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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
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 # 2
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 3
If price changes by one % and supply changes by 2% then supply is
Question # 4
The elasticity f demand in case of substitute is called.
Question # 5
Supply curve will shift when
Question # 6
The composite demand for a product is generally:
Question # 7
Who present the Arc Elasticity formula for the measurement of elasticity of demand.
Question # 8
Which of the following shifts supply curve of cars to the right
Question # 9
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
Question # 10
Elasticity of demand in case of minor change in price and quantity demand will be .
Question # 11
If the price of a product rises, quantity demand if its substitute will.
Question # 12
Supply curve
Question # 13
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 # 14
The demand for a product is inelastic. In order to increase government revenue, the finance minister will :
Question # 15
With a fall in the price of a Giffen good or inferior good its quantity demand will.
Question # 16
It describes the law of supply
Question # 17
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 # 18
During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to
Question # 19
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called
Question # 20
Supply of a commodity means
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