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Economics MCQ (1 Marks )

Supply · Gujarat Board (GSEB) STD 11 Commerce (GSEB - English Medium). 58 questions.

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MCQ (1 Marks )

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50 questions · timed · auto-graded

MCQ 11 Mark
If there is expectation about rise in price in future then present supply $........$
  • A
    Increases
  • ✓
    Decreases
  • C
    Remain constant
  • D
    Become zero
Answer
Correct option: B.
Decreases
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MCQ 31 Mark
What decreases, therefore profit decreases and due to that supply decreases?
  • A
    Stock
  • B
    Supply
  • ✓
    Price
  • D
    Price elasticity of demand
Answer
Correct option: C.
Price
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MCQ 41 Mark
What is the relationship between price and supply of commodity?
  • ✓
    Direct
  • B
    Opposite
  • C
    Equal
  • D
    Zero
Answer
Correct option: A.
Direct
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MCQ 51 Mark
What are the changes that take place in supply due to change in factors other than price?
  • A
    Increase
  • B
    Expansion
  • ✓
    Expansion$-$contraction
  • D
    Increase$-$decrease
Answer
Correct option: C.
Expansion$-$contraction
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MCQ 61 Mark
What are the changes that take place in supply due to decrease in the price of a commodity?
  • A
    Increase
  • B
    Expansion
  • C
    Contraction
  • ✓
    Decrease
Answer
Correct option: D.
Decrease
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MCQ 71 Mark
Which of the following is not the reason for direct relationship between price and supply ?
  • A
     Increase in profit increases in
  • B
     Increase in number of producers
  • C
     Changes in stock
  • ✓
     Income effect
Answer
Correct option: D.
 Income effect
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MCQ 81 Mark
An increase in number of producers $........$
  • ✓
     Increase production
  • B
     Decrease production
  • C
    Expansion of supply
  • D
     Contraction of supply
Answer
Correct option: A.
 Increase production
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MCQ 91 Mark
What will be the change in original point in case of contraction of supply ?
  • A
     Upward shift
  • ✓
     Downward shift
  • C
     New supply curve
  • D
     None of the given
Answer
Correct option: B.
 Downward shift
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MCQ 101 Mark
Which of the following is the exemption of law of demand ?
  • A
     Status symbol goods
  • B
     Inferior goods
  • ✓
     Rare goods
  • D
     Very cheap goods
Answer
Correct option: C.
 Rare goods
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MCQ 111 Mark
The change in supply due to change in price is
  • A
     Increase
  • B
     Decrease
  • C
     Increase$-$Decrease
  • ✓
     Expansion$-$Contraction
Answer
Correct option: D.
 Expansion$-$Contraction
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MCQ 121 Mark
Which of the following situation describes the equilibrium price ?
  • A
     Supply is greater than price
  • B
     Supply is less than price
  • ✓
     Demand is equal to supply
  • D
     None of the given
Answer
Correct option: C.
 Demand is equal to supply
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MCQ 131 Mark
Who described market price determination process with the help of two wings of scissors ?
  • A
     Adam smith
  • ✓
     Marshall
  • C
     Robbins
  • D
     Hableder
Answer
Correct option: B.
 Marshall
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MCQ 141 Mark
Who decides the market price of goods and services ?
  • A
     Demand
  • B
     Supply
  • ✓
     Demand and supply
  • D
     Government
Answer
Correct option: C.
 Demand and supply
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MCQ 151 Mark
Which of the following does not include in factors affecting supply ?
  • ✓
     Price of good
  • B
     Price of relative good
  • C
     Number of producers
  • D
     Technology
Answer
Correct option: A.
 Price of good
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MCQ 161 Mark
If the market price is greater than equilibrium price then $........$
  • ✓
     Supply is greater than price
  • B
     Supply is less than pricing
  • C
     Demand $=$ Supply
  • D
     Demand is higher than supply
Answer
Correct option: A.
 Supply is greater than price
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MCQ 171 Mark
An expansion of supply shifts supply curve $........$
  • A
     Upward
  • B
     Down ward
  • ✓
     Left ward
  • D
     None of the given
Answer
Correct option: C.
