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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
When the price of a product falls and as a concequence the demand for the product increase. it will be.
Question # 3
The demand of a good falls when.
Question # 4
This is the assumption of law of demand
Question # 5
A seller can increase his sales revenue by charging a lower price, if the demand has
Question # 6
Income elasticity of demand for normal good is always
Question # 7
The demand curve is negatively sloped due to
Question # 8
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 # 9
When the demand of a product rises due to factors except price it will be.
Question # 10
Which of the following is a demand function?
Question # 11
One of the following is not an exception the law of demand.
Question # 12
If price and total revenue move in the same direction, then demand is
Question # 13
The law demand will not be valid in case of.
Question # 14
If demand has unit price elasticity, a change in price causes
Question # 15
If demand is inelastic, a change in the price
Question # 16
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 # 17
When demand is perfectly inelastic, an increase in price will result in
Question # 18
One of the following will not cause a rise and fall on demand.
Question # 19
The demand of a commodity having many substitutes is
Question # 20
If quantity demanded is completely unresponsive to changes in price, 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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A Anum Fatima 19 - Jun - 2023 00 Min 06 Sec 20/20 -
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 -
H hafsa Mumtaz 10 - May - 2024 00 Min 15 Sec 16/20 -
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T Tazmeen Afaq 08 - Aug - 2023 06 Min 26 Sec 14/20 -
Z Zaina Ch 10 - May - 2024 01 Min 48 Sec 13/20 -
A Asim Khan wazir 06 - May - 2024 05 Min 01 Sec 13/20 -
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H hamza abid 16 - May - 2022 10 Min 50 Sec 12/20 -
U Umna Saleem 09 - Oct - 2023 06 Min 24 Sec 11/20 -
F Faiqa Shahid 20 - Jul - 2024 02 Min 05 Sec 10/20
ICS Part 1 Economics Chapter 4 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | The elasticity of demand of durable goods is |
A. less than unity
B. greater than unity
C. equal to unity
D. zero
|
| 2 | The demand of a commodity having many substitutes is |
A. more elastic
B. less elastic
C. zero elastic
D. infinite elastic
|
| 3 | Price and demand are positively correlated in case of |
A. necessities
B. comforts
C. Giffen goods
D. Luxuries
|
| 4 | If price and total revenue move in the same direction, then demand is |
A. inelastic
B. elastic
C. unrelated
D. perfectly elastic
|
| 5 | Other things equal, if a good has more substitutes, its price elasticty of demand is |
A. larger
B. smaller
C. zero
D. unity
|
| 6 | 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
|
| 7 | When the demand of a product rises due to factors except price it will be. |
A. Extension of demands
B. Rise of demand
C. Contraction of demand
D. Extension of demand
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| 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 | Cross elasticity of Suzuki and Honda cars will be |
A. Positive
B. negative
C. zero
D. infinite
|
| 10 | Market demand curve is a summation of all individual demand curves as |
A. Vertical
B. horizontal
C. mathematical
D. local
|
Test Questions