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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
Supply of a commodity means
Question # 2
During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to
Question # 3
Supply curve
Question # 4
Which one is increasing function of price
Question # 5
The product which have close substitute their demand is always.
Question # 6
The method to measure the elasticity of demand by the unitary method was introduced by.
Question # 7
It describes the law of supply
Question # 8
With a fall in the price of a Giffen good or inferior good its quantity demand will.
Question # 9
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 # 10
Elasticity of demand in case of minor change in price and quantity demand will be .
Question # 11
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called
Question # 12
When a supply of a commodity increases without change in price it is called
Question # 13
Long period supply curve is
Question # 14
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 # 15
The method to measure the elasticity of demand is :
Question # 16
The total quantity of a commodity available in or near the market which can be brought for sale at a short notice
Question # 17
If elasticity of supply is greater than one. supply curve will be
Question # 18
If elasticity of supply is one, supply curve will be
Question # 19
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 20
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
ICS Part 1 Economics Chapter 5 MCQs Test
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| Sr.# | Question | Answer |
|---|---|---|
| 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 | 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
|
| 3 | 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
|
| 4 | 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
|
| 5 | 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
|
| 6 | It describes the law of supply |
A. supply curve
B. supply schedule
C. supply equation
D. all the three
|
| 7 | 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
|
| 8 | If elasticity of supply is one, supply curve will be |
A. horizontal
B. vertical
C. passing through origin
D. touching x-axis
|
| 9 | Supply curve will shift when |
A. price falls
B. price rises
C. demand shifts
D. technology changes
|
| 10 | 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
|
Test Questions
