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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
The method to measure the elasticity of demand by the unitary method was introduced by.
Question # 2
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 # 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 firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
Question # 5
The product which have close substitute their demand is always.
Question # 6
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 # 7
It describes the law of supply
Question # 8
If a change in demand is brought by a change in income, of demand will be.
Question # 9
If price changes by one % and supply changes by 2% then supply is
Question # 10
An increases in demand would cause supply curve to
Question # 11
In case of perfectly elastic demand curve, the demand curve will be parallel to the.
Question # 12
Which one is increasing function of price
Question # 13
With a fall in the price of a Giffen good or inferior good its quantity demand will.
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
Question # 15
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 16
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
Question # 17
When a supply of a commodity increases without change in price it is called
Question # 18
Which one of the following pairs represent complementary demand for a product.
Question # 19
The elasticity f demand in case of substitute is called.
Question # 20
Supply of a commodity means
ICS Part 1 Economics Chapter 5 MCQs Test
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ICS Part 1 Class Economics Chapter 5 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 2 | The price of a product double due to which its quantity demand falls to one half. The elasticity of demand for product will be: |
A. Equal to unity
B. Lass than unity
C. Greater than unity
D. Equal to zero
|
| 3 | 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
|
| 4 | The method to measure the elasticity of demand is : |
A. Percentage method
B. Total outlay approach
C. Geometric approch
D. All the three
|
| 5 | Which one of the following pairs represent complementary demand for a product. |
A. Tea & coffe
B. Butter & Margarine
C. Shirt & shoes
D. Shirt & trouser
|
| 6 | Which one is increasing function of price |
A. demand
B. utility
C. supply
D. consumption
|
| 7 | 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
|
| 8 | Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer. |
A. Increase
B. Falls
C. Remains the same
D. None of the three
|
| 9 | If elasticity of supply is greater than one. supply curve will be |
A. horizontal
B. vertical
C. passing through origin
D. touching y-axis
|
| 10 | Products A and B are substitutes whereas A and C are complement. With a rise in the price of product A, quantity demand of: |
A. Product B will go up
B. Product will fall
C. Both the above will take place
D. Nothing will take place
|
Test Questions
