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

ICS Part 1 Economics Chapter 5 Test

Start Chapter 5 Test

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

Sr. # Questions Answers Choice
1 Supply of a commodity means
  • A. willingness to sell a certain quantity
  • B. physical stocks available
  • C. planned production
  • D. total production in a given period
2 Which of the following shifts supply curve of cars to the right
  • A. tax on new cars
  • B. increase in wages of workers
  • C. decrease in steel price
  • D. a successful promotion campaign by sellers
3 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
4 If the price of a product rises, quantity demand if its substitute will.
  • A. Fall
  • B. Rise
  • C. Remain unchanged
  • D. Fluctuate
5 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
6 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
7 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
8 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
9 What best explains a shift in market supply curve to the right?
  • A. an advertising campaign is successful in promoting the good
  • B. a new technique makes it cheaper to produce the good
  • C. the government introduces a tax on the good
  • D. the price of raw materials increases
10 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

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  • S

    Shahzad

    13 Dec 2018

    Nice

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