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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
Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is
Question # 2
When demand is perfectly inelastic, an increase in price will result in
Question # 3
Which one is not determinant of demand
Question # 4
When the price of a product falls and as a concequence the demand for the product increase. it will be.
Question # 5
If price elasticity of demand is very low, the commodity is
Question # 6
Cross elasticity of Suzuki and Honda cars will be
Question # 7
Wit rapid economic growth in a country the individual demand curve will:
Question # 8
Which one can cause a change in demand
Question # 9
Which one is the assumption of law of demand?
Question # 10
When cross elasticity of demand for A and B is positive number, one can conclude that
Question # 11
The law demand will not be valid in case of.
Question # 12
Market demand curve is a summation of all individual demand curves as
Question # 13
The elasticity of demand of durable goods is
Question # 14
If elasticity of demand is very low it shows that the commodity is
Question # 15
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 # 16
The demand of a commodity having many substitutes is
Question # 17
Which of the following is a demand function?
Question # 18
Law of demand shows relation between
Question # 19
If quantity demanded is completely unresponsive to changes in price, demand is
Question # 20
Demand is a function of
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 | 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
|
| 2 | The following are causes of shift in demand EXCEPT the one |
A. change in income
B. change in price
C. change in fashion
D. change in prices of substitutes
|
| 3 | When price elasticity of demand for normal goods in calculated, the value is always |
A. positive
B. negative
C. constant
D. greater than one
|
| 4 | The demand of a commodity having many substitutes is |
A. more elastic
B. less elastic
C. zero elastic
D. infinite elastic
|
| 5 | 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
|
| 6 | 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
|
| 7 | The law demand will not be valid in case of. |
A. Very high price products
B. Normal goods
C. Price effect
D. Income effects
|
| 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 | 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
|
Test Questions