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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
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
Question # 2
Who present the Arc Elasticity formula for the measurement of elasticity of demand.
Question # 3
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Question # 4
If elasticity of supply is one, supply curve will be
Question # 5
Which one of the following pairs represent complementary demand for a product.
Question # 6
Which of the following shifts supply curve of cars to the right
Question # 7
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 # 8
An increases in demand would cause supply curve to
Question # 9
Supply curve will shift when
Question # 10
In case of perfectly elastic demand curve, the demand curve will be parallel to the.
Question # 11
The composite demand for a product is generally:
Question # 12
When a supply of a commodity increases without change in price it is called
Question # 13
Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.
Question # 14
What best explains a shift in market supply curve to the right?
Question # 15
The product which have close substitute their demand is always.
Question # 16
If the price of a product rises, quantity demand if its substitute will.
Question # 17
During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to
Question # 18
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called
Question # 19
The method to measure the elasticity of demand is :
Question # 20
If a change in demand is brought by a change in income, of demand will be.
ICS Part 1 Economics Chapter 5 MCQs Test
Top Scorers Of Chapter 5 "Economics Ics Part 1 English Medium Chapter 5 Online Test" MCQ`s Test
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A Anum Fatima 19 - Jun - 2023 00 Min 15 Sec 20/20 -
L Laiba Muqaddas 26 - Jul - 2024 04 Min 11 Sec 18/20 -
R romana 23 - Jun - 2021 08 Min 00 Sec 18/20 -
A Ali Hassan 10 - Sep - 2022 03 Min 38 Sec 17/20 -
H hamza abid 02 - Sep - 2021 10 Min 50 Sec 16/20 -
M M Akram 11 - Aug - 2021 04 Min 11 Sec 15/20 -
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H Hanif Wazir 30 - May - 2022 05 Min 29 Sec 15/20 -
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E ekta 05 - Aug - 2021 04 Min 00 Sec 12/20 -
M M.Attiq-U-Rehman 24 - Nov - 2023 04 Min 03 Sec 12/20
ICS Part 1 Economics Chapter 5 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 2 | Which one is increasing function of price |
A. demand
B. utility
C. supply
D. consumption
|
| 3 | Supply curve will shift when |
A. price falls
B. price rises
C. demand shifts
D. technology changes
|
| 4 | 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
|
| 5 | 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
|
| 6 | 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
|
| 7 | If elasticity of supply is greater than one. supply curve will be |
A. horizontal
B. vertical
C. passing through origin
D. touching y-axis
|
| 8 | 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
|
| 9 | If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is |
A. 0.05
B. 10
C. 20
D. indeterminate
|
| 10 | 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
|
Test Questions