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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
If price elasticity of demand is very low, the commodity is
Question # 2
When demand is perfectly inelastic, an increase in price will result in
Question # 3
Which of the following is a demand function?
Question # 4
The law demand will not be valid in case of.
Question # 5
Income elasticity of demand for normal good is always
Question # 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
Question # 7
A seller can increase his sales revenue by charging a lower price, if the demand has
Question # 8
The demand of a good falls when.
Question # 9
Other things equal, if a good has more substitutes, its price elasticty of demand is
Question # 10
Law of demand shows relation between
Question # 11
If demand is unitary elastic, a 25% increase in price will result in
Question # 12
A horizontal demand curve has a price elasticity of
Question # 13
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 # 14
The demand curve is negatively sloped due to
Question # 15
This is the assumption of law of demand
Question # 16
Which one is the assumption of law of demand?
Question # 17
Market demand curve is a summation of all individual demand curves as
Question # 18
One of the following will not cause a rise and fall on demand.
Question # 19
When the price of a product falls and as a concequence the demand for the product increase. it will be.
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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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 -
M moheen ul haq 03 - Aug - 2022 04 Min 35 Sec 15/20 -
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 -
H Hanif Wazir 30 - May - 2022 05 Min 12 Sec 13/20 -
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F Fatima Romel 20 - Mar - 2023 10 Min 04 Sec 13/20 -
Z zainab nouman 16 - Apr - 2024 04 Min 48 Sec 12/20 -
H hamza abid 16 - May - 2022 10 Min 50 Sec 12/20 -
U Umna Saleem 09 - Oct - 2023 06 Min 24 Sec 11/20
ICS Part 1 Economics Chapter 4 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | If price elasticity of demand is very low, the commodity is |
A. necessity
B. luxury
C. substitute
D. not available
|
| 2 | 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
|
| 3 | Market demand curve is a summation of all individual demand curves as |
A. Vertical
B. horizontal
C. mathematical
D. local
|
| 4 | 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
|
| 5 | Law of demand shows relation between |
A. income and price of commodity
B. price and quantity of a commodity
C. income and quantity demanded
D. quantity demanded and quantity supplied
|
| 6 | Price elastic of demand measures |
A. change in price caused by changes in demand
B. the rate of change of sales
C. the responsiveness of demand to price changes
D. the value of sales at a given price
|
| 7 | 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
|
| 8 | 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
|
| 9 | 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
|
| 10 | Demand is a function of |
A. price
B. quantity
C. supply
D. none
|
Test Questions
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