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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
When the price of a product falls and as a concequence the demand for the product increase. it will be.
Question # 2
Demand is a function of
Question # 3
Law of demand shows relation between
Question # 4
Which one is the assumption of law of demand?
Question # 5
The demand of a good falls when.
Question # 6
The demand curve is negatively sloped due to
Question # 7
If elasticity of demand is very low it shows that the commodity is
Question # 8
If demand is inelastic, a change in the price
Question # 9
Which of the following is a demand function?
Question # 10
One of the following will not cause a rise and fall on demand.
Question # 11
Wit rapid economic growth in a country the individual demand curve will:
Question # 12
Cross elasticity of Suzuki and Honda cars will be
Question # 13
If price and total revenue move in the same direction, then demand is
Question # 14
A horizontal demand curve has a price elasticity of
Question # 15
If demand is unitary elastic, a 25% increase in price will result in
Question # 16
Other things equal, if a good has more substitutes, its price elasticty of demand is
Question # 17
When the demand of a product rises due to factors except price it will be.
Question # 18
This is an assumption of law of demand
Question # 19
Which one is not determinant of demand
Question # 20
The law of demand will not be apply in case of
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 | 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 | 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
|
| 3 | 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
|
| 4 | 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
|
| 5 | The demand curve is negatively sloped due to |
A. Income effect
B. Substitution effect
C. Price effect
D. All the three
|
| 6 | If quantity demanded is completely unresponsive to changes in price, demand is |
A. inelastic
B. unit elastic
C. elastic
D. perfectly inelastic
|
| 7 | 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
|
| 8 | 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
|
| 9 |
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
|
| 10 | If price elasticity of demand is very low, the commodity is |
A. necessity
B. luxury
C. substitute
D. not available
|
Test Questions