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This online test contains MCQs about following topics:
Demand, Law of demand,Shift in Demand Curve Rise and Fall of demand ,Elasticity of demand,Measurement of elasticity ,Point Elasticity ,Arc Elasticity ,Cross Elasticity,Practical Importance of Elasticity ,Income Elasticity,Cross Elasticity,Practical Importance of Elasticity, Functional Equationof Demand
MCQ's Test For Chapter 4 "Economics Ics Part 1 English Medium Chapter 4 Online Test"
Try The MCQ's Test For Chapter 4 "Economics Ics Part 1 English Medium Chapter 4 Online Test"
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Total Questions20
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Time Allowed30
Economics Ics Part 1 English Medium Chapter 4 Online Test
00:00
Question # 1
If price elasticity of demand is very low, the commodity is
Question # 2
Mr. Suleri bought 50 litters of petrol when his monthly income was Rs. 25000. Now his monthly income has risen to Rs. 50000 and he purchases 100 litres of petrol. His income elasticity of demand for petrol is
Question # 3
If demand is unitary elastic, a 25% increase in price will result in
Question # 4
This is the assumption of law of demand
Question # 5
This is an assumption of law of demand
Question # 6
The demand curve slopes downward from left to right because of:
Question # 7
Irrespecitve of price, Somia always spends Rs. 100 a week on ice cream, we conculde that
Question # 8
If elasticity of demand is very low it shows that the commodity is
Question # 9
Wit rapid economic growth in a country the individual demand curve will:
Question # 10
The elasticity of demand of durable goods is
Question # 11
Which one can cause a change in demand
Question # 12
When the price of a product falls and as a concequence the demand for the product increase. it will be.
Question # 13
If demand has unit price elasticity, a change in price causes
Question # 14
Which one is the assumption of law of demand?
Question # 15
The demand of a will expand when:
Question # 16
Market demand curve is a summation of all individual demand curves as
Question # 17
A seller can increase his sales revenue by charging a lower price, if the demand has
Question # 18
One of the following will not cause a rise and fall on demand.
Question # 19
The demand of a commodity having many substitutes is
Question # 20
If price and total revenue move in the same direction, then demand is
ICS Part 1 Economics Chapter 4 MCQs Test
Top Scorers Of Chapter 4 "Economics Ics Part 1 English Medium Chapter 4 Online Test" MCQ`s Test
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A Anum Fatima 19 - Jun - 2023 00 Min 06 Sec 20/20 -
L Laiba Muqaddas 26 - Jul - 2024 00 Min 56 Sec 20/20 -
A Ali Hassan 10 - Sep - 2022 02 Min 54 Sec 20/20 -
M M.Attiq-U-Rehman 24 - Nov - 2023 04 Min 07 Sec 17/20 -
H hafsa Mumtaz 10 - May - 2024 00 Min 15 Sec 16/20 -
M moheen ul haq 03 - Aug - 2022 04 Min 35 Sec 15/20 -
T Tazmeen Afaq 08 - Aug - 2023 06 Min 26 Sec 14/20 -
Z Zaina Ch 10 - May - 2024 01 Min 48 Sec 13/20 -
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U Umna Saleem 09 - Oct - 2023 06 Min 24 Sec 11/20 -
F Faiqa Shahid 20 - Jul - 2024 02 Min 05 Sec 10/20
ICS Part 1 Economics Chapter 4 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | This is an assumption of law of demand |
A. price of the commodity does not change
B. quantity should not change
C. supply should not change
D. income of consumer should not change
|
| 2 |
Which one can cause a change in demand
|
A. change in income
B. change in supply
C. change in tastes
D. a and c of above
|
| 3 | Mr. Suleri bought 50 litters of petrol when his monthly income was Rs. 25000. Now his monthly income has risen to Rs. 50000 and he purchases 100 litres of petrol. His income elasticity of demand for petrol is |
A. 1
B. 100%
C. less than one
D. more than one
|
| 4 | If price elasticity of demand is very low, the commodity is |
A. necessity
B. luxury
C. substitute
D. not available
|
| 5 | Law of demand shows relation between |
A. income and price of commodity
B. price and quantity of a commodity
C. income and quantity demanded
D. quantity demanded and quantity supplied
|
| 6 | The demand of a good falls when. |
A. Its price falls
B. Price of the substitute changes
C. its price rises
D. It price remain constant
|
| 7 | If demand is inelastic, a change in the price |
A. will change the quantity in same direction
B. will change total revenue in same direction
C. will change total revenue in the opposite direction
D. will not change quantity
|
| 8 | The law demand will not be valid in case of. |
A. Very high price products
B. Normal goods
C. Price effect
D. Income effects
|
| 9 | Irrespecitve of price, Somia always spends Rs. 100 a week on ice cream, we conculde that |
A. elasticity of demand is 0
B. elasticity of demand is 1
C. elasticity of demand id infinite
D. law of demand has been violated
|
| 10 | Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is |
A. 10%
B. 30%
C. 3
D. 1/3
|
Test Questions
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