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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
Supply curve
Question # 2
The quantities of a commodity offered for sale at different prices during a given period of time are called
Question # 3
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 # 4
If the price of a product rises, quantity demand if its substitute will.
Question # 5
If elasticity of supply is one, supply curve will be
Question # 6
Long period supply curve is
Question # 7
The total quantity of a commodity available in or near the market which can be brought for sale at a short notice
Question # 8
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product 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
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 # 11
Supply of a commodity means
Question # 12
The demand for a product is inelastic. In order to increase government revenue, the finance minister will :
Question # 13
It describes the law of supply
Question # 14
Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.
Question # 15
If elasticity of supply is greater than one. supply curve will be
Question # 16
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 # 17
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 # 18
In case of perfectly elastic demand curve, the demand curve will be parallel to the.
Question # 19
The method to measure the elasticity of demand by the unitary method was introduced by.
Question # 20
The elasticity f demand in case of substitute is called.
ICS Part 1 Economics Chapter 5 MCQs Test
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| Sr.# | Question | Answer |
|---|---|---|
| 1 | The demand for a product is inelastic. In order to increase government revenue, the finance minister will : |
A. Lower down the tax rate
B. Increase the tax rate
C. Not change the tax rate
D. Double the tax rate
|
| 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 | Which one is increasing function of price |
A. demand
B. utility
C. supply
D. consumption
|
| 4 | An increases in demand would cause supply curve to |
A. shift to the left
B. shift to the right
C. change in slope of supply curve
D. no effect on supply
|
| 5 | 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
|
| 6 | 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
|
| 7 | If elasticity of supply is greater than one. supply curve will be |
A. horizontal
B. vertical
C. passing through origin
D. touching y-axis
|
| 8 | In case of perfectly elastic demand curve, the demand curve will be parallel to the. |
A. Horizontal Axis
B. Vertical Axis
C. None of the above
|
| 9 | 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
|
| 10 | 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
|
Test Questions
