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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
What best explains a shift in market supply curve to the right?
Question # 2
The composite demand for a product is generally:
Question # 3
Elasticity of demand in case of minor change in price and quantity demand will be .
Question # 4
If elasticity of supply is one, supply curve will be
Question # 5
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 # 6
If a change in demand is brought by a change in income, of demand will be.
Question # 7
During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to
Question # 8
Which of the following shifts supply curve of cars to the right
Question # 9
When a supply of a commodity increases without change in price it is called
Question # 10
It describes the law of supply
Question # 11
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 # 12
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called
Question # 13
An increases in demand would cause supply curve to
Question # 14
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 15
The total quantity of a commodity available in or near the market which can be brought for sale at a short notice
Question # 16
If price changes by one % and supply changes by 2% then supply is
Question # 17
Who present the Arc Elasticity formula for the measurement of elasticity of demand.
Question # 18
Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.
Question # 19
If elasticity of supply is greater than one. supply curve will be
Question # 20
The price of a product double due to which its quantity demand falls to one half. The elasticity of demand for product will be:
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 | 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
|
| 2 | If elasticity of supply is one, supply curve will be |
A. horizontal
B. vertical
C. passing through origin
D. touching x-axis
|
| 3 | If elasticity of supply is greater than one. supply curve will be |
A. horizontal
B. vertical
C. passing through origin
D. touching y-axis
|
| 4 | 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
|
| 5 | If price changes by one % and supply changes by 2% then supply is |
A. elastic
B. inelastic
C. indeterminate
D. static
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| 6 | If the price of a product rises, quantity demand if its substitute will. |
A. Fall
B. Rise
C. Remain unchanged
D. Fluctuate
|
| 7 | 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
|
| 8 | 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
|
| 9 | 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
|
| 10 | 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
|
Test Questions