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5th Chapter

ICS Part 1 Economics Chapter 5 MCQs Test

First Year Economics Chapter 5 Online MCQ Test for 1st Year Economics Chapter 5 (Supply)

This online test contains MCQs about following topics:

Supply Vs Stock,law of Supply ,Changes in Supply,Elasticity of Supply

First Year Economics Chapter 5 Online MCQ Test for 1st Year Economics Chapter 5 (Supply)

Sr. # Questions Answers Choice
1 The method to measure the elasticity of demand is :
  • A. Percentage method
  • B. Total outlay approach
  • C. Geometric approch
  • D. All the three
2 Which one is increasing function of price
  • A. demand
  • B. utility
  • C. supply
  • D. consumption
3 If price changes by one % and supply changes by 2% then supply is
  • A. elastic
  • B. inelastic
  • C. indeterminate
  • D. static
4 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
5 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
6 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
7 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
8 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
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 Long period supply curve is
  • A. relatively flatter
  • B. relatively steeper
  • C. more elastic
  • D. a and c of above

Top Scorers of Economics Ics Part 1 English Medium Chapter 5 Online Test

Z

Zainab Nouman

Lahore18 - Apr - 2024

15/20
04 Mins 46 Sec

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  • S

    Shahzad

    13 Dec 2018

    Nice

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