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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
Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called
Question # 2
The total quantity of a commodity available in or near the market which can be brought for sale at a short notice
Question # 3
The composite demand for a product is generally:
Question # 4
If price changes by one % and supply changes by 2% then supply is
Question # 5
With a fall in the price of a Giffen good or inferior good its quantity demand will.
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
Who present the Arc Elasticity formula for the measurement of elasticity of demand.
Question # 9
The demand for a product is inelastic. In order to increase government revenue, the finance minister will :
Question # 10
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 # 11
Which one of the following pairs represent complementary demand for a product.
Question # 12
Supply of a commodity means
Question # 13
Elasticity of demand in case of minor change in price and quantity demand will be .
Question # 14
The method to measure the elasticity of demand by the unitary method was introduced by.
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
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 # 17
If the price of a product rises, quantity demand if its substitute will.
Question # 18
If the price of a product increase from Rs. 12 per unit and as a consequence quantity demand of the product falls from 100 units to 50 units . The price elasticity of the product will be.
Question # 19
If elasticity of supply is greater than one. supply curve will be
Question # 20
Which of the following shifts supply curve of cars to the right
ICS Part 1 Economics Chapter 5 MCQs Test
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ICS Part 1 Class Economics Chapter 5 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Long period supply curve is |
A. relatively flatter
B. relatively steeper
C. more elastic
D. a and c of above
|
| 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: |
A. Equal to unity
B. Lass than unity
C. Greater than unity
D. Equal to zero
|
| 3 | When a supply of a commodity increases without change in price it is called |
A. fall in supply
B. expansion in supply
C. contraction in supply in
D. rise in supply
|
| 4 | If the price of a product rises, quantity demand if its substitute will. |
A. Fall
B. Rise
C. Remain unchanged
D. Fluctuate
|
| 5 | If elasticity of supply is greater than one. supply curve will be |
A. horizontal
B. vertical
C. passing through origin
D. touching y-axis
|
| 6 | Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called |
A. Law of Supply
B. Law of Demand
C. Law of equilibrium
D. None of these
|
| 7 | The product which have close substitute their demand is always. |
A. More elastic
B. Perfectly elastic
C. Perfectly inelastic
D. Less elastic
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| 8 | Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer. |
A. Increase
B. Falls
C. Remains the same
D. None of the three
|
| 9 | Elasticity of demand in case of minor change in price and quantity demand will be . |
A. Income elasticity of demand
B. Cross elasticity of demand
C. Point elasticity of demand
D. Arc elasticity of demand
|
| 10 | 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
|
Test Questions
