First Year Economics Chapter 5 Online MCQ Test for 1st Year Economics Chapter 5 (Supply)

This online test contains MCQs about following topics:

Supply Vs Stock,law of Supply ,Changes in Supply,Elasticity of Supply

ICS Part 1 Economics Chapter 5 Test

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MCQ's Test For Chapter 5 "Economics Ics Part 1 English Medium Chapter 5 Online Test"

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Economics Ics Part 1 English Medium Chapter 5 Online Test

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Question # 1

When a supply of a commodity increases without change in price it is called

Question # 2

In case of perfectly elastic demand curve, the demand curve will be parallel to the :

Question # 3

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

Question # 4

Elasticity of demand in case of minor change in price and quantity demand will be .

Question # 5

Supply of a commodity means

Question # 6

If elasticity of supply is greater than one. supply curve will be

Question # 7

The quantities of a commodity offered for sale at different prices during a given period of time are called

Question # 8

Supply curve

Question # 9

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 # 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

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 # 12

Supply curve will shift when

Question # 13

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

Question # 14

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

Question # 15

Long period supply curve is

Question # 16

An increases in demand would cause supply curve to

Question # 17

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 # 18

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 # 19

The composite demand for a product is generally:

Question # 20

What best explains a shift in market supply curve to the right?

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ICS Part 1 Economics Chapter 5 MCQs Test

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