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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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 elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.

Question # 2

With a fall in the price of a Giffen good or inferior good its quantity demand will.

Question # 3

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

Question # 4

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 # 5

Supply of a commodity means

Question # 6

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

Question # 7

The elasticity f demand in case of substitute is called.

Question # 8

Supply curve will shift when

Question # 9

The method to measure the elasticity of demand by the unitary method was introduced by.

Question # 10

Which of the following shifts supply curve of cars to the right

Question # 11

The method to measure the elasticity of demand is :

Question # 12

During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to

Question # 13

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 # 14

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

Question # 15

If price changes by one % and supply changes by 2% then supply is

Question # 16

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 # 17

Who present the Arc Elasticity formula for the measurement of elasticity of demand.

Question # 18

An increases in demand would cause supply curve to

Question # 19

Supply curve

Question # 20

Products A and B are substitutes whereas A and C are complement. With a rise in the price of product A, quantity demand of:

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ICS Part 1 Economics Chapter 5 MCQs Test

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