ICSE/ISC Plus 2 Humanities Study Materials, Online Learning, Question Papers, Classnotes, Practice Test, MCQ | Smartindia Educational Program : www.smartindia.net.in

Question-1 Supply is a __________________

(A) Desired quantity only	(B)Actual quantity
(C)Either a or b	(D)None of these

Question-2 Elasticity of supply could be measured through _______________

(A) Percentage method	(B)Geomtric method
(C)1 and 2	(D)None of these

Question-3 Increase in supply leads to large increase in the cost of production, the supply would be relatively

(A) Inelastic	(B)Elastic
(C)Unitary elastic	(D)none of these

Question-4 In _____________ elastic of supply, there is no supply response to changes in the price level

(A) Unitary el;astic	(B)Perfectly elastic
(C)Perfectly inelastic	(D)None of these

Question-5 Imposition of tax ______________ supply of goods and services

(A) Reduces	(B)Increases
(C)Tax and supply of foods are not related	(D)None of these

Question-6 A rise in the input prices leads to _______________ in the cost of production and reduces the supply.

(A) Rise	(B)Fall
(C)Keep the same	(D)None of these

Question-7 Quantity of a commodity which all producers are willing to produce and offer for sale is known as _______________

(A) Market demand	(B)market supply
(C)Individual supply	(D)None of these

Question-8 The shape of long run supply curve is _______________

(A) Downward sloping	(B)Upward sloping
(C)Flatter	(D)None of these

Question-9 Improvements in techniques of production _______________ supply

(A) Reduces	(B)Increases
(C)Either 1 or 2	(D)None of these

Question-10 In economics, supply and stock are ________________ concepts

(A) Same	(B)Different
(C)Supply is not an economic concept	(D)None of these

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