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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
The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.
Question # 2
When a supply of a commodity increases without change in price it is called
Question # 3
Which one of the following pairs represent complementary demand for a product.
Question # 4
Products A and B are substitutes whereas A and C are complement. With a rise in the price of product A, quantity demand of:
Question # 5
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Question # 6
With a fall in the price of a Giffen good or inferior good its quantity demand will.
Question # 7
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
Question # 8
What best explains a shift in market supply curve to the right?
Question # 9
Elasticity of demand in case of minor change in price and quantity demand will be .
Question # 10
The method to measure the elasticity of demand is :
Question # 11
The demand for a product is inelastic. In order to increase government revenue, the finance minister will :
Question # 12
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
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
The product which have close substitute their demand is always.
Question # 15
Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.
Question # 16
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 # 17
If elasticity of supply is greater than one. supply curve will be
Question # 18
Supply curve will shift when
Question # 19
Supply curve
Question # 20
An increases in demand would cause supply curve to
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 | 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
|
| 2 | If the price of a product rises, quantity demand if its substitute will. |
A. Fall
B. Rise
C. Remain unchanged
D. Fluctuate
|
| 3 | 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
|
| 4 | 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
|
| 5 | Which one is increasing function of price |
A. demand
B. utility
C. supply
D. consumption
|
| 6 | 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
|
| 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 | 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
|
| 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 | If elasticity of supply is greater than one. supply curve will be |
A. horizontal
B. vertical
C. passing through origin
D. touching y-axis
|
Test Questions
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Shahzad
13 Dec 2018Nice