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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 law of demand will not be apply in case of
Question # 2
The elasticity of demand of durable goods is
Question # 3
Irrespecitve of price, Somia always spends Rs. 100 a week on ice cream, we conculde that
Question # 4
Income elasticity of demand for normal good is always
Question # 5
When price elasticity of demand for normal goods in calculated, the value is always
Question # 6
The demand curve slopes downward from left to right because of:
Question # 7
If price elasticity of demand is very low, the commodity is
Question # 8
If demand is unitary elastic, a 25% increase in price will result in
Question # 9
One of the following is not an exception the law of demand.
Question # 10
If demand has unit price elasticity, a change in price causes
Question # 11
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 # 12
The demand of a commodity having many substitutes is
Question # 13
This is an assumption of law of demand
Question # 14
If demand is inelastic, a change in the price
Question # 15
Which one is not determinant of demand
Question # 16
Cross elasticity of Suzuki and Honda cars will be
Question # 17
The demand curve is negatively sloped due to
Question # 18
Which of the following is a demand function?
Question # 19
Normally a demand curve will have the shape
Question # 20
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
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 -
H hafsa Mumtaz 10 - May - 2024 00 Min 15 Sec 16/20 -
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Z Zaina Ch 10 - May - 2024 01 Min 48 Sec 13/20 -
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U Umna Saleem 09 - Oct - 2023 06 Min 24 Sec 11/20 -
F Faiqa Shahid 20 - Jul - 2024 02 Min 05 Sec 10/20
ICS Part 1 Economics Chapter 4 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | The law demand will not be valid in case of. |
A. Very high price products
B. Normal goods
C. Price effect
D. Income effects
|
| 2 | 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
|
| 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 | 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
|
| 5 | The demand curve is negatively sloped due to |
A. Income effect
B. Substitution effect
C. Price effect
D. All the three
|
| 6 | 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
|
| 7 | Wit rapid economic growth in a country the individual demand curve will: |
A. Rise
B. Fall
C. Extend
D. Contract
|
| 8 | Cross elasticity of Suzuki and Honda cars will be |
A. Positive
B. negative
C. zero
D. infinite
|
| 9 | A horizontal demand curve has a price elasticity of |
A. zero
B. infinity
C. 1
D. variable
|
| 10 | When the price of a product falls and as a concequence the demand for the product increase. it will be. |
A. Rise of demands
B. Fall of demand
C. Extension of demand
D. Contraction on demand
|
Test Questions
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