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 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 The product which have close substitute their demand is always.
  • A. More elastic
  • B. Perfectly elastic
  • C. Perfectly inelastic
  • D. Less elastic
4 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
5 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
6 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
7 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
8 When a supply of a commodity increases without change in price it is called
  • A. fall in supply
  • B. expansion in supply
  • C. contraction in supply in
  • D. rise in supply
9 The quantities of a commodity offered for sale at different prices during a given period of time are called
  • A. Supply
  • B. Demand
  • C. Stock
  • D. None of these
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

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



Lahore22 - Nov - 2021

03 Mins 52 Sec

Lalita Yadav

Lahore28 - Nov - 2021

06 Mins 29 Sec

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