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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
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Question # 3
If a change in demand is brought by a change in income, of demand will be.
Question # 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:
Question # 5
It describes the law of supply
Question # 6
With a fall in the price of a Giffen good or inferior good its quantity demand will.
Question # 7
Which one of the following pairs represent complementary demand for a product.
Question # 8
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
Question # 9
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 # 10
The elasticity f demand in case of substitute is called.
Question # 11
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 # 12
Who present the Arc Elasticity formula for the measurement of elasticity of demand.
Question # 13
During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to
Question # 14
When a supply of a commodity increases without change in price it is called
Question # 15
The total quantity of a commodity available in or near the market which can be brought for sale at a short notice
Question # 16
Which of the following shifts supply curve of cars to the right
Question # 17
If price changes by one % and supply changes by 2% then supply is
Question # 18
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 # 19
The composite demand for a product is generally:
Question # 20
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called
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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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 | The product which have close substitute their demand is always. |
A. More elastic
B. Perfectly elastic
C. Perfectly inelastic
D. Less elastic
|
| 2 | Which one is increasing function of price |
A. demand
B. utility
C. supply
D. consumption
|
| 3 | 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
|
| 4 | Elasticity of demand in case of minor change in price and quantity demand will be . |
A. Income elasticity of demand
B. Cross elasticity of demand
C. Point elasticity of demand
D. Arc elasticity of demand
|
| 5 | If the price of a product rises, quantity demand if its substitute will. |
A. Fall
B. Rise
C. Remain unchanged
D. Fluctuate
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| 6 | 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
|
| 7 | 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
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| 8 | 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
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| 9 | 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
|
| 10 | 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
|
Test Questions
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Shahzad
13 Dec 2018Nice