Principles of Economics Icom Part 1 English Medium Online Test With Answers

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Principles of Economics Icom Part 1 English Medium Online Test

Sr. # Questions Answers Choice
1 Which one of the following is not included in the assumptions of law of supply taste of consumer cost of production Methods of production price of raw material
2 The quantity of commodity which exists in warehouse (stock) of the seller is called <div>Supply</div><div><br></div> Demand Stock All of these
3 Supply of goods depends on price income income and price utility
4 According to the law of supply, there is relation in price and supply Inverse Increasing Negative indirect
5 If supply curve is vertical (parallel to y-axis), then elasticity of supply is Zero Infinite Equal to unity More than unity
6 If supply curve is horizontal (parallel to x-axis) then elasticity of supply is Zero Infinite Equal to unity More than unity
7 In case of perfectly elastic supply or infinite elasticity of supply, supply curve is Horizontal (parallel to x-axis) Vertical (parallel to y-axis) Positive sloped Negative sloped
8 If supply of a commodity is fixed, it is called Market supply Short period supply Long period supply Middle period supply
9 Elasticity of supply if perishable goods is Equal to unity More than unity Less than unity Zero
10 Kinds of supply according to period of time are Two Three Four Five
11 When price decreases, supply Extends Contracts Becomes zero Remains fixed
12 Cause of movement along the supply curve is Change in price Other factors Change in tax Change in income
13 If supply of a commodity changes by more than 10% due to 10% change in its price, then elasticity of supply will be Equal to unity More than unity Less than unity Infinite
14 If supply of a commodity changes by less than 10% due to a 10% change in its price, then elasticity of supply will be Equal to unity More than unity Less than unity Zero
15 If supply of a commodity changes by 10% due to 10% change in its price, then elasticity of supply will be Equal to unity More than unity Less than unity Zero
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