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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
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 # 2
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 3
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
Question # 4
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 # 5
If a change in demand is brought by a change in income, of demand will be.
Question # 6
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 # 7
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Question # 8
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 # 9
Which of the following shifts supply curve of cars to the right
Question # 10
An increases in demand would cause supply curve to
Question # 11
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called
Question # 12
The method to measure the elasticity of demand is :
Question # 13
The demand for a product is inelastic. In order to increase government revenue, the finance minister 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 elasticity f demand in case of substitute is called.
Question # 16
The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.
Question # 17
Who present the Arc Elasticity formula for the measurement of elasticity of demand.
Question # 18
Supply of a commodity means
Question # 19
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 # 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 | 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
|
| 2 | 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
|
| 3 | 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. |
A. 2.5
B. 0.5
C. 1.5
D. 3.5
|
| 4 | 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
|
| 5 | 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
|
| 6 | 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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| 7 | If the price of a product rises, quantity demand if its substitute will. |
A. Fall
B. Rise
C. Remain unchanged
D. Fluctuate
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| 8 | 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
|
| 9 | It describes the law of supply |
A. supply curve
B. supply schedule
C. supply equation
D. all the three
|
| 10 | Supply curve |
A. is vertical in long run
B. is flatter in long run
C. is same in long and short run
D. is horizontal in both short and long run
|
Test Questions