×
4th Chapter

ICS Part 1 Economics Chapter 4 MCQs Test

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

First Year Economics Chapter 4 Online MCQ Test for 1st Year Economics Chapter 4 (Demand)

Sr. # Questions Answers Choice
1 Irrespecitve of price, Somia always spends Rs. 100 a week on ice cream, we conculde that
  • A. elasticity of demand is 0
  • B. elasticity of demand is 1
  • C. elasticity of demand id infinite
  • D. law of demand has been violated
2 The following are causes of shift in demand EXCEPT the one
  • A. change in income
  • B. change in price
  • C. change in fashion
  • D. change in prices of substitutes
3 Market demand curve is a summation of all individual demand curves as
  • A. Vertical
  • B. horizontal
  • C. mathematical
  • D. local
4 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
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 When price elasticity of demand for normal goods in calculated, the value is always
  • A. positive
  • B. negative
  • C. constant
  • D. greater than one
7 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
  • A. 1
  • B. 100%
  • C. less than one
  • D. more than one
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
9 Normally a demand curve will have the shape
  • A. horizontal
  • B. vertical
  • C. downward sloping
  • D. upward sloping
10 The elasticity of demand of durable goods is
  • A. less than unity
  • B. greater than unity
  • C. equal to unity
  • D. zero

Share your comments questions here
Sort By:
X

Sign in

to continue to ilmkidunya.com

inquiry-image

Free Admission Advice

Fill the form. Our admission consultants will call you with admission options.

X

Sign in

to continue to ilmkidunya.com

X

Sign in

to continue to ilmkidunya.com

X

Forgot Password

to continue to ilmkidunya.com

X

Register Type

Please Provide following information to Register

  • Student
  • Tutor
  • Consultant
  • Employer