Economics Ics Part 1 English Medium Chapter 5 Online Test With Answers

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Economics Ics Part 1 English Medium Chapter 5 Online Test

Sr. # Questions Answers Choice
1 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. 2.5 0.5 1.5 3.5
2 The total quantity of a commodity available in or near the market which can be brought for sale at a short notice Stock Supply Demand None of these
3 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 Supply Demand Stock None of these
4 The quantities of a commodity offered for sale at different prices during a given period of time are called Supply Demand Stock None of these
5 Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called Law of Supply Law of Demand Law of equilibrium None of these
6 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 Perfectly elastic Perfectly inelastic Less elastic More elastic
7 If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is 0.05 10 20 indeterminate
8 Long period supply curve is relatively flatter relatively steeper more elastic a and c of above
9 Which of the following shifts supply curve of cars to the right tax on new cars increase in wages of workers decrease in steel price a successful promotion campaign by sellers
10 If elasticity of supply is one, supply curve will be horizontal vertical passing through origin touching x-axis
11 Supply of a commodity means willingness to sell a certain quantity physical stocks available planned production total production in a given period
12 What best explains a shift in market supply curve to the right? 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
13 When a supply of a commodity increases without change in price it is called fall in supply expansion in supply contraction in supply in rise in supply
14 During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to rightward leftward downward no direction
15 Supply curve 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
16 If elasticity of supply is greater than one. supply curve will be horizontal vertical passing through origin touching y-axis
17 If price changes by one % and supply changes by 2% then supply is elastic inelastic indeterminate static
18 An increases in demand would cause supply curve to shift to the left shift to the right change in slope of supply curve no effect on supply
19 Supply curve will shift when price falls price rises demand shifts technology changes
20 It describes the law of supply supply curve supply schedule supply equation all the three
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