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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
If elasticity of supply is one, supply curve will be
Question # 2
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Question # 3
Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.
Question # 4
If a change in demand is brought by a change in income, of demand will be.
Question # 5
An increases in demand would cause supply curve to
Question # 6
If price changes by one % and supply changes by 2% then supply is
Question # 7
Which one of the following pairs represent complementary demand for a product.
Question # 8
Who present the Arc Elasticity formula for the measurement of elasticity of demand.
Question # 9
During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to
Question # 10
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
Question # 11
When a supply of a commodity increases without change in price it is called
Question # 12
The elasticity f demand in case of substitute is called.
Question # 13
If elasticity of supply is greater than one. supply curve will be
Question # 14
The composite demand for a product is generally:
Question # 15
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 # 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
Supply curve will shift when
Question # 18
In case of perfectly elastic demand curve, the demand curve will be parallel to the.
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
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
ICS Part 1 Economics Chapter 5 MCQs Test
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| Sr.# | Question | Answer |
|---|---|---|
| 1 | Products A and B are substitutes whereas A and C are complement. With a rise in the price of product A, quantity demand of: |
A. Product B will go up
B. Product will fall
C. Both the above will take place
D. Nothing will take place
|
| 2 | The product which have close substitute their demand is always. |
A. More elastic
B. Perfectly elastic
C. Perfectly inelastic
D. Less elastic
|
| 3 | The composite demand for a product is generally: |
A. Elastic
B. Inelastic
C. Equal to unity
D. Equal to zero
|
| 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 | 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
|
| 6 | 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
|
| 7 | Which one is increasing function of price |
A. demand
B. utility
C. supply
D. consumption
|
| 8 | If elasticity of supply is one, supply curve will be |
A. horizontal
B. vertical
C. passing through origin
D. touching x-axis
|
| 9 | 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
|
| 10 | The method to measure the elasticity of demand by the unitary method was introduced by. |
A. Alfred Marshall
B. Robbins
C. Adam Smith
D. Malthus
|
| 11 | 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. |
A. Equal to unity
B. Greater than unity
C. Less than unity
D. Equal to zero
|
| 12 | The quantities of a commodity offered for sale at different prices during a given period of time are called |
A. Supply
B. Demand
C. Stock
D. None of these
|
| 13 | The method to measure the elasticity of demand is : |
A. Percentage method
B. Total outlay approach
C. Geometric approch
D. All the three
|
| 14 | 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
|
| 15 | If elasticity of supply is greater than one. supply curve will be |
A. horizontal
B. vertical
C. passing through origin
D. touching y-axis
|
| 16 | 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
|
| 17 | The total quantity of a commodity available in or near the market which can be brought for sale at a short notice |
A. Stock
B. Supply
C. Demand
D. None of these
|
| 18 | 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
|
| 19 | Long period supply curve is |
A. relatively flatter
B. relatively steeper
C. more elastic
D. a and c of above
|
| 20 | Supply curve will shift when |
A. price falls
B. price rises
C. demand shifts
D. technology changes
|
Test Questions
