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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
If price changes by one % and supply changes by 2% then supply is
Question # 3
When a supply of a commodity increases without change in price it is called
Question # 4
With a fall in the price of a Giffen good or inferior good its quantity demand will.
Question # 5
If a change in demand is brought by a change in income, of demand will be.
Question # 6
What best explains a shift in market supply curve to the right?
Question # 7
If the price of a product rises, quantity demand if its substitute will.
Question # 8
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
Question # 9
Which one is increasing function of price
Question # 10
If elasticity of supply is one, supply curve will be
Question # 11
Supply of a commodity means
Question # 12
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
Question # 13
Who present the Arc Elasticity formula for the measurement of elasticity of demand.
Question # 14
The price of a product double due to which its quantity demand falls to one half. The elasticity of demand for product will be:
Question # 15
The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.
Question # 16
If elasticity of supply is greater than one. supply curve will be
Question # 17
The total quantity of a commodity available in or near the market which can be brought for sale at a short notice
Question # 18
Products A and B are substitutes whereas A and C are complement. With a rise in the price of product A, quantity demand of:
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.
Question # 20
Supply curve
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 | Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer. |
A. Increase
B. Falls
C. Remains the same
D. None of the three
|
| 2 | The demand for a product is inelastic. In order to increase government revenue, the finance minister will : |
A. Lower down the tax rate
B. Increase the tax rate
C. Not change the tax rate
D. Double the tax rate
|
| 3 | 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
|
| 4 | Supply curve will shift when |
A. price falls
B. price rises
C. demand shifts
D. technology changes
|
| 5 | Elasticity of demand in case of minor change in price and quantity demand will be . |
A. Income elasticity of demand
B. Cross elasticity of demand
C. Point elasticity of demand
D. Arc elasticity of demand
|
| 6 | 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
|
| 7 | 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
|
| 8 | 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
|
| 9 | If elasticity of supply is greater than one. supply curve will be |
A. horizontal
B. vertical
C. passing through origin
D. touching y-axis
|
| 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
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Shahzad
13 Dec 2018Nice