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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
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 # 2
If elasticity of supply is one, supply curve will be
Question # 3
Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.
Question # 4
Supply curve
Question # 5
The total quantity of a commodity available in or near the market which can be brought for sale at a short notice
Question # 6
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
Question # 7
With a fall in the price of a Giffen good or inferior good its quantity demand will.
Question # 8
The elasticity f demand in case of substitute is called.
Question # 9
Which one is increasing function of price
Question # 10
If price changes by one % and supply changes by 2% then supply is
Question # 11
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Question # 12
If the price of a product rises, quantity demand if its substitute will.
Question # 13
An increases in demand would cause supply curve to
Question # 14
What best explains a shift in market supply curve to the right?
Question # 15
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.
Question # 16
The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.
Question # 17
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 # 18
The composite demand for a product is generally:
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 of a commodity means
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 | What best explains a shift in market supply curve to the right? |
A. an advertising campaign is successful in promoting the good
B. a new technique makes it cheaper to produce the good
C. the government introduces a tax on the good
D. the price of raw materials increases
|
| 2 | The method to measure the elasticity of demand is : |
A. Percentage method
B. Total outlay approach
C. Geometric approch
D. All the three
|
| 3 | Who present the Arc Elasticity formula for the measurement of elasticity of demand. |
A. R.G.D Allen
B. Pareto
C. J.R. Hicks
D. Robbins
|
| 4 | 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
|
| 5 | Which one is increasing function of price |
A. demand
B. utility
C. supply
D. consumption
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| 6 | 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
|
| 7 | The method to measure the elasticity of demand by the unitary method was introduced by. |
A. Alfred Marshall
B. Robbins
C. Adam Smith
D. Malthus
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| 8 | The composite demand for a product is generally: |
A. Elastic
B. Inelastic
C. Equal to unity
D. Equal to zero
|
| 9 | 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
|
| 10 | Which one of the following pairs represent complementary demand for a product. |
A. Tea & coffe
B. Butter & Margarine
C. Shirt & shoes
D. Shirt & trouser
|
Test Questions
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Shahzad
13 Dec 2018Nice