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

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ICS Part 1 Economics Chapter Wise Test

MCQ's Test For Chapter 4 "Economics Ics Part 1 English Medium Chapter 4 Online Test"

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Economics Ics Part 1 English Medium Chapter 4 Online Test

00:00
Question # 1

Normally a demand curve will have the shape

Question # 2

The law demand will not be valid in case of.

Question # 3

One of the following is not an exception the law of demand.

Question # 4

The elasticity of demand of durable goods is

Question # 5

If quantity demanded is completely unresponsive to changes in price, demand is

Question # 6

If price and total revenue move in the same direction, then demand is

Question # 7

Law of demand shows relation between

Question # 8

This is the assumption of law of demand

Question # 9

The demand of a good falls when.

Question # 10

The demand of a will expand when:

Question # 11

Which one can cause a change in demand

Question # 12

When cross elasticity of demand for A and B is positive number, one can conclude that

Question # 13

Wit rapid economic growth in a country the individual demand curve will:

Question # 14

The demand of a commodity having many substitutes is

Question # 15

If demand is inelastic, a change in the price

Question # 16

Which one is not determinant of demand

Question # 17

Demand is a function of

Question # 18

Price and demand are positively correlated in case of

Question # 19

When the demand of a product rises due to factors except price it will be.

Question # 20

Cross elasticity of Suzuki and Honda cars will be

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ICS Part 1 Economics Chapter 4 MCQs Test

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ICS Part 1 Economics Chapter 4 Important MCQ's

Sr.# Question Answer
1 The demand curve slopes downward from left to right because of:
A. Income effect
B. Substitution effect
C. Entry of new buyers
D. All of the above
2 A horizontal demand curve has a price elasticity of
A. zero
B. infinity
C. 1
D. variable
3 The demand of a will expand when:
A. Other things do not remain constant.
B. Price of the products changes.
C. Value of money falls.
D. None of the three
4 Haris has a special taste for chicken rolls of college canteen. The owner of the canteen doubles the price of chicken roll. Haris did not respond to the increase in prices and kept on demanding the same quantity of chicken roll. His demand for chicken roll is
A. perfectly elastic
B. perfectly inelastic
C. elastic
D. less elastic
5 When demand is perfectly inelastic, an increase in price will result in
A. decrease in total revenue
B. increase in total revenue
C. no change in total revenue
D. decrease in quantity demanded
6 Income elasticity of demand for normal good is always
A. 1
B. more than one
C. negative
D. positive
7 If demand is unitary elastic, a 25% increase in price will result in
A. 25% change in total revenue
B. no change in quantity demanded
C. 1% decrease in quantity demanded
D. 25% decrease in quantity demanded
8 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
9 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
10 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

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