5th Chapter

ICS Part 1 Economics Chapter 5 MCQs Test

First Year Economics Chapter 5 Online MCQ Test for 1st Year Economics Chapter 5 (Supply)

This online test contains MCQs about following topics:

Supply Vs Stock,law of Supply ,Changes in Supply,Elasticity of Supply

ICS Part 1 Economics Chapter 5 Test

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First Year Economics Chapter 5 Online MCQ Test for 1st Year Economics Chapter 5 (Supply)

Sr. # Questions Answers Choice
1 The elasticity f demand in case of substitute is called.
  • A. Income elasticity of demand
  • B. Priceelasticity of demand
  • C. Crosselasticity of demand
  • D. None of the three
2 The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.
  • A. Fall
  • B. Rise
  • C. Remain the same
  • D. Fluctuate
3 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
4 The quantities of a commodity offered for sale at different prices during a given period of time are called
  • A. Supply
  • B. Demand
  • C. Stock
  • D. None of these
5 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
6 Which one is increasing function of price
  • A. demand
  • B. utility
  • C. supply
  • D. consumption
7 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
8 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
9 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
10 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

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  • S

    Shahzad

    13 Dec 2018

    Nice

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