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

ICS Part 1 Economics Chapter 4 Test

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MCQ's Test For Chapter 4 "Economics Ics Part 1 English Medium Chapter 4 Online Test"

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Economics Ics Part 1 English Medium Chapter 4 Online Test

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Question # 1

Market demand curve is a summation of all individual demand curves as

Question # 2

If demand is unitary elastic, a 25% increase in price will result in

Question # 3

The demand curve is negatively sloped due to

Question # 4

Price and demand are positively correlated in case of

Question # 5

Which one can cause a change in demand

Question # 6

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

Question # 7

One of the following is not an exception the law of demand.

Question # 8

The demand of a will expand when:

Question # 9

When the price of a product falls and as a concequence the demand for the product increase. it will be.

Question # 10

The law demand will not be valid in case of.

Question # 11

Law of demand shows relation between

Question # 12

When the demand of a product rises due to factors except price it will be.

Question # 13

Cross elasticity of Suzuki and Honda cars will be

Question # 14

If price elasticity of demand is very low, the commodity is

Question # 15

To say that two goods are unrelated, their cross price elasticity of demand should be

Question # 16

Price elastic of demand measures

Question # 17

This is an assumption of law of demand

Question # 18

When cross elasticity of demand for A and B is positive number, one can conclude that

Question # 19

If quantity demanded is completely unresponsive to changes in price, demand is

Question # 20

If demand has unit price elasticity, a change in price causes

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Economics
4th Chapter

ICS Part 1 Economics Chapter 4 MCQs Test

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Sr.# Question Answer
1 The demand curve slopes downward from left to right because of:
A. Income effect
B. Substitution effect
C. Entry of new buyers
D. All of the above
2 Other things equal, if a good has more substitutes, its price elasticty of demand is
A. larger
B. smaller
C. zero
D. unity
3 The following are causes of shift in demand EXCEPT the one
A. change in income
B. change in price
C. change in fashion
D. change in prices of substitutes
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 One of the following will not cause a rise and fall on demand.
A. Change in income
B. Change in weather
C. Discovery of a substitute
D. Distribution of income remaining the same
6 Market demand curve is a summation of all individual demand curves as
A. Vertical
B. horizontal
C. mathematical
D. local
7 If price elasticity of demand is very low, the commodity is
A. necessity
B. luxury
C. substitute
D. not available
8
Which one can cause a change in demand
A. change in income
B. change in supply
C. change in tastes
D. a and c of above
9 A seller can increase his sales revenue by charging a lower price, if the demand has
A. e < 1
B. e = 1
C. e > 1
D. e = 0
10 The elasticity of demand of durable goods is
A. less than unity
B. greater than unity
C. equal to unity
D. zero
11 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
12 Which one is not determinant of demand
A. tastes
B. income
C. method of production
D. price
13 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
14 Price and demand are positively correlated in case of
A. necessities
B. comforts
C. Giffen goods
D. Luxuries
15 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
16 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
17 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
18 Cross elasticity of Suzuki and Honda cars will be
A. Positive
B. negative
C. zero
D. infinite
19 The law of demand will not be apply in case of
A. Inferior goods
B. Superior goods
C. Normal goods
D. Non of them
20 The demand of a will expand when:
A. Other things do not remain constant.
B. Price of the products changes.
C. Value of money falls.
D. None of the three

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