ISC ECONOMICS 12 Supply MCQs with solved answers

1. Which of the following elements of supply?

(a) The quantity of the commodity that a firm is willing to supply
(b) Willingness to sell and Able to offer for sale
(c) The time period during which it is willing to supply that quantity (particular Period of time)
(d) The price at which it is willing to supply that quantity
(e) All of these

2. 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

3. 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

4. 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.
(e) None of these

5. 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

Note: Answers are given below at the end.

ISC ACCOUNTS 12 Final Accounts of Companies MCQs With Solved Answer 

ISC ECONOMICS 12 Supply MCQs with solved answers (question 6 to 10)

6. Supply refers to the aggregate quantity of a commodity that all the firms are willing and able to offer for sale together at each possible price during a given period of time, is called:

(a) Individual Supply
(b) Market Supply
(c) Utility Supply
(d) Joint Supply

7. The factors which affect the Supply for a commodity are known as:  

(a) Determinants  of  Demand
(b) Determinants  of supply
(c) Elasticity of Supply
(d) None of these

8. 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) i,ii
(b) i,ii,iii,
(c) ii,iii,iv
(d)i,ii,iii,iv

9. When the demand curve is parallel to X-axis, what would be its Elasticity of demand?

(a) E = a
(b) E = 1
(c) E = >1
(d) E = <1

10. 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

Note: Answers are given below at the end.

ISC ECONOMICS 12 Supply MCQs with solved answers (question 11 to 15)

 

11. When supply increases due to an increase in price, it is known as:

(a) Extension in supply
(b) Increase in Supply
(c) Contraction in supply
(d) Decrease in supply

12. When the quantity supplied of a good Falls due to the decrease in its price, it is called ————————–, other things remaining the same.

(a) Extension in supply
(b) Increase in Supply
(c) Contraction in supply
(d) Decrease in supply 

13. —————- shown by the downward movement along the same supply curve.

(a) Extension in supply
(b) Increase in Supply
(c) Contraction in supply
(d) Decrease in supply 

14. ————————shown by the upward movement along the same supply curve.

(a) Extension in supply
(b) Increase in Supply
(c) Contraction in supply
(d) Decrease in supply 

15. Which of the following reasons for the Rightward Shift supply curve?

(a) Improvement in technology
(b) Decrease in price of factors of production
(c) Increase in the number of firms in the market
(d) Change in the goals of the firm ( Sales Maximization)
(e) All of these

Note: Answers are given below at the end.

ISC ECONOMICS 12 Supply MCQs with solved answers (question 16 to 20)

16. Which of the following reasons for the Leftward Shift supply curve? 

(a) Expectation of rising in prices in future
(b) Increase in taxes
(c) Increase in the price of other goods.
(d)Poor Transport and Communication Conditions
(e) All of these

17. “when there is a rise in the price of a commodity the quantity supplied in the market increases and when there is a fall in the price of a commodity, its quantity supplied decreases, other things remaining the same”. Statement refers :

(a) Law of Demand
(b) Low of Supply
(c) Law of Production
(d) Cost

18. Generally, the supply curve of commodity slopes……….

(a) upward from left to right
(b) Downward from left to right
(c) a and b
(d) None of these

19. …………… Function shows the functional relationship (cause and effect relationship) between quantity supplied for a particular commodity and factors affecting supply.

(a) Demand Function
(b) Supply Function
(c) Production Function
(d) Cost Function

20. A tabular statement showing various quantities of a commodity being supplied  at various levels of price, during a given period of time, is known as:

(a) Demand Schedule
(b) Supply Schedule
(c) Production Schedule
(d) Cost Schedule

Note: Answers are given below at the end.

 

Answer – Question Number 1 To 5

1. Answer- (e) All of these

2. Answer- (b) Supply

3. Answer- (d) Stock

4. Answer- (e) None of these

5. Answer- (a) Individual Supply

Answer – Question Number 6 To 10

ISC Economics 12 Demand MCQs With Solved Answer

6. Answer-  (b) Market Supply

7. Answer-  (b) Determinants  of supply

8. Answer-  (d)i,ii,iii,iv

9. Answer-  (a) E = a

10. Answer-  (b) Increase in Supply

Answer – Question Number 11 To 15

11. Answer- (a) Extension in supply

12. Answer-  (c) Contraction in supply

13. Answer- (c) Contraction in supply

14. Answer (a) Extension in supply

15. Answer (e) All of these

Answer – Question Number 15 To 20

16. Answer  (e) All of these

17. Answer (b) Low of Supply

18. Answer (a) upward from left to right

19. Answer  (b) Supply Function

20. Answer (b) Supply Schedule