11th class Economics chapter 5 online mcq test with answers for ICS part 1 Economics chapter 5 (Supply)

Question # 1

An increases in demand would cause supply curve to

shift to the left A
shift to the right B
change in slope of supply curve C
no effect on supply D

Question # 2

If elasticity of supply is greater than one. supply curve will be

horizontal A
vertical B
passing through origin C
touching y-axis D

Question # 3

Supply curve will shift when

price falls A
price rises B
demand shifts C
technology changes D

Question # 4

Which one is increasing function of price

demand A
utility B
supply C
consumption D

Question # 5

The composite demand for a product is generally:

Elastic A
Inelastic B
Equal to unity C
Equal to zero D

Question # 6

Long period supply curve is

relatively flatter A
relatively steeper B
more elastic C
a and c of above D

Question # 7

In case of perfectly elastic demand curve, the demand curve will be parallel to the :

Horizontal axis A
Vertical Axis B
None of the above C

Question # 8

Supply of a commodity means

willingness to sell a certain quantity A
physical stocks available B
planned production C
total production in a given period D

Question # 9

If price changes by one % and supply changes by 2% then supply is

elastic A
inelastic B
indeterminate C
static D

Question # 10

If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is

0.05 A
10 B
20 C
indeterminate D

Question # 11

With a fall in the price of a Giffen good or inferior good its quantity demand will.

Fall A
Rise B
Remain unchanged C
None of three D

Question # 12

Supply curve

is vertical in long run A
is flatter in long run B
is same in long and short run C
is horizontal in both short and long run D

Question # 13

The demand for a product is inelastic. In order to increase government revenue, the finance minister will :

Lower down the tax rate A
Increase the tax rate B
Not change the tax rate C
Double the tax rate D

Question # 14

During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to

rightward A
leftward B
downward C
no direction D

Question # 15

In May 2012, firm was supplying 1000 kg of sugar at market price of Rs. 60/- per kg. During June 2012, firm's supply of sugar had decreased to 900 kg at price Rs. 40/- per kg. These changes show that supply of sugar is

Perfectly elastic A
Perfectly inelastic B
Less elastic C
More elastic D

Question # 16

The price of a product double due to which its quantity demand falls to one half. The elasticity of demand for product will be:

Equal to unity A
Lass than unity B
Greater than unity C
Equal to zero D

Question # 17

In case of perfectly elastic demand curve, the demand curve will be parallel to the.

Horizontal Axis A
Vertical Axis B
None of the above C

Question # 18

The total quantity of a commodity available in or near the market which can be brought for sale at a short notice

Stock A
Supply B
Demand C
None of these D

Question # 19

What best explains a shift in market supply curve to the right?

an advertising campaign is successful in promoting the good A
a new technique makes it cheaper to produce the good B
the government introduces a tax on the good C
the price of raw materials increases D

Question # 20

Who present the Arc Elasticity formula for the measurement of elasticity of demand.

R.G.D Allen A
Pareto B
J.R. Hicks C
Robbins D

Sr.#	Question	Answer
1	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
2	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
3	The method to measure the elasticity of demand by the unitary method was introduced by.	A. Alfred Marshall B. Robbins C. Adam Smith D. Malthus
4	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
5	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
6	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
7	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
8	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
9	The composite demand for a product is generally:	A. Elastic B. Inelastic C. Equal to unity D. Equal to zero
10	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

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MCQ's Test For Chapter 5 "Economics Ics Part 1 English Medium Chapter 5 Online Test"

Economics Ics Part 1 English Medium Chapter 5 Online Test

An increases in demand would cause supply curve to

If elasticity of supply is greater than one. supply curve will be

Supply curve will shift when

Which one is increasing function of price

The composite demand for a product is generally:

Long period supply curve is

In case of perfectly elastic demand curve, the demand curve will be parallel to the :

Supply of a commodity means

If price changes by one % and supply changes by 2% then supply is

If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is

With a fall in the price of a Giffen good or inferior good its quantity demand will.

Supply curve

The demand for a product is inelastic. In order to increase government revenue, the finance minister will :

During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to

In May 2012, firm was supplying 1000 kg of sugar at market price of Rs. 60/- per kg. During June 2012, firm's supply of sugar had decreased to 900 kg at price Rs. 40/- per kg. These changes show that supply of sugar is

The price of a product double due to which its quantity demand falls to one half. The elasticity of demand for product will be:

In case of perfectly elastic demand curve, the demand curve will be parallel to the.

The total quantity of a commodity available in or near the market which can be brought for sale at a short notice

What best explains a shift in market supply curve to the right?

Who present the Arc Elasticity formula for the measurement of elasticity of demand.

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