5th Chapter

ICS Part 1 Economics Chapter 5 MCQs Test

First Year Economics Chapter 5 Online MCQ Test for 1st Year Economics Chapter 5 (Supply)

This online test contains MCQs about following topics:

Supply Vs Stock,law of Supply ,Changes in Supply,Elasticity of Supply

First Year Economics Chapter 5 Online MCQ Test for 1st Year Economics Chapter 5 (Supply)

Sr. # Questions Answers Choice
1 Products A and B are substitutes whereas A and C are complement. With a rise in the price of product A, quantity demand of:
  • A. Product B will go up
  • B. Product will fall
  • C. Both the above will take place
  • D. Nothing will take place
2 The method to measure the elasticity of demand is :
  • A. Percentage method
  • B. Total outlay approach
  • C. Geometric approch
  • D. All the three
3 If price changes by one % and supply changes by 2% then supply is
  • A. elastic
  • B. inelastic
  • C. indeterminate
  • D. static
4 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
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 During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to
  • A. rightward
  • B. leftward
  • C. downward
  • D. no direction
7 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
  • A. Supply
  • B. Demand
  • C. Stock
  • D. None of these
8 Who present the Arc Elasticity formula for the measurement of elasticity of demand.
  • A. R.G.D Allen
  • B. Pareto
  • C. J.R. Hicks
  • D. Robbins
9 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
10 The composite demand for a product is generally:
  • A. Elastic
  • B. Inelastic
  • C. Equal to unity
  • D. Equal to zero

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    Shahzad

    13 Dec 2018

    Nice

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