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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
The law of demand will not be apply in case of
Question # 2
Price elastic of demand measures
Question # 3
Irrespecitve of price, Somia always spends Rs. 100 a week on ice cream, we conculde that
Question # 4
Demand is a function of
Question # 5
One of the following is not an exception the law of demand.
Question # 6
If quantity demanded is completely unresponsive to changes in price, demand is
Question # 7
This is an assumption of law of demand
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
The following are causes of shift in demand EXCEPT the one
Question # 10
A horizontal demand curve has a price elasticity of
Question # 11
Other things equal, if a good has more substitutes, its price elasticty of demand is
Question # 12
Which one is the assumption of law of demand?
Question # 13
Which of the following is a demand function?
Question # 14
When price elasticity of demand for normal goods in calculated, the value is always
Question # 15
Wit rapid economic growth in a country the individual demand curve will:
Question # 16
This is the assumption of law of demand
Question # 17
If demand is inelastic, a change in the price
Question # 18
The demand curve slopes downward from left to right because of:
Question # 19
A seller can increase his sales revenue by charging a lower price, if the demand has
Question # 20
Law of demand shows relation between
ICS Part 1 Economics Chapter 4 MCQs Test
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ICS Part 1 Economics Chapter 4 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | If price elasticity of demand is very low, the commodity is |
A. necessity
B. luxury
C. substitute
D. not available
|
| 2 | 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
|
| 3 | Income elasticity of demand for normal good is always |
A. 1
B. more than one
C. negative
D. positive
|
| 4 | 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
|
| 5 | 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
|
| 6 | When the price of a product falls and as a concequence the demand for the product increase. it will be. |
A. Rise of demands
B. Fall of demand
C. Extension of demand
D. Contraction on demand
|
| 7 | 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
|
| 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
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| 9 | 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
|
| 10 | The law of demand will not be apply in case of |
A. Inferior goods
B. Superior goods
C. Normal goods
D. Non of them
|
Test Questions