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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
It describes the law of supply
Question # 2
If a change in demand is brought by a change in income, of demand will be.
Question # 3
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
Question # 4
What best explains a shift in market supply curve to the right?
Question # 5
Supply curve will shift when
Question # 6
Which of the following shifts supply curve of cars to the right
Question # 7
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called
Question # 8
Elasticity of demand in case of minor change in price and quantity demand will be .
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
Question # 10
The method to measure the elasticity of demand by the unitary method was introduced by.
Question # 11
The composite demand for a product is generally:
Question # 12
The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.
Question # 13
If elasticity of supply is greater than one. supply curve will be
Question # 14
Which one of the following pairs represent complementary demand for a product.
Question # 15
In case of perfectly elastic demand curve, the demand curve will be parallel to the.
Question # 16
Supply of a commodity means
Question # 17
If elasticity of supply is one, supply curve will be
Question # 18
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
Question # 19
The total quantity of a commodity available in or near the market which can be brought for sale at a short notice
Question # 20
The elasticity f demand in case of substitute is called.
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 | When a supply of a commodity increases without change in price it is called |
A. fall in supply
B. expansion in supply
C. contraction in supply in
D. rise in supply
|
| 2 | 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
|
| 3 | 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
|
| 4 | It describes the law of supply |
A. supply curve
B. supply schedule
C. supply equation
D. all the three
|
| 5 | 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
|
| 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 | The product which have close substitute their demand is always. |
A. More elastic
B. Perfectly elastic
C. Perfectly inelastic
D. Less elastic
|
| 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 | 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
|
| 10 | 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
|
Test Questions