 Left ward
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MCQ 181 Mark
Market supply is $........$ individual supply.
  • A
     Less than
  • B
     Equal to
  • ✓
     Higher than
  • D
     Uncertain
Answer
Correct option: C.
 Higher than
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MCQ 191 Mark
Which of the following study market supply ?
  • ✓
     Theories of Economics
  • B
     Behaviour of producer
  • C
     Behaviour of consumer
  • D
     Distribution
Answer
Correct option: A.
 Theories of Economics
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MCQ 201 Mark
The change in supply due to change in technology is called $........$
  • A
     Expansion $–$ contraction
  • B
     Increase
  • C
     Decrease
  • ✓
     Increase $–$ Decrease
Answer
Correct option: D.
 Increase $–$ Decrease
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MCQ 211 Mark
Which is the important factor that affects supply ?
  • ✓
     Price
  • B
     Stock
  • C
     Production
  • D
     Demand
Answer
Correct option: A.
 Price
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MCQ 221 Mark
When price increase procedures $........$ supply.
  • A
     Decrease
  • ✓
     Increase
  • C
     Does not change
  • D
     Zero
Answer
Correct option: B.
 Increase
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MCQ 231 Mark
Supply cannot be stock $—$
  • ✓
     Greater than
  • B
     Less than
  • C
     Equal to
  • D
     Negligible
Answer
Correct option: A.
 Greater than
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MCQ 241 Mark
The change in supply due to increase in price is called $........$
  • A
     Increase
  • B
     Decrease
  • C
     Contraction
  • ✓
     Expansion
Answer
Correct option: D.
 Expansion
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MCQ 251 Mark
What is indicated production ?
  • A
     Capacity of producer
  • B
     Willingness to procedure
  • C
     Quantity of production
  • ✓
     Stock
Answer
Correct option: D.
 Stock
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MCQ 261 Mark
Which of the following condition is necessary for supply ?
  • A
     Willingness to sell
  • B
     Capacity
  • ✓
     Desirability
  • D
     All of the above
Answer
Correct option: C.
 Desirability
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MCQ 271 Mark
What is quantity ?
  • A
     Supply
  • B
     Production
  • C
     Stock
  • ✓
     Total units of selling
Answer
Correct option: D.
 Total units of selling
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MCQ 281 Mark
What is the interpretation of rightward shift of the supply curve ?
  • ✓
     Increase in supply
  • B
     Increase in supply
  • C
     Expansion of supply
  • D
     Contraction of supply
Answer
Correct option: A.
 Increase in supply
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MCQ 291 Mark
Which law describe the relationship between price and supply ?
  • A
     Demand
  • ✓
     Supply
  • C
     Consumption
  • D
     Production
Answer
Correct option: B.
 Supply
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MCQ 301 Mark
The terms in supply schedule to each other are $.....$
  • A
     Helpful
  • B
     Equal
  • ✓
     Alternative
  • D
     Opposite
Answer
Correct option: C.
 Alternative
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MCQ 311 Mark
What will be the change in supply if producers or production increase ?
  • A
     Decrease
  • ✓
     Increase
  • C
     Expansion
  • D
     Contraction
Answer
Correct option: B.
 Increase
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MCQ 321 Mark
Which of the following is not related with supply ?
  • A
     Specific time
  • ✓
     Particular price
  • C
     Producer
  • D
     Demand
Answer
Correct option: B.
 Particular price
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MCQ 331 Mark
Some exceptions of law of supply are$ ......$
  • A
     True
  • B
     False
  • C
     Useful
  • ✓
     Controversial
Answer
Correct option: D.
 Controversial
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MCQ 341 Mark
The leftward shift of the supply curve is called  
  • A
     Expansion
  • ✓
     Increase
  • C
     Contraction
  • D
     Decrease
Answer
Correct option: B.
 Increase
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MCQ 351 Mark
What is the main aim of the producer?
  • A
     Supply
  • B
     Selling
  • ✓
     Profit
  • D
     Advertising
Answer
Correct option: C.
