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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
When a supply of a commodity increases without change in price it is called
Question # 2
The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.
Question # 3
The composite demand for a product is generally:
Question # 4
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 # 5
The total quantity of a commodity available in or near the market which can be brought for sale at a short notice
Question # 6
What best explains a shift in market supply curve to the right?
Question # 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:
Question # 8
Elasticity of demand in case of minor change in price and quantity demand will be .
Question # 9
Which one is increasing function of price
Question # 10
It describes the law of supply
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
If price changes by one % and supply changes by 2% then supply is
Question # 13
The product which have close substitute their demand is always.
Question # 14
Long period supply curve is
Question # 15
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
Question # 16
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
Question # 17
Who present the Arc Elasticity formula for the measurement of elasticity of demand.
Question # 18
The method to measure the elasticity of demand is :
Question # 19
If elasticity of supply is greater than one. supply curve will be
Question # 20
The method to measure the elasticity of demand by the unitary method was introduced by.
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