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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
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 2
If price changes by one % and supply changes by 2% then supply is
Question # 3
If elasticity of supply is one, supply curve will be
Question # 4
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 # 5
The composite demand for a product is generally:
Question # 6
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
Question # 7
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called
Question # 8
During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to
Question # 9
What best explains a shift in market supply curve to the right?
Question # 10
The total quantity of a commodity available in or near the market which can be brought for sale at a short notice
Question # 11
Which of the following shifts supply curve of cars to the right
Question # 12
Elasticity of demand in case of minor change in price and quantity demand 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
Supply curve will shift when
Question # 15
The method to measure the elasticity of demand by the unitary method was introduced by.
Question # 16
In case of perfectly elastic demand curve, the demand curve will be parallel to the.
Question # 17
When a supply of a commodity increases without change in price it is called
Question # 18
The method to measure the elasticity of demand is :
Question # 19
If elasticity of supply is greater than one. supply curve will be
Question # 20
Which one is increasing function of price
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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E ekta 05 - Aug - 2021 04 Min 00 Sec 12/20 -
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 | 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 | 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
|
| 3 | It describes the law of supply |
A. supply curve
B. supply schedule
C. supply equation
D. all the three
|
| 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 | 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
|
| 6 | Which one is increasing function of price |
A. demand
B. utility
C. supply
D. consumption
|
| 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 | 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
|
| 9 | When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be. |
A. Equal to unity
B. Less than unity
C. Greater than unity
D. Equal to zero
|
| 10 | Which of the following shifts supply curve of cars to the right |
A. tax on new cars
B. increase in wages of workers
C. decrease in steel price
D. a successful promotion campaign by sellers
|
Test Questions