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“ ARYABHAT INSTITUTE, , Marks: An Institute for Excelence Name:Class —, Signature: (Weekly Test) Subject , , , , , 1. The degree of responsiveness of change in Supply of the good due to the change in its price” is known, , as:, (a) Price Elasticity Of Supply (b) Price Elasticity Of Demand, , (c) Price Elasticity Of Income Demand —_(d) Price Elasticity Of Supply Cross, , 2. Supply of a commodity is said to be .........cccceeeeeee when A slight or no change in the price leads to, infinite changes in the quantity Supplied., , (a) perfectly elastic (b) Perfectly Inelastic, , (c) Unitary elastic (d) All of the above, , 3. Supply of a commodity is said to be ., all irrespective of any change in its price., , when the Supply of a commodity does not change at, , , , (a) perfectly elastic (b) Perfectly Inelastic, , (c) Unitary elastic (d) All of the above, , 4. Supply of a commodity is said t0 De.........c:secseeeeeeseeseerereeeeeennes When the percentage change in the, supply of a commodity is more than the percentage change in its price., , (a) perfectly elastic (b) Perfectly Inelastic, , (c) Unitary elastic (d) Greater than unitary elastic, , , , 5. Supply of a commodity is said to be . Supply When the percentage change in Supply of a, commodity is less than the percentage change in its price., , (a) perfectly elastic (b) Perfectly Inelastic, , (c) Less than unitary elastic ({d) Greater than unitary elastic, , 6. Factors determining elasticity of supply will be:, , (a) Nature of the commodity (b) Cost of production of additional units of a good, (c) Time period (d) All of these, , 7. Im the case of Unitary elastic supply :, , (a) Supply curve is a straight line reaching up from the origin. (b) Supply curve is parallel to X-axis, (c) Supply curve is parallel to Y-axis (d) None of these, , 8. If the elasticity of supply is greater than one, the supply curve would be, , a)Touching y-axis —_b) Passing through the origin, , c)Vertical d)llorizontal, , 9. In a particular year, the farmers experienced dry weather, If all other factors remain the same, the, , supply curve of wheat for farmers will shift to the direction,, a)Dowaward b)Rightward, ¢)Leftward d)None of the above, , 10.1f the market supply curve for a product shifts rightwards, what is the best possible explanation for, this shift?, , a)Increase in the price of raw materials, , b)Introduction of a tax on that product by the government, , ¢)lotroduction of a new technique that makes the production of that commodity cheaper, , d)An advertising campaign that is successful in promoting the product

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P= ARYABHAT INSTITUTE, , Marks: An Institute for Excelence Name:Class —, Signature: (Weekly Test) Subject —, , , , , , IL. If the market supply curve for a product shifts rightwards, what is the best possible explanation, for this shift?, a)Increase in the price of raw materials, b)Introduction of a tax on that product by the government, c)Introduction of a new technique that makes the production of that commodity cheaper, d)An advertising campaign that is successful in promoting the product, 12.___ leads to an increase in the supply of a commodity without a change in its price., a)Rise in supply b)Contraction in supply, c)Ex pansion in supply d)Fall in supply, 13. If price changes by 1% and supply changes by 2'%, then the supply is ., a)Static b)Indeterminate, c)Inelastic d)Elastic, 14. Increase or Decrease in supply means, A.Shift in supply curve B.Movement along same supply curve, C.Both (a) and (b) D.Neither (a) or (b), 15. The quantity of a commodity that a firm/producer is willing and able to offer for sale, at each possible, price during a particular or given period of time, is known as:, (a) Demand (b) Supply, (c) Utility (d) None of these, 16. The total quantity of a particular commodity that is available with the firm /producer/seller at a, particular point of time, is known as:, (a) Demand (b) Supply, (c) Utility (d) Stock, 7. Which of the following is not true?, (a) Stock can never be less than the supply. (b) Stock indicates a fixed quantity., (c) Stock is not part of the supply., (d)Supply is that part of the stock that a producer is willing to bring in the market for sales,, 18.Supply refers to the quantity of a commodity that an individual firm /producer is willing and able to, offer for sale, at each possible price during a particular or given period of time is known as:, (a) Individual Supply (b) Market Supply, (c) Utility Supply (d) Joint Supply, 19.Which of the following are Determinants of supply?:, (i)Price of the commodity ii) Price of Related Goods(iii) Prices of the factor of production, (iv) State of technology, (a) iii (b) i,ii,iii,, (c) ii,iii,iv (d)i,ii,iii,iv, 20.When supply increases due to improvement in technology, it is known as:, (a) Extension in supply (b) Increase in Supply, (c) Contraction in supply — (d) Decrease in supply