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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
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
Question # 2
With a fall in the price of a Giffen good or inferior good its quantity demand will.
Question # 3
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 4
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
Question # 5
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 # 6
Supply of a commodity means
Question # 7
Supply curve will shift when
Question # 8
When a supply of a commodity increases without change in price it is called
Question # 9
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 # 10
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 # 11
If price changes by one % and supply changes by 2% then supply is
Question # 12
The elasticity f demand in case of substitute is called.
Question # 13
If a change in demand is brought by a change in income, of demand will be.
Question # 14
The method to measure the elasticity of demand by the unitary method was introduced by.
Question # 15
Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.
Question # 16
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called
Question # 17
The product which have close substitute their demand is always.
Question # 18
If elasticity of supply is one, supply curve will be
Question # 19
The method to measure the elasticity of demand is :
Question # 20
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
ICS Part 1 Economics Chapter 5 MCQs Test
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ICS Part 1 Economics Chapter 5 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 2 | Which one of the following pairs represent complementary demand for a product. |
A. Tea & coffe
B. Butter & Margarine
C. Shirt & shoes
D. Shirt & trouser
|
| 3 | The product which have close substitute their demand is always. |
A. More elastic
B. Perfectly elastic
C. Perfectly inelastic
D. Less elastic
|
| 4 | When a supply of a commodity increases without change in price it is called |
A. fall in supply
B. expansion in supply
C. contraction in supply in
D. rise in supply
|
| 5 | 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
|
| 6 | If price changes by one % and supply changes by 2% then supply is |
A. elastic
B. inelastic
C. indeterminate
D. static
|
| 7 | 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
|
| 8 | Elasticity of demand in case of minor change in price and quantity demand will be . |
A. Income elasticity of demand
B. Cross elasticity of demand
C. Point elasticity of demand
D. Arc elasticity of demand
|
| 9 | 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
|
| 10 | What best explains a shift in market supply curve to the right? |
A. an advertising campaign is successful in promoting the good
B. a new technique makes it cheaper to produce the good
C. the government introduces a tax on the good
D. the price of raw materials increases
|
Test Questions