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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
Law of demand shows relation between
Question # 2
When price elasticity of demand for normal goods in calculated, the value is always
Question # 3
If demand is inelastic, a change in the price
Question # 4
Price and demand are positively correlated in case of
Question # 5
If elasticity of demand is very low it shows that the commodity is
Question # 6
The following are causes of shift in demand EXCEPT the one
Question # 7
If price and total revenue move in the same direction, then demand is
Question # 8
The demand of a commodity having many substitutes is
Question # 9
If price elasticity of demand is very low, the commodity is
Question # 10
A seller can increase his sales revenue by charging a lower price, if the demand has
Question # 11
Income elasticity of demand for normal good is always
Question # 12
Which of the following is a demand function?
Question # 13
Which one can cause a change in demand
Question # 14
Cross elasticity of Suzuki and Honda cars will be
Question # 15
Irrespecitve of price, Somia always spends Rs. 100 a week on ice cream, we conculde that
Question # 16
When cross elasticity of demand for A and B is positive number, one can conclude that
Question # 17
To say that two goods are unrelated, their cross price elasticity of demand should be
Question # 18
The demand curve is negatively sloped due to
Question # 19
This is the assumption of law of demand
Question # 20
The demand of a will expand when:
ICS Part 1 Economics Chapter 4 MCQs Test
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ICS Part 1 Economics Chapter 4 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | The demand of a commodity having many substitutes is |
A. more elastic
B. less elastic
C. zero elastic
D. infinite elastic
|
| 2 | The demand of a good falls when. |
A. Its price falls
B. Price of the substitute changes
C. its price rises
D. It price remain constant
|
| 3 | To say that two goods are unrelated, their cross price elasticity of demand should be |
A. less than 0
B. greater than 0
C. equal to 0
D. 1
|
| 4 | If quantity demanded is completely unresponsive to changes in price, demand is |
A. inelastic
B. unit elastic
C. elastic
D. perfectly inelastic
|
| 5 | 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
|
| 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 | Which one is not determinant of demand |
A. tastes
B. income
C. method of production
D. price
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| 8 | Demand is a function of |
A. price
B. quantity
C. supply
D. none
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| 9 | 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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| 10 | If price and total revenue move in the same direction, then demand is |
A. inelastic
B. elastic
C. unrelated
D. perfectly elastic
|
Test Questions