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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 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
2 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
3 Other things equal, if a good has more substitutes, its price elasticty of demand is
  • A. larger
  • B. smaller
  • C. zero
  • D. unity
4 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
5 A seller can increase his sales revenue by charging a lower price, if the demand has
  • A. e < 1
  • B. e = 1
  • C. e > 1
  • D. e = 0
6 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
7 Price and demand are positively correlated in case of
  • A. necessities
  • B. comforts
  • C. Giffen goods
  • D. Luxuries
8 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
9 The law of demand will not be apply in case of
  • A. Inferior goods
  • B. Superior goods
  • C. Normal goods
  • D. Non of them
10 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

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

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Lahore15 - Feb - 2024

10/20
02 Mins 49 Sec

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