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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
Income elasticity of demand for normal good is always
Question # 2
The elasticity of demand of durable goods is
Question # 3
Demand is a function of
Question # 4
The following are causes of shift in demand EXCEPT the one
Question # 5
If price and total revenue move in the same direction, then demand is
Question # 6
If elasticity of demand is very low it shows that the commodity is
Question # 7
The law of demand will not be apply in case of
Question # 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
Question # 9
A horizontal demand curve has a price elasticity of
Question # 10
Which one is not determinant of demand
Question # 11
The demand of a commodity having many substitutes is
Question # 12
If quantity demanded is completely unresponsive to changes in price, demand is
Question # 13
If demand is inelastic, a change in the price
Question # 14
The demand curve is negatively sloped due to
Question # 15
The law demand will not be valid in case of.
Question # 16
Which one is the assumption of law of demand?
Question # 17
Market demand curve is a summation of all individual demand curves as
Question # 18
The demand of a good falls when.
Question # 19
Other things equal, if a good has more substitutes, its price elasticty of demand is
Question # 20
The demand curve slopes downward from left to right because of:
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 Ali Hassan 10 - Sep - 2022 02 Min 54 Sec 20/20 -
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ICS Part 1 Economics Chapter 4 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 2 | The elasticity of demand of durable goods is |
A. less than unity
B. greater than unity
C. equal to unity
D. zero
|
| 3 | When demand is perfectly inelastic, an increase in price will result in |
A. decrease in total revenue
B. increase in total revenue
C. no change in total revenue
D. decrease in quantity demanded
|
| 4 | 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
|
| 5 | The demand curve is negatively sloped due to |
A. Income effect
B. Substitution effect
C. Price effect
D. All the three
|
| 6 | 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
|
| 7 | 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
|
| 8 | Price elastic of demand measures |
A. change in price caused by changes in demand
B. the rate of change of sales
C. the responsiveness of demand to price changes
D. the value of sales at a given price
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| 9 | Which one is not determinant of demand |
A. tastes
B. income
C. method of production
D. price
|
| 10 | Income elasticity of demand for normal good is always |
A. 1
B. more than one
C. negative
D. positive
|
Test Questions