11th class Economics chapter 5 online mcq test with answers for ICS part 1 Economics chapter 5 (Supply)

Question # 1

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

Perfectly elastic A
Perfectly inelastic B
Less elastic C
More elastic D

Question # 2

Which one is increasing function of price

demand A
utility B
supply C
consumption D

Question # 3

Supply of a commodity means

willingness to sell a certain quantity A
physical stocks available B
planned production C
total production in a given period D

Question # 4

When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.

Equal to unity A
Less than unity B
Greater than unity C
Equal to zero D

Question # 5

If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is

0.05 A
10 B
20 C
indeterminate D

Question # 6

If price changes by one % and supply changes by 2% then supply is

elastic A
inelastic B
indeterminate C
static D

Question # 7

Who present the Arc Elasticity formula for the measurement of elasticity of demand.

R.G.D Allen A
Pareto B
J.R. Hicks C
Robbins D

Question # 8

Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called

Law of Supply A
Law of Demand B
Law of equilibrium C
None of these D

Question # 9

If the price of a product rises, quantity demand if its substitute will.

Fall A
Rise B
Remain unchanged C
Fluctuate D

Question # 10

With a fall in the price of a Giffen good or inferior good its quantity demand will.

Fall A
Rise B
Remain unchanged C
None of three D

Question # 11

Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.

Increase A
Falls B
Remains the same C
None of the three D

Question # 12

The method to measure the elasticity of demand by the unitary method was introduced by.

Alfred Marshall A
Robbins B
Adam Smith C
Malthus D

Question # 13

The composite demand for a product is generally:

Elastic A
Inelastic B
Equal to unity C
Equal to zero D

Question # 14

The demand for a product is inelastic. In order to increase government revenue, the finance minister will :

Lower down the tax rate A
Increase the tax rate B
Not change the tax rate C
Double the tax rate D

Question # 15

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.

Equal to unity A
Greater than unity B
Less than unity C
Equal to zero D

Question # 16

If a change in demand is brought by a change in income, of demand will be.

Income elasticity A
Price elasticity B
Cross elasticity C
Arcelasticity D

Question # 17

During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to

rightward A
leftward B
downward C
no direction D

Question # 18

The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.

Fall A
Rise B
Remain the same C
Fluctuate D

Question # 19

The product which have close substitute their demand is always.

More elastic A
Perfectly elastic B
Perfectly inelastic C
Less elastic D

Question # 20

It describes the law of supply

supply curve A
supply schedule B
supply equation C
all the three D

Sr.#	Question	Answer
1	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
2	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
3	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
4	Which one is increasing function of price	A. demand B. utility C. supply D. consumption
5	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
6	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
7	If the price of a product rises, quantity demand if its substitute will.	A. Fall B. Rise C. Remain unchanged D. Fluctuate
8	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
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	A. Supply B. Demand C. Stock D. None of these
10	Which one of the following pairs represent complementary demand for a product.	A. Tea & coffe B. Butter & Margarine C. Shirt & shoes D. Shirt & trouser

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Economics Ics Part 1 English Medium Chapter 5 Online Test

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

Which one is increasing function of price

Supply of a commodity means

When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.

If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is

If price changes by one % and supply changes by 2% then supply is

Who present the Arc Elasticity formula for the measurement of elasticity of demand.

Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called

If the price of a product rises, quantity demand if its substitute will.

With a fall in the price of a Giffen good or inferior good its quantity demand will.

Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.

The method to measure the elasticity of demand by the unitary method was introduced by.

The composite demand for a product is generally:

The demand for a product is inelastic. In order to increase government revenue, the finance minister will :

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.

If a change in demand is brought by a change in income, of demand will be.

During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to

The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.

The product which have close substitute their demand is always.

It describes the law of supply

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