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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 price and total revenue move in the same direction, then demand is
Question # 2
The demand curve is negatively sloped due to
Question # 3
If demand is unitary elastic, a 25% increase in price will result in
Question # 4
If price elasticity of demand is very low, the commodity is
Question # 5
Cross elasticity of Suzuki and Honda cars will be
Question # 6
Demand is a function of
Question # 7
Which one is not determinant of demand
Question # 8
This is the assumption of law of demand
Question # 9
The following are causes of shift in demand EXCEPT the one
Question # 10
Wit rapid economic growth in a country the individual demand curve will:
Question # 11
One of the following is not an exception the law of demand.
Question # 12
One of the following will not cause a rise and fall on demand.
Question # 13
Other things equal, if a good has more substitutes, its price elasticty of demand is
Question # 14
The demand of a commodity having many substitutes is
Question # 15
When cross elasticity of demand for A and B is positive number, one can conclude that
Question # 16
Which of the following is a demand function?
Question # 17
If demand is inelastic, a change in the price
Question # 18
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 # 19
Law of demand shows relation between
Question # 20
The demand curve slopes downward from left to right because of:
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 | If quantity demanded is completely unresponsive to changes in price, demand is |
A. inelastic
B. unit elastic
C. elastic
D. perfectly inelastic
|
| 2 |
Which one can cause a change in demand
|
A. change in income
B. change in supply
C. change in tastes
D. a and c of above
|
| 3 | 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
|
| 4 | 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
|
| 5 | Cross elasticity of Suzuki and Honda cars will be |
A. Positive
B. negative
C. zero
D. infinite
|
| 6 | 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
|
| 7 | Which one is not determinant of demand |
A. tastes
B. income
C. method of production
D. price
|
| 8 | Income elasticity of demand for normal good is always |
A. 1
B. more than one
C. negative
D. positive
|
| 9 | Price and demand are positively correlated in case of |
A. necessities
B. comforts
C. Giffen goods
D. Luxuries
|
| 10 | 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
|
Test Questions