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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
Other things equal, if a good has more substitutes, its price elasticty of demand is
Question # 2
If elasticity of demand is very low it shows that the commodity is
Question # 3
One of the following is not an exception the law of demand.
Question # 4
Which one can cause a change in demand
Question # 5
The demand of a good falls when.
Question # 6
If quantity demanded is completely unresponsive to changes in price, demand is
Question # 7
If price elasticity of demand is very low, the commodity is
Question # 8
This is the assumption of law of demand
Question # 9
The demand curve is negatively sloped due to
Question # 10
Which one is the assumption of law of demand?
Question # 11
Cross elasticity of Suzuki and Honda cars will be
Question # 12
Normally a demand curve will have the shape
Question # 13
Law of demand shows relation between
Question # 14
The demand of a commodity having many substitutes is
Question # 15
If demand has unit price elasticity, a change in price causes
Question # 16
Which of the following is a demand function?
Question # 17
If demand is unitary elastic, a 25% increase in price will result in
Question # 18
A horizontal demand curve has a price elasticity of
Question # 19
Demand is a function of
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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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 | 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
|
| 2 | Normally a demand curve will have the shape |
A. horizontal
B. vertical
C. downward sloping
D. upward sloping
|
| 3 | If quantity demanded is completely unresponsive to changes in price, demand is |
A. inelastic
B. unit elastic
C. elastic
D. perfectly inelastic
|
| 4 | When price elasticity of demand for normal goods in calculated, the value is always |
A. positive
B. negative
C. constant
D. greater than one
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| 5 | 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
|
| 6 | Demand is a function of |
A. price
B. quantity
C. supply
D. none
|
| 7 | This is the assumption of law of demand |
A. price of the commodity should not change
B. Quantity demanded should not change
C. Price of substitutes should not change
D. Demand curve must be linear
|
| 8 | 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
|
| 9 | 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
|
| 10 | The law demand will not be valid in case of. |
A. Very high price products
B. Normal goods
C. Price effect
D. Income effects
|
Test Questions