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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
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Question # 1
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 2
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 # 3
When a supply of a commodity increases without change in price it is called
Question # 4
Which one is increasing function of price
Question # 5
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Question # 6
Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.
Question # 7
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 # 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
Elasticity of demand in case of minor change in price and quantity demand will be .
Question # 10
In case of perfectly elastic demand curve, the demand curve will be parallel to the.
Question # 11
The total quantity of a commodity available in or near the market which can be brought for sale at a short notice
Question # 12
With a fall in the price of a Giffen good or inferior good its quantity demand will.
Question # 13
The demand for a product is inelastic. In order to increase government revenue, the finance minister will :
Question # 14
It describes the law of supply
Question # 15
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 # 16
What best explains a shift in market supply curve to the right?
Question # 17
If elasticity of supply is one, supply curve will be
Question # 18
If elasticity of supply is greater than one. supply curve will be
Question # 19
If price changes by one % and supply changes by 2% then supply is
Question # 20
The elasticity f demand in case of substitute is called.
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