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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 cross elasticity of demand for A and B is positive number, one can conclude that
Question # 2
One of the following will not cause a rise and fall on demand.
Question # 3
Which of the following is a demand function?
Question # 4
Price elastic of demand measures
Question # 5
If demand is inelastic, a change in the price
Question # 6
When the demand of a product rises due to factors except price it will be.
Question # 7
The law demand will not be valid in case of.
Question # 8
To say that two goods are unrelated, their cross price elasticity of demand should be
Question # 9
The demand curve is negatively sloped due to
Question # 10
When demand is perfectly inelastic, an increase in price will result in
Question # 11
Market demand curve is a summation of all individual demand curves as
Question # 12
If quantity demanded is completely unresponsive to changes in price, demand is
Question # 13
When the price of a product falls and as a concequence the demand for the product increase. it will be.
Question # 14
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 # 15
If demand has unit price elasticity, a change in price causes
Question # 16
Price and demand are positively correlated in case of
Question # 17
Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is
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
One of the following is not an exception the law of demand.
Question # 20
If price and total revenue move in the same direction, then demand is
ICS Part 1 Economics Chapter 4 MCQs Test
Top Scorers Of Chapter 4 "Economics Ics Part 1 English Medium Chapter 4 Online Test" MCQ`s Test
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L Laiba Muqaddas 26 - Jul - 2024 00 Min 56 Sec 20/20 -
A Ali Hassan 10 - Sep - 2022 02 Min 54 Sec 20/20 -
M M.Attiq-U-Rehman 24 - Nov - 2023 04 Min 07 Sec 17/20 -
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S Safa Kodvavi 12 - Dec - 2021 04 Min 21 Sec 11/20
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Price and demand are positively correlated in case of |
A. necessities
B. comforts
C. Giffen goods
D. Luxuries
|
| 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 | When price elasticity of demand for normal goods in calculated, the value is always |
A. positive
B. negative
C. constant
D. greater than one
|
| 4 | 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
|
| 5 | 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
|
| 6 | Cross elasticity of Suzuki and Honda cars will be |
A. Positive
B. negative
C. zero
D. infinite
|
| 7 | Demand is a function of |
A. price
B. quantity
C. supply
D. none
|
| 8 | 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
|
| 9 | 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
|
| 10 | If price elasticity of demand is very low, the commodity is |
A. necessity
B. luxury
C. substitute
D. not available
|
| 11 | Wit rapid economic growth in a country the individual demand curve will: |
A. Rise
B. Fall
C. Extend
D. Contract
|
| 12 | 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
|
| 13 | 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
|
| 14 | 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
|
| 15 | Which one is not determinant of demand |
A. tastes
B. income
C. method of production
D. price
|
| 16 | 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
|
| 17 | One of the following will not cause a rise and fall on demand. |
A. Change in income
B. Change in weather
C. Discovery of a substitute
D. Distribution of income remaining the same
|
| 18 | Market demand curve is a summation of all individual demand curves as |
A. Vertical
B. horizontal
C. mathematical
D. local
|
| 19 | 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
|
| 20 | 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
|
Test Questions
