11th class Economics chapter 5 online mcq test with answers for ICS part 1 Economics chapter 5 (Supply)

Question # 1

The method to measure the elasticity of demand by the unitary method was introduced by.

Alfred Marshall A
Robbins B
Adam Smith C
Malthus D

Question # 2

Long period supply curve is

relatively flatter A
relatively steeper B
more elastic C
a and c of above D

Question # 3

An increases in demand would cause supply curve to

shift to the left A
shift to the right B
change in slope of supply curve C
no effect on supply D

Question # 4

If the price of a product rises, quantity demand if its substitute will.

Fall A
Rise B
Remain unchanged C
Fluctuate D

Question # 5

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.

Equal to unity A
Greater than unity B
Less than unity C
Equal to zero D

Question # 6

What best explains a shift in market supply curve to the right?

an advertising campaign is successful in promoting the good A
a new technique makes it cheaper to produce the good B
the government introduces a tax on the good C
the price of raw materials increases D

Question # 7

The total quantity of a commodity available in or near the market which can be brought for sale at a short notice

Stock A
Supply B
Demand C
None of these D

Question # 8

Supply of a commodity means

willingness to sell a certain quantity A
physical stocks available B
planned production C
total production in a given period D

Question # 9

During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to

rightward A
leftward B
downward C
no direction D

Question # 10

Supply curve will shift when

price falls A
price rises B
demand shifts C
technology changes D

Question # 11

It describes the law of supply

supply curve A
supply schedule B
supply equation C
all the three D

Question # 12

If elasticity of supply is greater than one. supply curve will be

horizontal A
vertical B
passing through origin C
touching y-axis D

Question # 13

Who present the Arc Elasticity formula for the measurement of elasticity of demand.

R.G.D Allen A
Pareto B
J.R. Hicks C
Robbins D

Question # 14

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

Perfectly elastic A
Perfectly inelastic B
Less elastic C
More elastic D

Question # 15

Which of the following shifts supply curve of cars to the right

tax on new cars A
increase in wages of workers B
decrease in steel price C
a successful promotion campaign by sellers D

Question # 16

Supply curve

is vertical in long run A
is flatter in long run B
is same in long and short run C
is horizontal in both short and long run D

Question # 17

The quantities of a commodity offered for sale at different prices during a given period of time are called

Supply A
Demand B
Stock C
None of these D

Question # 18

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.

2.5 A
0.5 B
1.5 C
3.5 D

Question # 19

The product which have close substitute their demand is always.

More elastic A
Perfectly elastic B
Perfectly inelastic C
Less elastic D

Question # 20

The composite demand for a product is generally:

Elastic A
Inelastic B
Equal to unity C
Equal to zero D

Sr.#	Question	Answer
1	An increases in demand would cause supply curve to	A. shift to the left B. shift to the right C. change in slope of supply curve D. no effect on supply
2	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
3	Supply curve will shift when	A. price falls B. price rises C. demand shifts D. technology changes
4	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
5	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
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	A. Perfectly elastic B. Perfectly inelastic C. Less elastic D. More elastic
7	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
8	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
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:	A. Product B will go up B. Product will fall C. Both the above will take place D. Nothing will take place
10	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	A. Supply B. Demand C. Stock D. None of these

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Economics Ics Part 1 English Medium Chapter 5 Online Test

The method to measure the elasticity of demand by the unitary method was introduced by.

Long period supply curve is

An increases in demand would cause supply curve to

If the price of a product rises, quantity demand if its substitute will.

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.

What best explains a shift in market supply curve to the right?

The total quantity of a commodity available in or near the market which can be brought for sale at a short notice

Supply of a commodity means

During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to

Supply curve will shift when

It describes the law of supply

If elasticity of supply is greater than one. supply curve will be

Who present the Arc Elasticity formula for the measurement of elasticity of demand.

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

Which of the following shifts supply curve of cars to the right

Supply curve

The quantities of a commodity offered for sale at different prices during a given period of time are called

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.

The product which have close substitute their demand is always.

The composite demand for a product is generally:

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