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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 elasticity of demand is very low it shows that the commodity is
Question # 2
Law of demand shows relation between
Question # 3
The demand curve is negatively sloped due to
Question # 4
Normally a demand curve will have the shape
Question # 5
A horizontal demand curve has a price elasticity of
Question # 6
Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is
Question # 7
Wit rapid economic growth in a country the individual demand curve will:
Question # 8
If demand has unit price elasticity, a change in price causes
Question # 9
When cross elasticity of demand for A and B is positive number, one can conclude that
Question # 10
One of the following is not an exception the law of demand.
Question # 11
Which one can cause a change in demand
Question # 12
Price elastic of demand measures
Question # 13
This is an assumption of law of demand
Question # 14
Which one is not determinant of demand
Question # 15
If price and total revenue move in the same direction, then demand is
Question # 16
When the price of a product falls and as a concequence the demand for the product increase. it will be.
Question # 17
Cross elasticity of Suzuki and Honda cars will be
Question # 18
When the demand of a product rises due to factors except price it will be.
Question # 19
The elasticity of demand of durable goods is
Question # 20
The demand of a will expand when:
ICS Part 1 Economics Chapter 4 MCQs Test
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S Safa Kodvavi 12 - Dec - 2021 04 Min 21 Sec 11/20
ICS Part 1 Economics Chapter 4 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | The law of demand will not be apply in case of |
A. Inferior goods
B. Superior goods
C. Normal goods
D. Non of them
|
| 2 | 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
|
| 3 | 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
|
| 4 | Market demand curve is a summation of all individual demand curves as |
A. Vertical
B. horizontal
C. mathematical
D. local
|
| 5 | 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
|
| 6 | 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
|
| 7 | Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is |
A. 10%
B. 30%
C. 3
D. 1/3
|
| 8 | 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
|
| 9 | The law demand will not be valid in case of. |
A. Very high price products
B. Normal goods
C. Price effect
D. Income effects
|
| 10 | A horizontal demand curve has a price elasticity of |
A. zero
B. infinity
C. 1
D. variable
|
Test Questions
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