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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
When the price of a product falls and as a concequence the demand for the product increase. it will be.
Question # 2
Price elastic of demand measures
Question # 3
The demand curve is negatively sloped due to
Question # 4
One of the following is not an exception the law of demand.
Question # 5
Cross elasticity of Suzuki and Honda cars will be
Question # 6
If demand has unit price elasticity, a change in price causes
Question # 7
If price and total revenue move in the same direction, then demand is
Question # 8
Which one is the assumption of law of demand?
Question # 9
If price elasticity of demand is very low, the commodity is
Question # 10
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 # 11
When the demand of a product rises due to factors except price it will be.
Question # 12
The demand curve slopes downward from left to right because of:
Question # 13
When cross elasticity of demand for A and B is positive number, one can conclude that
Question # 14
The following are causes of shift in demand EXCEPT the one
Question # 15
Demand is a function of
Question # 16
The law demand will not be valid in case of.
Question # 17
Law of demand shows relation between
Question # 18
Which of the following is a demand function?
Question # 19
A seller can increase his sales revenue by charging a lower price, if the demand has
Question # 20
Other things equal, if a good has more substitutes, its price elasticty of 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 Ali Hassan 10 - Sep - 2022 02 Min 54 Sec 20/20 -
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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 | Which of the following is a demand function? |
A. Q + 4P = 20
B. Q = 35 + 3P
C. Q - 2P - 15 =0
D. 5P - Q = 4
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| 2 | A horizontal demand curve has a price elasticity of |
A. zero
B. infinity
C. 1
D. variable
|
| 3 | The elasticity of demand of durable goods is |
A. less than unity
B. greater than unity
C. equal to unity
D. zero
|
| 4 | Market demand curve is a summation of all individual demand curves as |
A. Vertical
B. horizontal
C. mathematical
D. local
|
| 5 | If price elasticity of demand is very low, the commodity is |
A. necessity
B. luxury
C. substitute
D. not available
|
| 6 | Which one is the assumption of law of demand? |
A. price of the commodity should not change
B. quantity demand should not change
C. income of the consumer should not change
D. none of the above
|
| 7 | If price and total revenue move in the same direction, then demand is |
A. inelastic
B. elastic
C. unrelated
D. perfectly elastic
|
| 8 | 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
|
| 9 | The demand curve is negatively sloped due to |
A. Income effect
B. Substitution effect
C. Price effect
D. All the three
|
| 10 | This is the assumption of law of demand |
A. price of the commodity should not change
B. Quantity demanded should not change
C. Price of substitutes should not change
D. Demand curve must be linear
|
Test Questions