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4th Chapter

ICS Part 1 Economics Chapter 4 MCQs Test

First Year Economics Chapter 4 Online MCQ Test for 1st Year Economics Chapter 4 (Demand)

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

First Year Economics Chapter 4 Online MCQ Test for 1st Year Economics Chapter 4 (Demand)

Sr. # Questions Answers Choice
1 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
2 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
3 The elasticity of demand of durable goods is
  • A. less than unity
  • B. greater than unity
  • C. equal to unity
  • D. zero
4 Law of demand shows relation between
  • A. income and price of commodity
  • B. price and quantity of a commodity
  • C. income and quantity demanded
  • D. quantity demanded and quantity supplied
5 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
6 The demand of a commodity having many substitutes is
  • A. more elastic
  • B. less elastic
  • C. zero elastic
  • D. infinite elastic
7 The law of demand will not be apply in case of
  • A. Inferior goods
  • B. Superior goods
  • C. Normal goods
  • D. Non of them
8 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
9 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
10 When price elasticity of demand for normal goods in calculated, the value is always
  • A. positive
  • B. negative
  • C. constant
  • D. greater than one

Top Scorers of Economics Ics Part 1 English Medium Chapter 4 Online Test

M

Moheen Ul Haq

Lahore03 - Aug - 2022

15/20
04 Mins 35 Sec
H

Hanif Wazir

Lahore30 - May - 2022

13/20
05 Mins 12 Sec
H

Hamza Abid

Abbottabad16 - May - 2022

12/20
10 Mins 50 Sec
H

Hamza Abid

Abbottabad21 - Jul - 2022

11/20
10 Mins 50 Sec
H

Hamza Abid

Abbottabad21 - Jul - 2022

10/20
10 Mins 50 Sec

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