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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
Which one of the following pairs represent complementary demand for a product.
Question # 2
Supply curve will shift when
Question # 3
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
Question # 4
What best explains a shift in market supply curve to the right?
Question # 5
In case of perfectly elastic demand curve, the demand curve will be parallel to the.
Question # 6
The total quantity of a commodity available in or near the market which can be brought for sale at a short notice
Question # 7
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
Question # 8
The method to measure the elasticity of demand by the unitary method was introduced by.
Question # 9
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 10
With a fall in the price of a Giffen good or inferior good its quantity demand will.
Question # 11
If a change in demand is brought by a change in income, of demand will be.
Question # 12
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Question # 13
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 # 14
Long period supply curve is
Question # 15
The demand for a product is inelastic. In order to increase government revenue, the finance minister will :
Question # 16
Supply of a commodity means
Question # 17
If elasticity of supply is greater than one. supply curve will be
Question # 18
Who present the Arc Elasticity formula for the measurement of elasticity of demand.
Question # 19
Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.
Question # 20
The composite demand for a product is generally:
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 | The method to measure the elasticity of demand is : |
A. Percentage method
B. Total outlay approach
C. Geometric approch
D. All the three
|
| 2 | The product which have close substitute their demand is always. |
A. More elastic
B. Perfectly elastic
C. Perfectly inelastic
D. Less elastic
|
| 3 | 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
|
| 4 | The composite demand for a product is generally: |
A. Elastic
B. Inelastic
C. Equal to unity
D. Equal to zero
|
| 5 | 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
|
| 6 | If elasticity of supply is one, supply curve will be |
A. horizontal
B. vertical
C. passing through origin
D. touching x-axis
|
| 7 | 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
|
| 8 | 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 |
A. Perfectly elastic
B. Perfectly inelastic
C. Less elastic
D. More elastic
|
| 9 | 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
|
| 10 | 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
|
Test Questions
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Shahzad
13 Dec 2018Nice