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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
If price changes by one % and supply changes by 2% then supply is
Question # 2
Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.
Question # 3
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 # 4
The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.
Question # 5
The method to measure the elasticity of demand is :
Question # 6
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called
Question # 7
If the price of a product rises, quantity demand if its substitute will.
Question # 8
If elasticity of supply is greater than one. supply curve will be
Question # 9
Products A and B are substitutes whereas A and C are complement. With a rise in the price of product A, quantity demand of:
Question # 10
The total quantity of a commodity available in or near the market which can be brought for sale at a short notice
Question # 11
When a supply of a commodity increases without change in price it is called
Question # 12
During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to
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
It describes the law of supply
Question # 16
Which one of the following pairs represent complementary demand for a product.
Question # 17
Elasticity of demand in case of minor change in price and quantity demand will be .
Question # 18
If elasticity of supply is one, supply curve will be
Question # 19
Supply curve
Question # 20
Supply curve will shift when
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 elasticity f demand in case of substitute is called. |
A. Income elasticity of demand
B. Priceelasticity of demand
C. Crosselasticity of demand
D. None of the three
|
| 2 | The demand for a product is inelastic. In order to increase government revenue, the finance minister will : |
A. Lower down the tax rate
B. Increase the tax rate
C. Not change the tax rate
D. Double the tax rate
|
| 3 | 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
|
| 4 | 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
|
| 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 | 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
|
| 7 | Which one is increasing function of price |
A. demand
B. utility
C. supply
D. consumption
|
| 8 | The method to measure the elasticity of demand is : |
A. Percentage method
B. Total outlay approach
C. Geometric approch
D. All the three
|
| 9 | Long period supply curve is |
A. relatively flatter
B. relatively steeper
C. more elastic
D. a and c of above
|
| 10 | 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
|
Test Questions