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This online test contains MCQs about following topics:
Supply Vs Stock,law of Supply ,Changes in Supply,Elasticity of Supply
MCQ's Test For Chapter 5 "Economics Ics Part 1 English Medium Chapter 5 Online Test"
Try The MCQ's Test For Chapter 5 "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
00:00
Question # 1
The method to measure the elasticity of demand is :
Question # 2
Long period supply curve is
Question # 3
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 # 4
Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.
Question # 5
Elasticity of demand in case of minor change in price and quantity demand will be .
Question # 6
During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to
Question # 7
Which of the following shifts supply curve of cars to the right
Question # 8
If elasticity of supply is one, supply curve will be
Question # 9
The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.
Question # 10
If the price of a product rises, quantity demand if its substitute will.
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
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
Question # 13
When a supply of a commodity increases without change in price it is called
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
Supply curve
Question # 18
If a change in demand is brought by a change in income, of demand will be.
Question # 19
Supply curve will shift when
Question # 20
In case of perfectly elastic demand curve, the demand curve will be parallel to the :
ICS Part 1 Economics Chapter 5 MCQs Test
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| Sr.# | Question | Answer |
|---|---|---|
| 1 | Supply curve |
A. is vertical in long run
B. is flatter in long run
C. is same in long and short run
D. is horizontal in both short and long run
|
| 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 | 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
|
| 4 | The elasticity f demand in case of substitute is called. |
A. Income elasticity of demand
B. Priceelasticity of demand
C. Crosselasticity of demand
D. None of the three
|
| 5 | When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be. |
A. Equal to unity
B. Less than unity
C. Greater than unity
D. Equal to zero
|
| 6 | Supply of a commodity means |
A. willingness to sell a certain quantity
B. physical stocks available
C. planned production
D. total production in a given period
|
| 7 | The method to measure the elasticity of demand by the unitary method was introduced by. |
A. Alfred Marshall
B. Robbins
C. Adam Smith
D. Malthus
|
| 8 | If elasticity of supply is greater than one. supply curve will be |
A. horizontal
B. vertical
C. passing through origin
D. touching y-axis
|
| 9 | Which one of the following pairs represent complementary demand for a product. |
A. Tea & coffe
B. Butter & Margarine
C. Shirt & shoes
D. Shirt & trouser
|
| 10 | The total quantity of a commodity available in or near the market which can be brought for sale at a short notice |
A. Stock
B. Supply
C. Demand
D. None of these
|
Test Questions
