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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
The demand of a will expand when:
Question # 2
If price and total revenue move in the same direction, then demand is
Question # 3
Other things equal, if a good has more substitutes, its price elasticty of demand is
Question # 4
Market demand curve is a summation of all individual demand curves as
Question # 5
This is an assumption of law of demand
Question # 6
The law of demand will not be apply in case of
Question # 7
When cross elasticity of demand for A and B is positive number, one can conclude that
Question # 8
If quantity demanded is completely unresponsive to changes in price, demand is
Question # 9
If elasticity of demand is very low it shows that the commodity is
Question # 10
One of the following is not an exception the law of demand.
Question # 11
If demand is inelastic, a change in the price
Question # 12
A horizontal demand curve has a price elasticity of
Question # 13
Wit rapid economic growth in a country the individual demand curve will:
Question # 14
Demand is a function of
Question # 15
Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is
Question # 16
Which one can cause a change in demand
Question # 17
If demand is unitary elastic, a 25% increase in price will result in
Question # 18
When demand is perfectly inelastic, an increase in price will result in
Question # 19
Which one is the assumption of law of demand?
Question # 20
This is the assumption of law of demand
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 Ali Hassan 10 - Sep - 2022 02 Min 54 Sec 20/20 -
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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 | 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
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| 3 |
Which one can cause a change in demand
|
A. change in income
B. change in supply
C. change in tastes
D. a and c of above
|
| 4 | The law of demand will not be apply in case of |
A. Inferior goods
B. Superior goods
C. Normal goods
D. Non of them
|
| 5 | If quantity demanded is completely unresponsive to changes in price, demand is |
A. inelastic
B. unit elastic
C. elastic
D. perfectly inelastic
|
| 6 | 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
|
| 7 | 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
|
| 8 | Price and demand are positively correlated in case of |
A. necessities
B. comforts
C. Giffen goods
D. Luxuries
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| 9 | The demand curve slopes downward from left to right because of: |
A. Income effect
B. Substitution effect
C. Entry of new buyers
D. All of the above
|
| 10 | The law demand will not be valid in case of. |
A. Very high price products
B. Normal goods
C. Price effect
D. Income effects
|
Test Questions