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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
To say that two goods are unrelated, their cross price elasticity of demand should be
Question # 2
Which one is not determinant of demand
Question # 3
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 # 4
Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is
Question # 5
Normally a demand curve will have the shape
Question # 6
The demand curve is negatively sloped due to
Question # 7
Irrespecitve of price, Somia always spends Rs. 100 a week on ice cream, we conculde that
Question # 8
If demand has unit price elasticity, a change in price causes
Question # 9
If quantity demanded is completely unresponsive to changes in price, demand is
Question # 10
When cross elasticity of demand for A and B is positive number, one can conclude that
Question # 11
Price elastic of demand measures
Question # 12
Which one can cause a change in demand
Question # 13
When the demand of a product rises due to factors except price it will be.
Question # 14
If elasticity of demand is very low it shows that the commodity is
Question # 15
When the price of a product falls and as a concequence the demand for the product increase. it will be.
Question # 16
Which one is the assumption of law of demand?
Question # 17
This is an assumption of law of demand
Question # 18
Other things equal, if a good has more substitutes, its price elasticty of demand is
Question # 19
Income elasticity of demand for normal good is always
Question # 20
Wit rapid economic growth in a country the individual demand curve will:
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 -
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H hamza abid 16 - May - 2022 10 Min 50 Sec 12/20 -
S Safa Kodvavi 12 - Dec - 2021 04 Min 21 Sec 11/20
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 2 | Market demand curve is a summation of all individual demand curves as |
A. Vertical
B. horizontal
C. mathematical
D. local
|
| 3 | 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
|
| 4 | Which one is not determinant of demand |
A. tastes
B. income
C. method of production
D. price
|
| 5 | 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 |
A. perfectly elastic
B. perfectly inelastic
C. elastic
D. less elastic
|
| 6 | 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
|
| 7 | 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
|
| 8 | Demand is a function of |
A. price
B. quantity
C. supply
D. none
|
| 9 | 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
|
| 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
