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Online Tests
Economics Ics Part 1 English Medium Chapter 5 Online Test MCQs With Answers
Question # 1
Supply curve
Choose an answer
is vertical in long run
is flatter in long run
is same in long and short run
is horizontal in both short and long run
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Question # 2
What best explains a shift in market supply curve to the right?
Choose an answer
an advertising campaign is successful in promoting the good
a new technique makes it cheaper to produce the good
the government introduces a tax on the good
the price of raw materials increases
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Question # 3
In case of perfectly elastic demand curve, the demand curve will be parallel to the.
Choose an answer
Horizontal Axis
Vertical Axis
None of the above
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Question # 4
If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is
Choose an answer
0.05
10
20
indeterminate
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Question # 5
Which one of the following pairs represent complementary demand for a product.
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Tea & coffe
Butter & Margarine
Shirt & shoes
Shirt & trouser
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Question # 6
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
Choose an answer
Supply
Demand
Stock
None of these
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Question # 7
The total quantity of a commodity available in or near the market which can be brought for sale at a short notice
Choose an answer
Stock
Supply
Demand
None of these
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Question # 8
Which of the following shifts supply curve of cars to the right
Choose an answer
tax on new cars
increase in wages of workers
decrease in steel price
a successful promotion campaign by sellers
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Question # 9
When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
Choose an answer
Equal to unity
Less than unity
Greater than unity
Equal to zero
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Question # 10
The method to measure the elasticity of demand by the unitary method was introduced by.
Choose an answer
Alfred Marshall
Robbins
Adam Smith
Malthus
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Question # 11
The quantities of a commodity offered for sale at different prices during a given period of time are called
Choose an answer
Supply
Demand
Stock
None of these
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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
Choose an answer
rightward
leftward
downward
no direction
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Question # 13
The product which have close substitute their demand is always.
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More elastic
Perfectly elastic
Perfectly inelastic
Less elastic
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Question # 14
Supply curve will shift when
Choose an answer
price falls
price rises
demand shifts
technology changes
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Question # 15
If price changes by one % and supply changes by 2% then supply is
Choose an answer
elastic
inelastic
indeterminate
static
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Question # 16
The composite demand for a product is generally:
Choose an answer
Elastic
Inelastic
Equal to unity
Equal to zero
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Question # 17
If a change in demand is brought by a change in income, of demand will be.
Choose an answer
Income elasticity
Price elasticity
Cross elasticity
Arcelasticity
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Question # 18
The price of a product double due to which its quantity demand falls to one half. The elasticity of demand for product will be:
Choose an answer
Equal to unity
Lass than unity
Greater than unity
Equal to zero
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Question # 19
It describes the law of supply
Choose an answer
supply curve
supply schedule
supply equation
all the three
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Question # 20
Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.
Choose an answer
Increase
Falls
Remains the same
None of the three
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