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

1 The method to measure the elasticity of demand is :
• A. Percentage method
• B. Total outlay approach
• C. Geometric approch
• D. All the three
2 The total quantity of a commodity available in or near the market which can be brought for sale at a short notice
• A. Stock
• B. Supply
• C. Demand
• D. None of these
3 Supply curve will shift when
• A. price falls
• B. price rises
• C. demand shifts
• D. technology changes
4 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
5 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
6 The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.
• A. Fall
• B. Rise
• C. Remain the same
• D. Fluctuate
7 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
8 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
9 Which one is increasing function of price
• A. demand
• B. utility
• C. supply
• D. consumption
10 Long period supply curve is
• A. relatively flatter
• B. relatively steeper
• C. more elastic
• D. a and c of above

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13 Dec 2018

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