 Profit
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MCQ 361 Mark
A decrease in production, the supply$........$
  • ✓
     Increase
  • B
     Decrease
  • C
     Expands
  • D
     Contraction
Answer
Correct option: A.
 Increase
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MCQ 371 Mark
What is the slope of supply curve ?
  • ✓
    Positive
  • B
    Positive
  • C
    Parallel to $X-$axis
  • D
     Parallel to $X-$axis
Answer
Correct option: A.
Positive
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MCQ 381 Mark
What will be the change in supply of jowar if the price of bajra increase ?
  • A
     Increase
  • ✓
     Decrease
  • C
     Does not change
  • D
     Equal
Answer
Correct option: B.
 Decrease
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MCQ 391 Mark
When the price of the good is high, supply $......$
  • A
     Proportional
  • ✓
     Higher
  • C
     Lower
  • D
     Negligible
Answer
Correct option: B.
 Higher
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MCQ 401 Mark
According to $.........$ market demand and supply are called the invisible hands of market.
  • A
    Robbins
  • B
    Paul
  • ✓
    Marshall
  • D
    Smith
Answer
Correct option: C.
Marshall
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MCQ 411 Mark
Equilibrium price is attained when
  • A
    Demand curve becomes parallel
  • B
    Demand curve becomes perpendicular to the supply of curve
  • ✓
    Demand curve intersects with supply curve
  • D
    Demand curve and supply curve fall at $45^\circ $
Answer
Correct option: C.
Demand curve intersects with supply curve
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MCQ 421 Mark
Prices are determined by the $.........$
  • A
    Consumers
  • ✓
    Interaction of demand and supply
  • C
    Producers controlling the market
  • D
    Suppliers holding the market and consumers
Answer
Correct option: B.
Interaction of demand and supply
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MCQ 431 Mark
Price determination explains process of determining a $.........$ price.
  • A
    Fluctuating
  • B
    Decreasing
  • C
    Increasing
  • ✓
    Stable
Answer
Correct option: D.
Stable
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MCQ 441 Mark
Due to exception of perishable goods from the law of supply is debatable.
  • ✓
    Availability of cold storage
  • B
    Faster transportation
  • C
    Quick disposal
  • D
    All of these
Answer
Correct option: A.
Availability of cold storage
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MCQ 451 Mark
Why rare goods are exceptions to law of supply?
  • A
    Because they are extremely costly
  • ✓
    Because they have very less current production
  • C
    Because they have very less buyers
  • D
    Because they are not found easily
Answer
Correct option: B.
Because they have very less current production
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MCQ 461 Mark
Which of the following falls in the category of goods that do not follow the law of supply?
  • A
    Rare goods
  • B
    Precious goods
  • C
    Perishable goods
  • ✓
    Both $(A)$ and $(C)$
Answer
Correct option: D.
Both $(A)$ and $(C)$
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MCQ 471 Mark
Exception to the supply means $.........$
  • A
    When price rises, supply increases
  • B
    When price falls, supply increases
  • C
    Supply falls when price rises
  • ✓
    Both $(B)$ and $(C)$
Answer
Correct option: D.
Both $(B)$ and $(C)$
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MCQ 481 Mark
When other factors are assumed constant and price varies, of supply takes place.
  • A
    Increase
  • ✓
    Expansion and contraction
  • C
    Decrease
  • D
    All of these
Answer
Correct option: B.
Expansion and contraction
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MCQ 491 Mark
Into how many major categories can we classify determinants of supply?
  • ✓
    $2$
  • B
    $3$
  • C
    $4$
  • D
    $5$
Answer
Correct option: A.
$2$
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MCQ 501 Mark
Sellers aim at profit maximization which results in $.........$
  • ✓
    Positive relationship between price and supply
  • B
    Negative relationship between price and supply
  • C
    Equilibrium of supply and demand
  • D
    Unrealistic price determination.
Answer
Correct option: A.
Positive relationship between price and supply
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MCQ (1 Marks ) - Economics STD 11 Commerce Questions - Vidyadip