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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
Elasticity of demand in case of minor change in price and quantity demand will be .
Question # 2
What best explains a shift in market supply curve to the right?
Question # 3
The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.
Question # 4
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Question # 5
If elasticity of supply is one, supply curve will be
Question # 6
If price changes by one % and supply changes by 2% then supply is
Question # 7
Which of the following shifts supply curve of cars to the right
Question # 8
In case of perfectly elastic demand curve, the demand curve will be parallel to the.
Question # 9
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 10
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called
Question # 11
If a change in demand is brought by a change in income, of demand will be.
Question # 12
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
Question # 13
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 # 14
Which one is increasing function of price
Question # 15
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 # 16
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 # 17
Which one of the following pairs represent complementary demand for a product.
Question # 18
If elasticity of supply is greater than one. supply curve will be
Question # 19
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
Question # 20
When a supply of a commodity increases without change in price it 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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ICS Part 1 Economics Chapter 5 Important MCQ's
| 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 | 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 | Which one is increasing function of price |
A. demand
B. utility
C. supply
D. consumption
|
| 4 | Supply curve will shift when |
A. price falls
B. price rises
C. demand shifts
D. technology changes
|
| 5 | 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
|
| 6 | 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. |
A. 2.5
B. 0.5
C. 1.5
D. 3.5
|
| 7 | 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. |
A. Equal to unity
B. Greater than unity
C. Less than unity
D. Equal to zero
|
| 8 | 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
|
| 9 | 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
|
| 10 | 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
|
Test Questions