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

ICS Part 1 Economics Chapter 4 Test

Start Chapter 4 Test

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

Sr. # Questions Answers Choice
1 Normally a demand curve will have the shape
  • A. horizontal
  • B. vertical
  • C. downward sloping
  • D. upward sloping
2 If price elasticity of demand is very low, the commodity is
  • A. necessity
  • B. luxury
  • C. substitute
  • D. not available
3 If price and total revenue move in the same direction, then demand is
  • A. inelastic
  • B. elastic
  • C. unrelated
  • D. perfectly elastic
4 Price and demand are positively correlated in case of
  • A. necessities
  • B. comforts
  • C. Giffen goods
  • D. Luxuries
5 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
6 When the price of a product falls and as a concequence the demand for the product increase. it will be.
  • A. Rise of demands
  • B. Fall of demand
  • C. Extension of demand
  • D. Contraction on demand
7 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
8 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
9 If quantity demanded is completely unresponsive to changes in price, demand is
  • A. inelastic
  • B. unit elastic
  • C. elastic
  • D. perfectly inelastic
10 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

Top Scorers of Economics Ics Part 1 English Medium Chapter 4 Online Test

F

FAIZA RASHID

Lahore22 - May - 2025

18/20
03 Mins 49 Sec
F

FAIZA RASHID

Lahore22 - May - 2025

13/20
04 Mins 34 Sec
A

Ajmal Khan

Lahore28 - Apr - 2025

13/20
07 Mins 28 Sec
A

Ajmal Khan

Lahore28 - Apr - 2025

13/20
07 Mins 28 Sec
M

Muhammad Hassan

Lahore06 - May - 2025

12/20
03 Mins 05 Sec
F

FAIZA RASHID

Lahore22 - May - 2025

12/20
03 Mins 35 Sec
M

Maheen Maheen Ali

Lahore22 - May - 2025

10/20
05 Mins 20 Sec

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