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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
In case of perfectly elastic demand curve, the demand curve will be parallel to the.
Question # 2
The elasticity f demand in case of substitute is called.
Question # 3
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 4
Supply of a commodity means
Question # 5
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 # 6
If the price of a product rises, quantity demand if its substitute will.
Question # 7
Which one of the following pairs represent complementary demand for a product.
Question # 8
The demand for a product is inelastic. In order to increase government revenue, the finance minister will :
Question # 9
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
Question # 10
Elasticity of demand in case of minor change in price and quantity demand will be .
Question # 11
Which of the following shifts supply curve of cars to the right
Question # 12
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called
Question # 13
An increases in demand would cause supply curve to
Question # 14
If price changes by one % and supply changes by 2% then supply is
Question # 15
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
Question # 16
The method to measure the elasticity of demand by the unitary method was introduced by.
Question # 17
Long period supply curve is
Question # 18
The total quantity of a commodity available in or near the market which can be brought for sale at a short notice
Question # 19
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Question # 20
The price of a product double due to which its quantity demand falls to one half. The elasticity of demand for product will be:
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 | 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
|
| 2 | If elasticity of supply is greater than one. supply curve will be |
A. horizontal
B. vertical
C. passing through origin
D. touching y-axis
|
| 3 | 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
|
| 4 | 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
|
| 5 | 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
|
| 6 | 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
|
| 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 | 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
|
| 9 | 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
|
| 10 | 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
|
Test Questions
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Shahzad
13 Dec 2018Nice