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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
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 # 2
If elasticity of supply is one, supply curve will be
Question # 3
The elasticity f demand in case of substitute is called.
Question # 4
Supply of a commodity means
Question # 5
Which one is increasing function of price
Question # 6
The method to measure the elasticity of demand is :
Question # 7
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 # 8
Supply curve will shift when
Question # 9
During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to
Question # 10
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 11
Who present the Arc Elasticity formula for the measurement of elasticity of demand.
Question # 12
When a supply of a commodity increases without change in price it is called
Question # 13
The method to measure the elasticity of demand by the unitary method was introduced by.
Question # 14
Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.
Question # 15
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
Question # 16
The total quantity of a commodity available in or near the market which can be brought for sale at a short notice
Question # 17
It describes the law of supply
Question # 18
The composite demand for a product is generally:
Question # 19
Elasticity of demand in case of minor change in price and quantity demand will be .
Question # 20
If the price of a product rises, quantity demand if its substitute will.
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 | The product which have close substitute their demand is always. |
A. More elastic
B. Perfectly elastic
C. Perfectly inelastic
D. Less elastic
|
| 2 | 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
|
| 3 | 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
|
| 4 | 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
|
| 5 | The method to measure the elasticity of demand by the unitary method was introduced by. |
A. Alfred Marshall
B. Robbins
C. Adam Smith
D. Malthus
|
| 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 | Long period supply curve is |
A. relatively flatter
B. relatively steeper
C. more elastic
D. a and c of above
|
| 9 | 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 |
A. Perfectly elastic
B. Perfectly inelastic
C. Less elastic
D. More elastic
|
| 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