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

Question # 1

Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.

Increase A
Falls B
Remains the same C
None of the three D

Question # 2

In case of perfectly elastic demand curve, the demand curve will be parallel to the.

Horizontal Axis A
Vertical Axis B
None of the above C

Question # 3

If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is

0.05 A
10 B
20 C
indeterminate D

Question # 4

The composite demand for a product is generally:

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

Question # 5

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 # 6

When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.

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

Question # 7

Which one is increasing function of price

demand A
utility B
supply C
consumption D

Question # 8

If price changes by one % and supply changes by 2% then supply is

elastic A
inelastic B
indeterminate C
static 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

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 # 11

Elasticity of demand in case of minor change in price and quantity demand will be .

Income elasticity of demand A
Cross elasticity of demand B
Point elasticity of demand C
Arc elasticity of demand D

Question # 12

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 # 13

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 # 14

Supply curve will shift when

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

Question # 15

Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called

Law of Supply A
Law of Demand B
Law of equilibrium C
None of these D

Question # 16

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 # 17

With a fall in the price of a Giffen good or inferior good its quantity demand will.

Fall A
Rise B
Remain unchanged C
None of three D

Question # 18

Products A and B are substitutes whereas A and C are complement. With a rise in the price of product A, quantity demand of:

Product B will go up A
Product will fall B
Both the above will take place C
Nothing will take place D

Question # 19

If elasticity of supply is one, supply curve will be

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

Question # 20

It describes the law of supply

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

Sr.#	Question	Answer
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	A. Supply B. Demand C. Stock D. None of these
2	What best explains a shift in market supply curve to the right?	A. an advertising campaign is successful in promoting the good B. a new technique makes it cheaper to produce the good C. the government introduces a tax on the good D. the price of raw materials increases
3	The composite demand for a product is generally:	A. Elastic B. Inelastic C. Equal to unity D. Equal to zero
4	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
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 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
7	The product which have close substitute their demand is always.	A. More elastic B. Perfectly elastic C. Perfectly inelastic D. Less elastic
8	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
9	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
10	Which one of the following pairs represent complementary demand for a product.	A. Tea & coffe B. Butter & Margarine C. Shirt & shoes D. Shirt & trouser

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MCQ's Test For Chapter 5 "Economics Ics Part 1 English Medium Chapter 5 Online Test"

Economics Ics Part 1 English Medium Chapter 5 Online Test

Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.

In case of perfectly elastic demand curve, the demand curve will be parallel to the.

If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is

The composite demand for a product is generally:

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

When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.

Which one is increasing function of price

If price changes by one % and supply changes by 2% then supply is

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

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

Elasticity of demand in case of minor change in price and quantity demand will be .

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

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

Supply curve will shift when

Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called

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

With a fall in the price of a Giffen good or inferior good its quantity demand will.

Products A and B are substitutes whereas A and C are complement. With a rise in the price of product A, quantity demand of:

If elasticity of supply is one, supply curve will be

It describes the law of supply

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