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5th Chapter

ICS Part 1 Economics Chapter 5 MCQs Test

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

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

Sr. # Questions Answers Choice
1 The product which have close substitute their demand is always.
  • A. More elastic
  • B. Perfectly elastic
  • C. Perfectly inelastic
  • D. Less elastic
2 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
3 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
4 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
5 The method to measure the elasticity of demand is :
  • A. Percentage method
  • B. Total outlay approach
  • C. Geometric approch
  • D. All 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 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
8 If elasticity of supply is one, supply curve will be
  • A. horizontal
  • B. vertical
  • C. passing through origin
  • D. touching x-axis
9 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
10 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

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

H

Hanif Wazir

Lahore30 - May - 2022

15/20
05 Mins 29 Sec
H

Hamza Abid

Abbottabad21 - Jul - 2022

15/20
10 Mins 50 Sec

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  • S

    Shahzad

    13 Dec 2018

    Nice

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