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 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
2 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.
  • A. 2.5
  • B. 0.5
  • C. 1.5
  • D. 3.5
3 If the price of a product rises, quantity demand if its substitute will.
  • A. Fall
  • B. Rise
  • C. Remain unchanged
  • D. Fluctuate
4 If price changes by one % and supply changes by 2% then supply is
  • A. elastic
  • B. inelastic
  • C. indeterminate
  • D. static
5 The total quantity of a commodity available in or near the market which can be brought for sale at a short notice
  • A. Stock
  • B. Supply
  • C. Demand
  • D. None of these
6 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
7 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
8 If elasticity of supply is one, supply curve will be
  • A. horizontal
  • B. vertical
  • C. passing through origin
  • D. touching x-axis
9 Which one is increasing function of price
  • A. demand
  • B. utility
  • C. supply
  • D. consumption
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

Share your comments questions here
Sort By:
  • S

    Shahzad

    13 Dec 2018

    Nice

    Like (1)
    Reply
X

Sign in

to continue to ilmkidunya.com

inquiry-image

Free Admission Advice

Fill the form. Our admission consultants will call you with admission options.

X

Sign in

to continue to ilmkidunya.com

X

Sign in

to continue to ilmkidunya.com

X

Forgot Password

to continue to ilmkidunya.com

X

Register Type

Please Provide following information to Register

  • Student
  • Tutor
  • Consultant
  • Employer