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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
What best explains a shift in market supply curve to the right?
Question # 2
Who present the Arc Elasticity formula for the measurement of elasticity of demand.
Question # 3
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 # 4
The demand for a product is inelastic. In order to increase government revenue, the finance minister will :
Question # 5
Long period supply curve is
Question # 6
If the price of a product rises, quantity demand if its substitute will.
Question # 7
If a change in demand is brought by a change in income, of demand will be.
Question # 8
The method to measure the elasticity of demand is :
Question # 9
An increases in demand would cause supply curve to
Question # 10
Which one is increasing function of price
Question # 11
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
Question # 12
Supply of a commodity means
Question # 13
Supply curve
Question # 14
If elasticity of supply is one, supply curve will be
Question # 15
The elasticity f demand in case of substitute is called.
Question # 16
If elasticity of supply is greater than one. supply curve will be
Question # 17
When a supply of a commodity increases without change in price it is called
Question # 18
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 # 19
Which of the following shifts supply curve of cars to the right
Question # 20
Which one of the following pairs represent complementary demand for a product.
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 | 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
|
| 2 | 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
|
| 3 | Supply of a commodity means |
A. willingness to sell a certain quantity
B. physical stocks available
C. planned production
D. total production in a given period
|
| 4 | Which one is increasing function of price |
A. demand
B. utility
C. supply
D. consumption
|
| 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 | 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 method to measure the elasticity of demand is : |
A. Percentage method
B. Total outlay approach
C. Geometric approch
D. All the three
|
| 8 | The demand for a product is inelastic. In order to increase government revenue, the finance minister will : |
A. Lower down the tax rate
B. Increase the tax rate
C. Not change the tax rate
D. Double the tax rate
|
| 9 | It describes the law of supply |
A. supply curve
B. supply schedule
C. supply equation
D. all the three
|
| 10 | 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
|
Test Questions