5th Chapter

ICS Part 1 Economics Chapter 5 MCQs Test

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

Start Chapter 5 Test

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

Sr. # Questions Answers Choice
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 Supply curve will shift when
  • A. price falls
  • B. price rises
  • C. demand shifts
  • D. technology changes
3 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
4 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
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 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
7 Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called
  • A. Law of Supply
  • B. Law of Demand
  • C. Law of equilibrium
  • D. None of these
8 Supply curve
  • A. is vertical in long run
  • B. is flatter in long run
  • C. is same in long and short run
  • D. is horizontal in both short and long run
9 If elasticity of supply is greater than one. supply curve will be
  • A. horizontal
  • B. vertical
  • C. passing through origin
  • D. touching y-axis
10 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

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  • S

    Shahzad

    13 Dec 2018

    Nice

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