Economics MCQS with Answers 1st Year Chapter 5

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Economics MCQS with Answers 1st Year


When a supply of a commodity increases without change in price it is called
expansion in supply
rise in supply
fall in supply
contraction in supply in

With a fall in the price of a Giffen good or inferior good its quantity demand will.
None of three
Remain unchanged
Rise
Fall

Supply curve will shift when
demand shifts
technology changes
price falls
price rises

When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.
Equal to unity
Greater than unity
Less than unity
Equal to zero

If a change in demand is brought by a change in income, of demand will be.
Arcelasticity
Income elasticity
Cross elasticity
Price elasticity

During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to
no direction
downward
rightward
leftward

If price changes by one % and supply changes by 2% then supply is
elastic
inelastic
indeterminate
static

Supply of a commodity means
willingness to sell a certain quantity
planned production
total production in a given period
physical stocks available

Which of the following shifts supply curve of cars to the right
increase in wages of workers
a successful promotion campaign by sellers
tax on new cars
decrease in steel price

Which one is increasing function of price
supply
utility
consumption
demand

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