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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
In case of perfectly elastic demand curve, the demand curve will be parallel to the.
Question # 2
Supply of a commodity means
Question # 3
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 # 4
The product which have close substitute their demand is always.
Question # 5
With a fall in the price of a Giffen good or inferior good its quantity demand will.
Question # 6
If price changes by one % and supply changes by 2% then supply is
Question # 7
Which one is increasing function of price
Question # 8
Supply curve
Question # 9
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 10
The elasticity f demand in case of substitute is called.
Question # 11
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called
Question # 12
It describes the law of supply
Question # 13
What best explains a shift in market supply curve to the right?
Question # 14
The method to measure the elasticity of demand by the unitary method was introduced by.
Question # 15
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Question # 16
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 # 17
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
Question # 18
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 # 19
If the price of a product rises, quantity demand if its substitute will.
Question # 20
If a change in demand is brought by a change in income, of demand will be.
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 | If a change in demand is brought by a change in income, of demand will be. |
A. Income elasticity
B. Price elasticity
C. Cross elasticity
D. Arcelasticity
|
| 2 | The total quantity of a commodity available in or near the market which can be brought for sale at a short notice |
A. Stock
B. Supply
C. Demand
D. None of these
|
| 3 | If price changes by one % and supply changes by 2% then supply is |
A. elastic
B. inelastic
C. indeterminate
D. static
|
| 4 | 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
|
| 5 | 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
|
| 6 | 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
|
| 7 | If elasticity of supply is one, supply curve will be |
A. horizontal
B. vertical
C. passing through origin
D. touching x-axis
|
| 8 | The method to measure the elasticity of demand is : |
A. Percentage method
B. Total outlay approach
C. Geometric approch
D. All the three
|
| 9 | 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
|
| 10 | 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
|
Test Questions