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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 elasticity of demand is very low it shows that the commodity is
Question # 2
When the price of a product falls and as a concequence the demand for the product increase. it will be.
Question # 3
The demand of a commodity having many substitutes is
Question # 4
When cross elasticity of demand for A and B is positive number, one can conclude that
Question # 5
If demand is unitary elastic, a 25% increase in price will result in
Question # 6
If price elasticity of demand is very low, the commodity is
Question # 7
The demand of a good falls when.
Question # 8
Wit rapid economic growth in a country the individual demand curve will:
Question # 9
Normally a demand curve will have the shape
Question # 10
Market demand curve is a summation of all individual demand curves as
Question # 11
This is the assumption of law of demand
Question # 12
If price and total revenue move in the same direction, then demand is
Question # 13
Cross elasticity of Suzuki and Honda cars will be
Question # 14
Price and demand are positively correlated in case of
Question # 15
The elasticity of demand of durable goods is
Question # 16
Price elastic of demand measures
Question # 17
A horizontal demand curve has a price elasticity of
Question # 18
The demand curve slopes downward from left to right because of:
Question # 19
Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is
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 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 -
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T Tazmeen Afaq 08 - Aug - 2023 06 Min 26 Sec 14/20 -
Z Zaina Ch 10 - May - 2024 01 Min 48 Sec 13/20 -
A Asim Khan wazir 06 - May - 2024 05 Min 01 Sec 13/20 -
H Hanif Wazir 30 - May - 2022 05 Min 12 Sec 13/20 -
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H hamza abid 16 - May - 2022 10 Min 50 Sec 12/20 -
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 | Demand is a function of |
A. price
B. quantity
C. supply
D. none
|
| 2 | 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
|
| 3 | Normally a demand curve will have the shape |
A. horizontal
B. vertical
C. downward sloping
D. upward sloping
|
| 4 | If elasticity of demand is very low it shows that the commodity is |
A. a necessity
B. a luxury
C. has little importance in total budget
D. a and c above
|
| 5 | 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
|
| 6 | The law demand will not be valid in case of. |
A. Very high price products
B. Normal goods
C. Price effect
D. Income effects
|
| 7 | The law of demand will not be apply in case of |
A. Inferior goods
B. Superior goods
C. Normal goods
D. Non of them
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| 8 | 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
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| 9 | If quantity demanded is completely unresponsive to changes in price, demand is |
A. inelastic
B. unit elastic
C. elastic
D. perfectly inelastic
|
| 10 | Other things equal, if a good has more substitutes, its price elasticty of demand is |
A. larger
B. smaller
C. zero
D. unity
|
Test Questions
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