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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
An increases in demand would cause supply curve to
Question # 2
The method to measure the elasticity of demand by the unitary method was introduced by.
Question # 3
If a change in demand is brought by a change in income, of demand will be.
Question # 4
What best explains a shift in market supply curve to the right?
Question # 5
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 # 6
Long period supply curve is
Question # 7
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.
Question # 8
Supply curve will shift when
Question # 9
It describes the law of supply
Question # 10
The product which have close substitute their demand is always.
Question # 11
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 # 12
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Question # 13
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 # 14
Supply curve
Question # 15
Supply of a commodity means
Question # 16
Which one of the following pairs represent complementary demand for a product.
Question # 17
The elasticity f demand in case of substitute is called.
Question # 18
If the price of a product rises, quantity demand if its substitute will.
Question # 19
Who present the Arc Elasticity formula for the measurement of elasticity of demand.
Question # 20
When a supply of a commodity increases without change in price it is called
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 | If elasticity of supply is greater than one. supply curve will be |
A. horizontal
B. vertical
C. passing through origin
D. touching y-axis
|
| 2 | 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
|
| 3 | The method to measure the elasticity of demand is : |
A. Percentage method
B. Total outlay approach
C. Geometric approch
D. All the three
|
| 4 | 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
|
| 5 | 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
|
| 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 | Who present the Arc Elasticity formula for the measurement of elasticity of demand. |
A. R.G.D Allen
B. Pareto
C. J.R. Hicks
D. Robbins
|
| 8 | Which one of the following pairs represent complementary demand for a product. |
A. Tea & coffe
B. Butter & Margarine
C. Shirt & shoes
D. Shirt & trouser
|
| 9 | If the price of a product rises, quantity demand if its substitute will. |
A. Fall
B. Rise
C. Remain unchanged
D. Fluctuate
|
| 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