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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 curve
Question # 3
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 # 4
Elasticity of demand in case of minor change in price and quantity demand will be .
Question # 5
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
Question # 6
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 # 7
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 # 8
Who present the Arc Elasticity formula for the measurement of elasticity of demand.
Question # 9
Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.
Question # 10
Which one of the following pairs represent complementary demand for a product.
Question # 11
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
Question # 12
Long period supply curve is
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
When a supply of a commodity increases without change in price it is called
Question # 15
What best explains a shift in market supply curve to the right?
Question # 16
The composite demand for a product is generally:
Question # 17
Which of the following shifts supply curve of cars to the right
Question # 18
The method to measure the elasticity of demand is :
Question # 19
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 # 20
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
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 the price of a product rises, quantity demand if its substitute will. |
A. Fall
B. Rise
C. Remain unchanged
D. Fluctuate
|
| 2 | 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
|
| 3 | Which one is increasing function of price |
A. demand
B. utility
C. supply
D. consumption
|
| 4 | Which one of the following pairs represent complementary demand for a product. |
A. Tea & coffe
B. Butter & Margarine
C. Shirt & shoes
D. Shirt & trouser
|
| 5 | 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
|
| 6 | With a fall in the price of a Giffen good or inferior good its quantity demand will. |
A. Fall
B. Rise
C. Remain unchanged
D. None of three
|
| 7 | 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
|
| 8 | 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
|
| 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 | 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 |
A. Supply
B. Demand
C. Stock
D. None of these
|
Test Questions