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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
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
Question # 2
Elasticity of demand in case of minor change in price and quantity demand will be .
Question # 3
The method to measure the elasticity of demand by the unitary method was introduced by.
Question # 4
If elasticity of supply is one, supply curve will be
Question # 5
The demand for a product is inelastic. In order to increase government revenue, the finance minister will :
Question # 6
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Question # 7
The elasticity f demand in case of substitute is called.
Question # 8
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 # 9
An increases in demand would cause supply curve to
Question # 10
Supply curve
Question # 11
If elasticity of supply is greater than one. supply curve will be
Question # 12
Which one is increasing function of price
Question # 13
The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.
Question # 14
The total quantity of a commodity available in or near the market which can be brought for sale at a short notice
Question # 15
Long period supply curve is
Question # 16
The method to measure the elasticity of demand is :
Question # 17
The composite demand for a product is generally:
Question # 18
It describes the law of supply
Question # 19
Supply of a commodity means
Question # 20
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.
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 | The total quantity of a commodity available in or near the market which can be brought for sale at a short notice |
A. Stock
B. Supply
C. Demand
D. None of these
|
| 2 | 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
|
| 3 | If elasticity of supply is one, supply curve will be |
A. horizontal
B. vertical
C. passing through origin
D. touching x-axis
|
| 4 | The method to measure the elasticity of demand is : |
A. Percentage method
B. Total outlay approach
C. Geometric approch
D. All the three
|
| 5 | 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
|
| 6 | 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
|
| 7 | The composite demand for a product is generally: |
A. Elastic
B. Inelastic
C. Equal to unity
D. Equal to zero
|
| 8 | If elasticity of supply is greater than one. supply curve will be |
A. horizontal
B. vertical
C. passing through origin
D. touching y-axis
|
| 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 | 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
|
Test Questions
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Shahzad
13 Dec 2018Nice