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

Question # 1

Supply curve

is vertical in long run A
is flatter in long run B
is same in long and short run C
is horizontal in both short and long run D

Question # 2

If the price of a product rises, quantity demand if its substitute will.

Fall A
Rise B
Remain unchanged C
Fluctuate D

Question # 3

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 # 4

Elasticity of demand in case of minor change in price and quantity demand will be .

Income elasticity of demand A
Cross elasticity of demand B
Point elasticity of demand C
Arc elasticity of demand D

Question # 5

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 # 6

If elasticity of supply is one, supply curve will be

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

Question # 7

During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to

rightward A
leftward B
downward C
no direction D

Question # 8

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 # 9

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 # 10

Supply curve will shift when

price falls A
price rises B
demand shifts C
technology changes D

Question # 11

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 # 12

Products A and B are substitutes whereas A and C are complement. With a rise in the price of product A, quantity demand of:

Product B will go up A
Product will fall B
Both the above will take place C
Nothing will take place D

Question # 13

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 # 14

The composite demand for a product is generally:

Elastic A
Inelastic B
Equal to unity C
Equal to zero D

Question # 15

It describes the law of supply

supply curve A
supply schedule B
supply equation C
all the three D

Question # 16

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

Question # 17

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 # 18

When a supply of a commodity increases without change in price it is called

fall in supply A
expansion in supply B
contraction in supply in C
rise in supply D

Question # 19

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 # 20

The product which have close substitute their demand is always.

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

Sr.#	Question	Answer
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	The method to measure the elasticity of demand by the unitary method was introduced by.	A. Alfred Marshall B. Robbins C. Adam Smith D. Malthus
3	If price changes by one % and supply changes by 2% then supply is	A. elastic B. inelastic C. indeterminate D. static
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	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
7	The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.	A. Fall B. Rise C. Remain the same D. Fluctuate
8	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
9	If elasticity of supply is one, supply curve will be	A. horizontal B. vertical C. passing through origin D. touching x-axis
10	Products A and B are substitutes whereas A and C are complement. With a rise in the price of product A, quantity demand of:	A. Product B will go up B. Product will fall C. Both the above will take place D. Nothing will take place

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Supply curve

If the price of a product rises, quantity demand if its substitute will.

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

Elasticity of demand in case of minor change in price and quantity demand will be .

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

If elasticity of supply is one, supply curve will be

During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to

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

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.

Supply curve will shift when

An increases in demand would cause supply curve to

Products A and B are substitutes whereas A and C are complement. With a rise in the price of product A, quantity demand of:

Supply of a commodity means

The composite demand for a product is generally:

It describes the law of supply

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

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

When a supply of a commodity increases without change in price it is called

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

The product which have close substitute their demand is always.

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