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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 demand has unit price elasticity, a change in price causes
Question # 2
One of the following will not cause a rise and fall on demand.
Question # 3
Which one is not determinant of demand
Question # 4
When demand is perfectly inelastic, an increase in price will result in
Question # 5
The demand of a commodity having many substitutes is
Question # 6
Which one can cause a change in demand
Question # 7
This is an assumption of law of demand
Question # 8
If quantity demanded is completely unresponsive to changes in price, demand is
Question # 9
If demand is inelastic, a change in the price
Question # 10
A horizontal demand curve has a price elasticity of
Question # 11
Income elasticity of demand for normal good is always
Question # 12
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 # 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
Which of the following is a demand function?
Question # 16
The law of demand will not be apply in case of
Question # 17
Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is
Question # 18
When the demand of a product rises due to factors except price it will be.
Question # 19
The demand of a good falls when.
Question # 20
If demand is unitary elastic, a 25% 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 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 | The demand of a commodity having many substitutes is |
A. more elastic
B. less elastic
C. zero elastic
D. infinite elastic
|
| 2 | If price and total revenue move in the same direction, then demand is |
A. inelastic
B. elastic
C. unrelated
D. perfectly elastic
|
| 3 | This is an assumption of law of demand |
A. price of the commodity does not change
B. quantity should not change
C. supply should not change
D. income of consumer should not change
|
| 4 | 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
|
| 5 | 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
|
| 6 | A horizontal demand curve has a price elasticity of |
A. zero
B. infinity
C. 1
D. variable
|
| 7 | The demand curve is negatively sloped due to |
A. Income effect
B. Substitution effect
C. Price effect
D. All the three
|
| 8 | Which one is not determinant of demand |
A. tastes
B. income
C. method of production
D. price
|
| 9 | Market demand curve is a summation of all individual demand curves as |
A. Vertical
B. horizontal
C. mathematical
D. local
|
| 10 | 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
|
Test Questions