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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
Who present the Arc Elasticity formula for the measurement of elasticity of demand.
Question # 2
The elasticity f demand in case of substitute is called.
Question # 3
Which one is increasing function of price
Question # 4
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Question # 5
The method to measure the elasticity of demand by the unitary method was introduced by.
Question # 6
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 # 7
Supply curve
Question # 8
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called
Question # 9
Which one of the following pairs represent complementary demand for a product.
Question # 10
With a fall in the price of a Giffen good or inferior good its quantity demand will.
Question # 11
Which of the following shifts supply curve of cars to the right
Question # 12
If elasticity of supply is greater than one. supply curve will be
Question # 13
When a supply of a commodity increases without change in price it is called
Question # 14
The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.
Question # 15
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 # 16
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
Question # 17
The composite demand for a product is generally:
Question # 18
If a change in demand is brought by a change in income, of demand will be.
Question # 19
If price changes by one % and supply changes by 2% then supply is
Question # 20
If the price of a product rises, quantity demand if its substitute will.
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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L Laiba Muqaddas 26 - Jul - 2024 04 Min 11 Sec 18/20 -
R romana 23 - Jun - 2021 08 Min 00 Sec 18/20 -
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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 | If the price of a product rises, quantity demand if its substitute will. |
A. Fall
B. Rise
C. Remain unchanged
D. Fluctuate
|
| 2 | 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
|
| 3 | 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
|
| 4 | 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
|
| 5 | 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
|
| 6 | 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
|
| 7 | If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is |
A. 0.05
B. 10
C. 20
D. indeterminate
|
| 8 | 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
|
| 9 | 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
|
| 10 | It describes the law of supply |
A. supply curve
B. supply schedule
C. supply equation
D. all the three
|
Test Questions
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Shahzad
13 Dec 2018Nice