5th Chapter

ICS Part 1 Economics Chapter 5 MCQs Test

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

Sr. # Questions Answers Choice
1 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
2 In case of perfectly elastic demand curve, the demand curve will be parallel to the :
  • A. Horizontal axis
  • B. Vertical Axis
  • C. None of the above
3 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
4 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.
  • A. 2.5
  • B. 0.5
  • C. 1.5
  • D. 3.5
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 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
7 It describes the law of supply
  • A. supply curve
  • B. supply schedule
  • C. supply equation
  • D. all the three
8 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
9 What best explains a shift in market supply curve to the right?
  • A. an advertising campaign is successful in promoting the good
  • B. a new technique makes it cheaper to produce the good
  • C. the government introduces a tax on the good
  • D. the price of raw materials increases
10 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

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  • S

    Shahzad

    13 Dec 2018

    Nice

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