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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
The composite demand for a product is generally:
Question # 2
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 # 3
It describes the law of supply
Question # 4
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 5
Supply curve
Question # 6
The demand for a product is inelastic. In order to increase government revenue, the finance minister will :
Question # 7
During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to
Question # 8
Elasticity of demand in case of minor change in price and quantity demand will be .
Question # 9
Long period supply curve is
Question # 10
The price of a product double due to which its quantity demand falls to one half. The elasticity of demand for product will be:
Question # 11
If a change in demand is brought by a change in income, of demand will be.
Question # 12
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
Question # 13
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called
Question # 14
Supply curve will shift when
Question # 15
What best explains a shift in market supply curve to the right?
Question # 16
The product which have close substitute their demand is always.
Question # 17
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
Question # 18
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
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
Top Scorers Of Chapter 5 "Economics Ics Part 1 English Medium Chapter 5 Online Test" MCQ`s Test
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M M.Attiq-U-Rehman 24 - Nov - 2023 04 Min 03 Sec 12/20
ICS Part 1 Economics Chapter 5 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be. |
A. Equal to unity
B. Less than unity
C. Greater than unity
D. Equal to zero
|
| 2 | 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
|
| 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 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
|
| 5 | 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
|
| 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 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
|
| 8 | The product which have close substitute their demand is always. |
A. More elastic
B. Perfectly elastic
C. Perfectly inelastic
D. Less elastic
|
| 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 | 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
|
Test Questions