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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 price elasticity of demand for normal goods in calculated, the value is always
Question # 2
The elasticity of demand of durable goods is
Question # 3
Other things equal, if a good has more substitutes, its price elasticty of demand is
Question # 4
The following are causes of shift in demand EXCEPT the one
Question # 5
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
Question # 6
Normally a demand curve will have the shape
Question # 7
When the price of a product falls and as a concequence the demand for the product increase. it will be.
Question # 8
When cross elasticity of demand for A and B is positive number, one can conclude that
Question # 9
If price and total revenue move in the same direction, then demand is
Question # 10
Which one is the assumption of law of demand?
Question # 11
When the demand of a product rises due to factors except price it will be.
Question # 12
The law of demand will not be apply in case of
Question # 13
To say that two goods are unrelated, their cross price elasticity of demand should be
Question # 14
Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is
Question # 15
The demand of a good falls when.
Question # 16
The demand of a commodity having many substitutes is
Question # 17
If quantity demanded is completely unresponsive to changes in price, demand is
Question # 18
Irrespecitve of price, Somia always spends Rs. 100 a week on ice cream, we conculde that
Question # 19
Demand is a function of
Question # 20
Cross elasticity of Suzuki and Honda cars will be
ICS Part 1 Economics Chapter 4 MCQs Test
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| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 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 | A horizontal demand curve has a price elasticity of |
A. zero
B. infinity
C. 1
D. variable
|
| 4 | If quantity demanded is completely unresponsive to changes in price, demand is |
A. inelastic
B. unit elastic
C. elastic
D. perfectly inelastic
|
| 5 | If demand has unit price elasticity, a change in price causes |
A. increase in total revenue
B. decrease in total revenue
C. no change in total revenue
D. indeterminate
|
| 6 | Wit rapid economic growth in a country the individual demand curve will: |
A. Rise
B. Fall
C. Extend
D. Contract
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| 7 | One of the following is not an exception the law of demand. |
A. Very high price products
B. Very low price products
C. Ignorance of consumers
D. Non of the above
|
| 8 | Cross elasticity of Suzuki and Honda cars will be |
A. Positive
B. negative
C. zero
D. infinite
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| 9 | 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
|
| 10 | Price elastic of demand measures |
A. change in price caused by changes in demand
B. the rate of change of sales
C. the responsiveness of demand to price changes
D. the value of sales at a given price
|
Test Questions
