15
Elasticity of demand in case of minor change in price and quantity demand will be .
Question # 16
An increases in demand would cause supply curve to
Question # 17
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called
Question # 18
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 19
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 # 20
The method to measure the elasticity of demand by the unitary method was introduced by.
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 -
H hamza abid 02 - Sep - 2021 10 Min 50 Sec 16/20 -
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 | Long period supply curve is |
A. relatively flatter
B. relatively steeper
C. more elastic
D. a and c of above
|
| 2 | 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
|
| 3 | 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
|
| 4 | 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
|
| 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 | 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
|
| 7 | Supply curve will shift when |
A. price falls
B. price rises
C. demand shifts
D. technology changes
|
| 8 | It describes the law of supply |
A. supply curve
B. supply schedule
C. supply equation
D. all the three
|
| 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 | If elasticity of supply is greater than one. supply curve will be |
A. horizontal
B. vertical
C. passing through origin
D. touching y-axis
|
Test Questions
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Shahzad
13 Dec 2018Nice