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

Question # 1

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 # 2

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 # 3

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 # 4

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 # 5

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 # 6

In case of perfectly elastic demand curve, the demand curve will be parallel to the.

Horizontal Axis A
Vertical Axis B
None of the above C

Question # 7

If price changes by one % and supply changes by 2% then supply is

elastic A
inelastic B
indeterminate C
static D

Question # 8

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

Fall A
Rise B
Remain unchanged C
Fluctuate D

Question # 9

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 # 10

The quantities of a commodity offered for sale at different prices during a given period of time are called

Supply A
Demand B
Stock C
None of these D

Question # 11

It describes the law of supply

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

Question # 12

The composite demand for a product is generally:

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

Question # 13

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 # 14

Long period supply curve is

relatively flatter A
relatively steeper B
more elastic C
a and c of above D

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.

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

Question # 16

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 # 17

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 # 18

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 # 19

If elasticity of supply is one, supply curve will be

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

Question # 20

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

Sr.#	Question	Answer
1	Which one of the following pairs represent complementary demand for a product.	A. Tea & coffe B. Butter & Margarine C. Shirt & shoes D. Shirt & trouser
2	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
3	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
4	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
5	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
6	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
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	What best explains a shift in market supply curve to the right?	A. an advertising campaign is successful in promoting the good B. a new technique makes it cheaper to produce the good C. the government introduces a tax on the good D. the price of raw materials increases
9	Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called	A. Law of Supply B. Law of Demand C. Law of equilibrium D. None of these
10	If price changes by one % and supply changes by 2% then supply is	A. elastic B. inelastic C. indeterminate D. static

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Supply of a commodity means

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

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

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.

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

In case of perfectly elastic demand curve, the demand curve will be parallel to the.

If price changes by one % and supply changes by 2% then supply is

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

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

The quantities of a commodity offered for sale at different prices during a given period of time are called

It describes the law of supply

The composite demand for a product is generally:

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

Long period supply curve is

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

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

Supply curve

An increases in demand would cause supply curve to

If elasticity of supply is one, supply curve will be

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

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