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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
Long period supply curve is
Question # 2
When a supply of a commodity increases without change in price it is called
Question # 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:
Question # 4
An increases in demand would cause supply curve to
Question # 5
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 # 6
If the price of a product rises, quantity demand if its substitute will.
Question # 7
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Question # 8
Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.
Question # 9
In case of perfectly elastic demand curve, the demand curve will be parallel to the.
Question # 10
Which one of the following pairs represent complementary demand for a product.
Question # 11
If a change in demand is brought by a change in income, of demand will be.
Question # 12
Elasticity of demand in case of minor change in price and quantity demand will be .
Question # 13
Supply curve
Question # 14
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
Question # 15
Supply of a commodity means
Question # 16
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 # 17
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 # 18
Who present the Arc Elasticity formula for the measurement of elasticity of demand.
Question # 19
The composite demand for a product is generally:
Question # 20
The elasticity f demand in case of substitute is 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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L Laiba Muqaddas 26 - Jul - 2024 04 Min 11 Sec 18/20 -
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A Ali Hassan 10 - Sep - 2022 03 Min 38 Sec 17/20 -
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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 | An increases in demand would cause supply curve to |
A. shift to the left
B. shift to the right
C. change in slope of supply curve
D. no effect on supply
|
| 2 | 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
|
| 3 | 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
|
| 4 | 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
|
| 5 | The total quantity of a commodity available in or near the market which can be brought for sale at a short notice |
A. Stock
B. Supply
C. Demand
D. None of these
|
| 6 | The product which have close substitute their demand is always. |
A. More elastic
B. Perfectly elastic
C. Perfectly inelastic
D. Less elastic
|
| 7 | 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
|
| 8 | 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
|
| 9 | If price changes by one % and supply changes by 2% then supply is |
A. elastic
B. inelastic
C. indeterminate
D. static
|
| 10 | 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
|
Test Questions