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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 commodity having many substitutes is
Question # 2
Irrespecitve of price, Somia always spends Rs. 100 a week on ice cream, we conculde that
Question # 3
The following are causes of shift in demand EXCEPT the one
Question # 4
One of the following will not cause a rise and fall on demand.
Question # 5
A horizontal demand curve has a price elasticity of
Question # 6
This is the assumption of law of demand
Question # 7
Which one can cause a change in demand
Question # 8
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 # 9
The law demand will not be valid in case of.
Question # 10
If quantity demanded is completely unresponsive to changes in price, demand is
Question # 11
Which of the following is a demand function?
Question # 12
Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is
Question # 13
The demand curve is negatively sloped due to
Question # 14
Market demand curve is a summation of all individual demand curves as
Question # 15
If price elasticity of demand is very low, the commodity is
Question # 16
Which one is not determinant of demand
Question # 17
A seller can increase his sales revenue by charging a lower price, if the demand has
Question # 18
When the price of a product falls and as a concequence the demand for the product increase. it will be.
Question # 19
Which one is the assumption of law of demand?
Question # 20
When demand is perfectly inelastic, an increase in price will result in
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
ICS Part 1 Economics Chapter 4 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Other things equal, if a good has more substitutes, its price elasticty of demand is |
A. larger
B. smaller
C. zero
D. unity
|
| 2 | Price and demand are positively correlated in case of |
A. necessities
B. comforts
C. Giffen goods
D. Luxuries
|
| 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 | 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
|
| 5 | Normally a demand curve will have the shape |
A. horizontal
B. vertical
C. downward sloping
D. upward sloping
|
| 6 | 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
|
| 7 | 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
|
| 8 | 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
|
| 9 | Income elasticity of demand for normal good is always |
A. 1
B. more than one
C. negative
D. positive
|
| 10 | 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
|
Test Questions
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