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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
Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.
Question # 2
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 3
The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.
Question # 4
The demand for a product is inelastic. In order to increase government revenue, the finance minister will :
Question # 5
The elasticity f demand in case of substitute is called.
Question # 6
With a fall in the price of a Giffen good or inferior good its quantity demand will.
Question # 7
The method to measure the elasticity of demand is :
Question # 8
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
Question # 9
In case of perfectly elastic demand curve, the demand curve will be parallel to the.
Question # 10
Supply of a commodity means
Question # 11
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Question # 12
If elasticity of supply is greater than one. supply curve will be
Question # 13
Supply curve will shift when
Question # 14
Which one of the following pairs represent complementary demand for a product.
Question # 15
An increases in demand would cause supply curve to
Question # 16
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
Question # 17
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 # 18
Long period supply curve is
Question # 19
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 # 20
Elasticity of demand in case of minor change in price and quantity demand will be .
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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ICS Part 1 Economics Chapter 5 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | If elasticity of supply is one, supply curve will be |
A. horizontal
B. vertical
C. passing through origin
D. touching x-axis
|
| 2 | 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
|
| 3 | 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
|
| 4 | 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
|
| 5 | 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
|
| 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 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
|
| 8 | 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. |
A. Equal to unity
B. Greater than unity
C. Less than unity
D. Equal to zero
|
| 9 | Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer. |
A. Increase
B. Falls
C. Remains the same
D. None of the three
|
| 10 | The product which have close substitute their demand is always. |
A. More elastic
B. Perfectly elastic
C. Perfectly inelastic
D. Less elastic
|
Test Questions