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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
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 2
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 # 3
Which one is increasing function of price
Question # 4
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
Question # 5
The composite demand for a product is generally:
Question # 6
If elasticity of supply is one, supply curve will be
Question # 7
Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.
Question # 8
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called
Question # 9
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
Question # 10
The demand for a product is inelastic. In order to increase government revenue, the finance minister will :
Question # 11
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 # 12
Who present the Arc Elasticity formula for the measurement of elasticity of demand.
Question # 13
Elasticity of demand in case of minor change in price and quantity demand will be .
Question # 14
Supply of a commodity means
Question # 15
An increases in demand would cause supply curve to
Question # 16
If the price of a product rises, quantity demand if its substitute will.
Question # 17
The method to measure the elasticity of demand is :
Question # 18
In case of perfectly elastic demand curve, the demand curve will be parallel to the.
Question # 19
The elasticity f demand in case of substitute is called.
Question # 20
The product which have close substitute their demand is always.
ICS Part 1 Economics Chapter 5 MCQs Test
Top Scorers Of Chapter 5 "Economics Ics Part 1 English Medium Chapter 5 Online Test" MCQ`s Test
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L Laiba Muqaddas 26 - Jul - 2024 04 Min 11 Sec 18/20 -
R romana 23 - Jun - 2021 08 Min 00 Sec 18/20 -
A Ali Hassan 10 - Sep - 2022 03 Min 38 Sec 17/20 -
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M M.Attiq-U-Rehman 24 - Nov - 2023 04 Min 03 Sec 12/20
ICS Part 1 Economics Chapter 5 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | It describes the law of supply |
A. supply curve
B. supply schedule
C. supply equation
D. all the three
|
| 2 | During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to |
A. rightward
B. leftward
C. downward
D. no direction
|
| 3 | Supply of a commodity means |
A. willingness to sell a certain quantity
B. physical stocks available
C. planned production
D. total production in a given period
|
| 4 | Which one is increasing function of price |
A. demand
B. utility
C. supply
D. consumption
|
| 5 | 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
|
| 6 | 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
|
| 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 | Supply curve will shift when |
A. price falls
B. price rises
C. demand shifts
D. technology changes
|
| 9 | 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
|
| 10 | Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called |
A. Law of Supply
B. Law of Demand
C. Law of equilibrium
D. None of these
|
Test Questions
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Shahzad
13 Dec 2018Nice