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

Question # 1

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 # 2

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

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

Question # 3

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 # 4

The elasticity f demand in case of substitute is called.

Income elasticity of demand A
Priceelasticity of demand B
Crosselasticity of demand C
None of the three 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

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 # 7

If elasticity of supply is greater than one. supply curve will be

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

Question # 8

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 # 9

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 # 10

The method to measure the elasticity of demand is :

Percentage method A
Total outlay approach B
Geometric approch C
All the three D

Question # 11

Supply curve will shift when

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

Question # 12

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 # 13

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

elastic A
inelastic B
indeterminate C
static D

Question # 14

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 # 15

It describes the law of supply

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

Question # 16

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 # 17

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 # 18

Long period supply curve is

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

Question # 19

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.

2.5 A
0.5 B
1.5 C
3.5 D

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:

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

Sr.#	Question	Answer
1	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
2	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
3	If elasticity of supply is one, supply curve will be	A. horizontal B. vertical C. passing through origin D. touching x-axis
4	When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.	A. Equal to unity B. Less than unity C. Greater than unity D. Equal to zero
5	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
6	If a change in demand is brought by a change in income, of demand will be.	A. Income elasticity B. Price elasticity C. Cross elasticity D. Arcelasticity
7	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
8	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
9	It describes the law of supply	A. supply curve B. supply schedule C. supply equation D. all the three
10	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

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Economics Ics Part 1 English Medium Chapter 5 Online Test

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

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

Supply curve

The elasticity f demand in case of substitute is called.

An increases in demand would cause supply curve to

Supply of a commodity means

If elasticity of supply is greater than one. supply curve will be

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

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

The method to measure the elasticity of demand is :

Supply curve will shift when

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

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

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

It describes the law of supply

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

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

Long period supply curve is

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.

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

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