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

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 price of a product double due to which its quantity demand falls to one half. The elasticity of demand for product will be:
  • A. Equal to unity
  • B. Lass than unity
  • C. Greater than unity
  • D. Equal to zero
2 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
3 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
4 During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to
  • A. rightward
  • B. leftward
  • C. downward
  • D. no direction
5 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
6 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
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 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
  • A. Supply
  • B. Demand
  • C. Stock
  • D. None of these
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 The method to measure the elasticity of demand is :
  • A. Percentage method
  • B. Total outlay approach
  • C. Geometric approch
  • D. All the three

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    Shahzad

    13 Dec 2018

    Nice

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