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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
With a fall in the price of a Giffen good or inferior good its quantity demand will.
Question # 3
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called
Question # 4
The composite demand for a product is generally:
Question # 5
The product which have close substitute their demand is always.
Question # 6
If elasticity of supply is greater than one. supply curve will be
Question # 7
Long period supply curve is
Question # 8
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Question # 9
The elasticity f demand in case of substitute is called.
Question # 10
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 # 11
The method to measure the elasticity of demand is :
Question # 12
What best explains a shift in market supply curve to the right?
Question # 13
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
Question # 14
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 15
The demand for a product is inelastic. In order to increase government revenue, the finance minister will :
Question # 16
It describes the law of supply
Question # 17
In case of perfectly elastic demand curve, the demand curve will be parallel to the.
Question # 18
The total quantity of a commodity available in or near the market which can be brought for sale at a short notice
Question # 19
If a change in demand is brought by a change in income, of demand will be.
Question # 20
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
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 | 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
|
| 2 | Which one is increasing function of price |
A. demand
B. utility
C. supply
D. consumption
|
| 3 | Long period supply curve is |
A. relatively flatter
B. relatively steeper
C. more elastic
D. a and c of above
|
| 4 | 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
|
| 5 | 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
|
| 6 | 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
|
| 7 | 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
|
| 8 | If price changes by one % and supply changes by 2% then supply is |
A. elastic
B. inelastic
C. indeterminate
D. static
|
| 9 | Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called |
A. Law of Supply
B. Law of Demand
C. Law of equilibrium
D. None of these
|
| 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
