4th Chapter

ICS Part 1 Economics Chapter 4 MCQs Test

First Year Economics Chapter 4 Online MCQ Test for 1st Year Economics Chapter 4 (Demand)

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

ICS Part 1 Economics Chapter 4 Test

Start Chapter 4 Test

First Year Economics Chapter 4 Online MCQ Test for 1st Year Economics Chapter 4 (Demand)

Sr. # Questions Answers Choice
1 Price and demand are positively correlated in case of
  • A. necessities
  • B. comforts
  • C. Giffen goods
  • D. Luxuries
2 If elasticity of demand is very low it shows that the commodity is
  • A. a necessity
  • B. a luxury
  • C. has little importance in total budget
  • D. a and c above
3 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
4 Income elasticity of demand for normal good is always
  • A. 1
  • B. more than one
  • C. negative
  • D. positive
5 If price elasticity of demand is very low, the commodity is
  • A. necessity
  • B. luxury
  • C. substitute
  • D. not available
6 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
7 The demand of a commodity having many substitutes is
  • A. more elastic
  • B. less elastic
  • C. zero elastic
  • D. infinite elastic
8 Which one is not determinant of demand
  • A. tastes
  • B. income
  • C. method of production
  • D. price
9 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
10 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

Top Scorers of Economics Ics Part 1 English Medium Chapter 4 Online Test

A

Ajmal Khan

Lahore28 - Apr - 2025

13/20
07 Mins 28 Sec
A

Ajmal Khan

Lahore28 - Apr - 2025

13/20
07 Mins 28 Sec
M

Muhammad Hassan

Lahore06 - May - 2025

12/20
03 Mins 05 Sec

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