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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
A horizontal demand curve has a price elasticity of
Question # 2
The demand of a commodity having many substitutes is
Question # 3
A seller can increase his sales revenue by charging a lower price, if the demand has
Question # 4
Price elastic of demand measures
Question # 5
Demand is a function of
Question # 6
The law demand will not be valid in case of.
Question # 7
Which one is the assumption of law of demand?
Question # 8
The demand of a good falls when.
Question # 9
If elasticity of demand is very low it shows that the commodity is
Question # 10
When the price of a product falls and as a concequence the demand for the product increase. it will be.
Question # 11
Cross elasticity of Suzuki and Honda cars will be
Question # 12
If demand is inelastic, a change in the price
Question # 13
To say that two goods are unrelated, their cross price elasticity of demand should be
Question # 14
The demand curve is negatively sloped due to
Question # 15
The elasticity of demand of durable goods is
Question # 16
If price elasticity of demand is very low, the commodity is
Question # 17
Other things equal, if a good has more substitutes, its price elasticty of demand is
Question # 18
When the demand of a product rises due to factors except price it will be.
Question # 19
If price and total revenue move in the same direction, then demand is
Question # 20
Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is
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 | If price and total revenue move in the same direction, then demand is |
A. inelastic
B. elastic
C. unrelated
D. perfectly elastic
|
| 2 | Demand is a function of |
A. price
B. quantity
C. supply
D. none
|
| 3 | The demand curve is negatively sloped due to |
A. Income effect
B. Substitution effect
C. Price effect
D. All the three
|
| 4 |
Which one can cause a change in demand
|
A. change in income
B. change in supply
C. change in tastes
D. a and c of above
|
| 5 | 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
|
| 6 | Income elasticity of demand for normal good is always |
A. 1
B. more than one
C. negative
D. positive
|
| 7 | Irrespecitve of price, Somia always spends Rs. 100 a week on ice cream, we conculde that |
A. elasticity of demand is 0
B. elasticity of demand is 1
C. elasticity of demand id infinite
D. law of demand has been violated
|
| 8 | Wit rapid economic growth in a country the individual demand curve will: |
A. Rise
B. Fall
C. Extend
D. Contract
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| 9 | 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
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| 10 | When the demand of a product rises due to factors except price it will be. |
A. Extension of demands
B. Rise of demand
C. Contraction of demand
D. Extension of demand
|
Test Questions