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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
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
Question # 2
Which of the following shifts supply curve of cars to the right
Question # 3
It describes the law of supply
Question # 4
Which one of the following pairs represent complementary demand for a product.
Question # 5
Supply curve will shift when
Question # 6
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
Question # 7
The elasticity f demand in case of substitute is called.
Question # 8
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 # 9
In case of perfectly elastic demand curve, the demand curve will be parallel to the.
Question # 10
Long period supply curve is
Question # 11
Elasticity of demand in case of minor change in price and quantity demand will be .
Question # 12
The method to measure the elasticity of demand is :
Question # 13
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 # 14
The quantities of a commodity offered for sale at different prices during a given period of time are called
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.
Question # 16
When a supply of a commodity increases without change in price it is called
Question # 17
The method to measure the elasticity of demand by the unitary method was introduced by.
Question # 18
With a fall in the price of a Giffen good or inferior good its quantity demand will.
Question # 19
The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.
Question # 20
Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.
ICS Part 1 Economics Chapter 5 MCQs Test
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| Sr.# | Question | Answer |
|---|---|---|
| 1 | If elasticity of supply is greater than one. supply curve will be |
A. horizontal
B. vertical
C. passing through origin
D. touching y-axis
|
| 2 | 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
|
| 3 | 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
|
| 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 | 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
|
| 6 | 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
|
| 7 | During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to |
A. rightward
B. leftward
C. downward
D. no direction
|
| 8 | Supply curve will shift when |
A. price falls
B. price rises
C. demand shifts
D. technology changes
|
| 9 | It describes the law of supply |
A. supply curve
B. supply schedule
C. supply equation
D. all the three
|
| 10 | 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
|
Test Questions
