11th class Economics chapter 5 online mcq test with answers for ICS part 1 Economics chapter 5 (Supply)

Question # 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.

Equal to unity A
Greater than unity B
Less than unity C
Equal to zero D

Question # 2

The demand for a product is inelastic. In order to increase government revenue, the finance minister will :

Lower down the tax rate A
Increase the tax rate B
Not change the tax rate C
Double the tax rate D

Question # 3

Who present the Arc Elasticity formula for the measurement of elasticity of demand.

R.G.D Allen A
Pareto B
J.R. Hicks C
Robbins D

Question # 4

When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.

Equal to unity A
Less than unity B
Greater than unity C
Equal to zero D

Question # 5

An increases in demand would cause supply curve to

shift to the left A
shift to the right B
change in slope of supply curve C
no effect on supply D

Question # 6

Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.

Increase A
Falls B
Remains the same C
None of the three D

Question # 7

The total quantity of a commodity available in or near the market which can be brought for sale at a short notice

Stock A
Supply B
Demand C
None of these D

Question # 8

If a change in demand is brought by a change in income, of demand will be.

Income elasticity A
Price elasticity B
Cross elasticity C
Arcelasticity D

Question # 9

Which one is increasing function of price

demand A
utility B
supply C
consumption D

Question # 10

Supply of a commodity means

willingness to sell a certain quantity A
physical stocks available B
planned production C
total production in a given period D

Question # 11

If elasticity of supply is one, supply curve will be

horizontal A
vertical B
passing through origin C
touching x-axis D

Question # 12

The price of a product double due to which its quantity demand falls to one half. The elasticity of demand for product will be:

Equal to unity A
Lass than unity B
Greater than unity C
Equal to zero D

Question # 13

Which of the following shifts supply curve of cars to the right

tax on new cars A
increase in wages of workers B
decrease in steel price C
a successful promotion campaign by sellers D

Question # 14

The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.

Fall A
Rise B
Remain the same C
Fluctuate D

Question # 15

Which one of the following pairs represent complementary demand for a product.

Tea & coffe A
Butter & Margarine B
Shirt & shoes C
Shirt & trouser D

Question # 16

What best explains a shift in market supply curve to the right?

an advertising campaign is successful in promoting the good A
a new technique makes it cheaper to produce the good B
the government introduces a tax on the good C
the price of raw materials increases D

Question # 17

The product which have close substitute their demand is always.

More elastic A
Perfectly elastic B
Perfectly inelastic C
Less elastic D

Question # 18

The method to measure the elasticity of demand by the unitary method was introduced by.

Alfred Marshall A
Robbins B
Adam Smith C
Malthus D

Question # 19

Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called

Law of Supply A
Law of Demand B
Law of equilibrium C
None of these D

Question # 20

If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is

0.05 A
10 B
20 C
indeterminate D

Sr.#	Question	Answer
1	If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is	A. 0.05 B. 10 C. 20 D. indeterminate
2	The total quantity of a commodity available in or near the market which can be brought for sale at a short notice	A. Stock B. Supply C. Demand D. None of these
3	Supply of a commodity means	A. willingness to sell a certain quantity B. physical stocks available C. planned production D. total production in a given period
4	If elasticity of supply is one, supply curve will be	A. horizontal B. vertical C. passing through origin D. touching x-axis
5	The composite demand for a product is generally:	A. Elastic B. Inelastic C. Equal to unity D. Equal to zero
6	Supply curve will shift when	A. price falls B. price rises C. demand shifts D. technology changes
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	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
9	An increases in demand would cause supply curve to	A. shift to the left B. shift to the right C. change in slope of supply curve D. no effect on supply
10	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

Latest Educational News Stories

Pakistan's Largest Database of Colleges and Universities

BS Programs

University Past Papers

University Results

Exam Results 2024

Study Abroad Programs and Opportunities for Pakistani Students

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

ICS Part 1 Economics Chapter 5 Test

ICS Part 1 Economics Chapter Wise Test

MCQ's Test For Chapter 5 "Economics Ics Part 1 English Medium Chapter 5 Online Test"

Economics Ics Part 1 English Medium Chapter 5 Online Test

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.

The demand for a product is inelastic. In order to increase government revenue, the finance minister will :

Who present the Arc Elasticity formula for the measurement of elasticity of demand.

When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.

An increases in demand would cause supply curve to

Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.

The total quantity of a commodity available in or near the market which can be brought for sale at a short notice

If a change in demand is brought by a change in income, of demand will be.

Which one is increasing function of price

Supply of a commodity means

If elasticity of supply is one, supply curve will be

The price of a product double due to which its quantity demand falls to one half. The elasticity of demand for product will be:

Which of the following shifts supply curve of cars to the right

The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.

Which one of the following pairs represent complementary demand for a product.

What best explains a shift in market supply curve to the right?

The product which have close substitute their demand is always.

The method to measure the elasticity of demand by the unitary method was introduced by.

Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called

If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is

Prepare Complete Set Wise Chapter 5 "Economics Ics Part 1 English Medium Chapter 5 Online Test" MCQs Online With Answers

Set 1

Set 2

Set 3

Topic Test

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

ICS Part 1 Economics Chapter 5 Important MCQ's

Test Questions

Is this page helpful?

Share your comments & questions here

Shahzad