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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
When a supply of a commodity increases without change in price it is called
Question # 2
It describes the law of supply
Question # 3
Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.
Question # 4
If a change in demand is brought by a change in income, of demand will be.
Question # 5
Supply of a commodity means
Question # 6
A schedule of the amount of a good that would be offered for sale at all possible prices, at any one instant of time or during any period of time are called
Question # 7
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
Question # 8
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Question # 9
Which one is increasing function of price
Question # 10
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 # 11
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
Question # 12
Which of the following shifts supply curve of cars to the right
Question # 13
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.
Question # 14
In case of perfectly elastic demand curve, the demand curve will be parallel to the.
Question # 15
Elasticity of demand in case of minor change in price and quantity demand will be .
Question # 16
Supply curve
Question # 17
Who present the Arc Elasticity formula for the measurement of elasticity of demand.
Question # 18
With a fall in the price of a Giffen good or inferior good its quantity demand will.
Question # 19
The product which have close substitute their demand is always.
Question # 20
The total quantity of a commodity available in or near the market which can be brought for sale at a short notice
ICS Part 1 Economics Chapter 5 MCQs Test
Top Scorers Of Chapter 5 "Economics Ics Part 1 English Medium Chapter 5 Online Test" MCQ`s Test
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R romana 23 - Jun - 2021 08 Min 00 Sec 18/20 -
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D Duaa 22 - Nov - 2021 03 Min 52 Sec 12/20 -
E ekta 05 - Aug - 2021 04 Min 00 Sec 12/20
ICS Part 1 Economics Chapter 5 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Who present the Arc Elasticity formula for the measurement of elasticity of demand. |
A. R.G.D Allen
B. Pareto
C. J.R. Hicks
D. Robbins
|
| 2 | The composite demand for a product is generally: |
A. Elastic
B. Inelastic
C. Equal to unity
D. Equal to zero
|
| 3 | With a fall in the price of a Giffen good or inferior good its quantity demand will. |
A. Fall
B. Rise
C. Remain unchanged
D. None of three
|
| 4 | During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to |
A. rightward
B. leftward
C. downward
D. no direction
|
| 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 | 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
|
| 7 | Which one is increasing function of price |
A. demand
B. utility
C. supply
D. consumption
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| 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 | 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
|
| 10 | If a change in demand is brought by a change in income, of demand will be. |
A. Income elasticity
B. Price elasticity
C. Cross elasticity
D. Arcelasticity
|
Test Questions
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Shahzad
13 Dec 2018Nice