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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 the price of a product rises, quantity demand if its substitute will.
Question # 2
An increases in demand would cause supply curve to
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
What best explains a shift in market supply curve to the right?
Question # 5
The total quantity of a commodity available in or near the market which can be brought for sale at a short notice
Question # 6
If elasticity of supply is greater than one. supply curve will be
Question # 7
Supply of a commodity means
Question # 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:
Question # 9
Which of the following shifts supply curve of cars to the right
Question # 10
The method to measure the elasticity of demand by the unitary method was introduced by.
Question # 11
The product which have close substitute their demand is always.
Question # 12
Supply curve
Question # 13
With a fall in the price of a Giffen good or inferior good its quantity demand will.
Question # 14
Which one is increasing function of price
Question # 15
If a change in demand is brought by a change in income, of demand will be.
Question # 16
Long period supply curve is
Question # 17
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 # 18
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called
Question # 19
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
Question # 20
The demand for a product is inelastic. In order to increase government revenue, the finance minister will :
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 | Supply curve will shift when |
A. price falls
B. price rises
C. demand shifts
D. technology changes
|
| 2 | Long period supply curve is |
A. relatively flatter
B. relatively steeper
C. more elastic
D. a and c of above
|
| 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 | If the price of a product rises, quantity demand if its substitute will. |
A. Fall
B. Rise
C. Remain unchanged
D. Fluctuate
|
| 5 | 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
|
| 6 | It describes the law of supply |
A. supply curve
B. supply schedule
C. supply equation
D. all the three
|
| 7 | 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
|
| 8 | With a fall in the price of a Giffen good or inferior good its quantity demand will. |
A. Fall
B. Rise
C. Remain unchanged
D. None of three
|
| 9 | The method to measure the elasticity of demand by the unitary method was introduced by. |
A. Alfred Marshall
B. Robbins
C. Adam Smith
D. Malthus
|
| 10 | Which one is increasing function of price |
A. demand
B. utility
C. supply
D. consumption
|
Test Questions