Economics Ics Part 1 English Medium Online Test With Answers

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Economics Ics Part 1 English Medium Online Test

Sr. # Questions Answers Choice
1 Given the demand curve, a rise in supply will. Increase quantity supplied Price will fall Price will rise Both (a) and (b)
2 Equilibrium price of a product is determined by: The gomverment An industrialist Market competition An agriculturist
3 When the price of a product increase by 100 percent and as a consequence, its quantity supplied increase by 125 percent, Its elasticity of supply will be. Less than unity Greater than unity Equal to unity Equal to zero
4 When there is big change in quantity supplied resulting from a minor change inits price,its elasticity of supply will be. Equal to unity Less than unity Equal to zero Greater than unity
5 With an increase in cost of production, price of the product rises while supply of the product will. Fall Rise Remain unchanged Non of the three
6 A change in price brings in quantity supplied. it will be. Rise in supply Contraction of supply Fall in supply Extension of supply
7 One of the following is not an assumption of law of supply. Political system should not changed Cost of production should not changed Production technique should not changed Cost of raw material should not changed
8 A producers has one thousand tons of rice to be offered for sale at a certain price in future, it will be called. Supply of output Production Buffer stock Stock
9 Perfectly inelastic supply curve is: Parallel to vertical axis Parallel to horizontal axis Rises upward to the right Falls downward to the right
10 In case of a fall in supply. Quantity supplied falls at the same price. Quantity supplied rises at the same price. Quantity supplied remain at the lower price. None of the three
11 A fall fall in supply will take place due to a: Business collusion Bumper crop Fall in custom duty Fall in income
12 Extension of supply will take place as a consequence of: Change in price Change in population Change in technology Change in money supply
13 Which one will be termed as supply of a product. One tone potato in cold storage One ton rice offered for sale in market One ton rice brought for sale in market at a certain price. None of the three
14 When the supply curve of a product is parallel to the vertical axis, it would mean that; Different quantities of a product are supplied at the same price. Different quantities of a product are supplied at different price. Same quantities of a product are supplied at different price. None of three
15 The product which have close substitute their demand is always. More elastic Perfectly elastic Perfectly inelastic Less elastic
16 Which one of the following pairs represent complementary demand for a product. Tea & coffe Butter & Margarine Shirt & shoes Shirt & trouser
17 Elasticity of demand in case of minor change in price and quantity demand will be . Income elasticity of demand Cross elasticity of demand Point elasticity of demand Arc elasticity of demand
18 If a change in demand is brought by a change in income, of demand will be. Income elasticity Price elasticity Cross elasticity Arcelasticity
19 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. Equal to unity Greater than unity Less than unity Equal to zero
20 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 Less than unity Greater than unity Equal to zero
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