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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
During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to
Question # 2
What best explains a shift in market supply curve to the right?
Question # 3
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
Question # 4
Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.
Question # 5
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 # 6
Who present the Arc Elasticity formula for the measurement of elasticity of demand.
Question # 7
Elasticity of demand in case of minor change in price and quantity demand will be .
Question # 8
Supply curve will shift when
Question # 9
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
Question # 10
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 # 11
The method to measure the elasticity of demand is :
Question # 12
If elasticity of supply is greater than one. supply curve will be
Question # 13
If elasticity of supply is one, supply curve will be
Question # 14
Supply curve
Question # 15
In case of perfectly elastic demand curve, the demand curve will be parallel to the.
Question # 16
The product which have close substitute their demand is always.
Question # 17
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Question # 18
If price changes by one % and supply changes by 2% then supply is
Question # 19
With a fall in the price of a Giffen good or inferior good its quantity demand will.
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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E ekta 05 - Aug - 2021 04 Min 00 Sec 12/20
ICS Part 1 Economics Chapter 5 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | The product which have close substitute their demand is always. |
A. More elastic
B. Perfectly elastic
C. Perfectly inelastic
D. Less elastic
|
| 2 | 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
|
| 3 | If the price of a product rises, quantity demand if its substitute will. |
A. Fall
B. Rise
C. Remain unchanged
D. Fluctuate
|
| 4 | 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
|
| 5 | 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
|
| 6 | 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
|
| 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. |
A. 2.5
B. 0.5
C. 1.5
D. 3.5
|
| 8 | 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
|
| 9 | 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
|
| 10 | Long period supply curve is |
A. relatively flatter
B. relatively steeper
C. more elastic
D. a and c of above
|
Test Questions
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Shahzad
13 Dec 2018Nice