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

ICS Part 1 Economics Chapter 5 Test

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ICS Part 1 Economics Chapter Wise Test

Online MCQ`s Test For Chapter 5 "Economics Ics Part 1 English Medium Chapter 5 Online Test"

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Economics Ics Part 1 English Medium Chapter 5 Online Test

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Question # 1

The total quantity of a commodity available in or near the market which can be brought for sale at a short notice

Question # 2

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 # 3

An increases in demand would cause supply curve to

Question # 4

If elasticity of supply is greater than one. supply curve will be

Question # 5

The product which have close substitute their demand is always.

Question # 6

The quantities of a commodity offered for sale at different prices during a given period of time are called

Question # 7

If the price of a product rises, quantity demand if its substitute will.

Question # 8

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 # 9

In case of perfectly elastic demand curve, the demand curve will be parallel to the :

Question # 10

Which one of the following pairs represent complementary demand for a product.

Question # 11

What best explains a shift in market supply curve to the right?

Question # 12

If a change in demand is brought by a change in income, of demand will be.

Question # 13

Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called

Question # 14

If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is

Question # 15

Long period supply curve is

Question # 16

The method to measure the elasticity of demand is :

Question # 17

When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.

Question # 18

In case of perfectly elastic demand curve, the demand curve will be parallel to the.

Question # 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.

Question # 20

When a supply of a commodity increases without change in price it is called

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ICS Part 1 Economics Chapter 5 MCQs Test

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