4th Chapter

ICS Part 1 Economics Chapter 4 MCQs Test

First Year Economics Chapter 4 Online MCQ Test for 1st Year Economics Chapter 4 (Demand)

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

ICS Part 1 Economics Chapter 4 Test

Start Chapter 4 Test

First Year Economics Chapter 4 Online MCQ Test for 1st Year Economics Chapter 4 (Demand)

Sr. # Questions Answers Choice
1 <div>Which one can cause a change in demand</div>
  • A. change in income
  • B. change in supply
  • C. change in tastes
  • D. a and c of above
2 When the demand of a product rises due to factors except price it will be.
  • A. Extension of demands
  • B. Rise of demand
  • C. Contraction of demand
  • D. Extension of demand
3 When price elasticity of demand for normal goods in calculated, the value is always
  • A. positive
  • B. negative
  • C. constant
  • D. greater than one
4 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
5 A horizontal demand curve has a price elasticity of
  • A. zero
  • B. infinity
  • C. 1
  • D. variable
6 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
7 Cross elasticity of Suzuki and Honda cars will be
  • A. Positive
  • B. negative
  • C. zero
  • D. infinite
8 The following are causes of shift in demand EXCEPT the one
  • A. change in income
  • B. change in price
  • C. change in fashion
  • D. change in prices of substitutes
9 When cross elasticity of demand for A and B is positive number, one can conclude that
  • A. the goods are cheaper
  • B. the goods are inferior
  • C. the goods are substitutes
  • D. the goods are complements
10 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

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