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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
Demand is a function of
Question # 2
The law of demand will not be apply in case of
Question # 3
Which one can cause a change in demand
Question # 4
If price and total revenue move in the same direction, then demand is
Question # 5
Price and demand are positively correlated in case of
Question # 6
If demand is unitary elastic, a 25% increase in price will result in
Question # 7
If demand has unit price elasticity, a change in price causes
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
Market demand curve is a summation of all individual demand curves as
Question # 10
One of the following will not cause a rise and fall on demand.
Question # 11
This is an assumption of law of demand
Question # 12
Price elastic of demand measures
Question # 13
Which of the following is a demand function?
Question # 14
If price elasticity of demand is very low, the commodity is
Question # 15
Other things equal, if a good has more substitutes, its price elasticty of demand is
Question # 16
When demand is perfectly inelastic, an increase in price will result in
Question # 17
Cross elasticity of Suzuki and Honda cars will be
Question # 18
Which one is the assumption of law of demand?
Question # 19
This is the assumption of law of demand
Question # 20
To say that two goods are unrelated, their cross price elasticity of demand should be
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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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 -
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Z Zaina Ch 10 - May - 2024 01 Min 48 Sec 13/20 -
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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 | 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 |
A. perfectly elastic
B. perfectly inelastic
C. elastic
D. less elastic
|
| 2 | The law of demand will not be apply in case of |
A. Inferior goods
B. Superior goods
C. Normal goods
D. Non of them
|
| 3 | When cross elasticity of demand for A and B is positive number, one can conclude that |
A. the goods are cheaper
B. the goods are inferior
C. the goods are substitutes
D. the goods are complements
|
| 4 | 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
|
| 5 | 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
|
| 6 | Which one is the assumption of law of demand? |
A. price of the commodity should not change
B. quantity demand should not change
C. income of the consumer should not change
D. none of the above
|
| 7 | A horizontal demand curve has a price elasticity of |
A. zero
B. infinity
C. 1
D. variable
|
| 8 | To say that two goods are unrelated, their cross price elasticity of demand should be |
A. less than 0
B. greater than 0
C. equal to 0
D. 1
|
| 9 | Income elasticity of demand for normal good is always |
A. 1
B. more than one
C. negative
D. positive
|
| 10 | 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
|
Test Questions
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