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5th Chapter

## 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

Start Chapter 5 Test

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

Sr. # Questions Answers Choice
1 The method to measure the elasticity of demand is :
• A. Percentage method
• B. Total outlay approach
• C. Geometric approch
• D. All the three
2 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
3 The product which have close substitute their demand is always.
• A. More elastic
• B. Perfectly elastic
• C. Perfectly inelastic
• D. Less elastic
4 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
5 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
6 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
7 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
8 When a supply of a commodity increases without change in price it is called
• A. fall in supply
• B. expansion in supply
• C. contraction in supply in
• D. rise in supply
9 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
10 Which one of the following pairs represent complementary demand for a product.
• A. Tea &amp; coffe
• B. Butter &amp; Margarine
• C. Shirt &amp; shoes
• D. Shirt &amp; trouser

### Top Scorers of Economics Ics Part 1 English Medium Chapter 5 Online Test

D

#### Duaa

Lahore22 - Nov - 2021

12/20
03 Mins 52 Sec
L

Lahore28 - Nov - 2021

12/20
06 Mins 29 Sec

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13 Dec 2018

Nice

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