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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 demand curve slopes downward from left to right because of:
Question # 2
One of the following is not an exception the law of demand.
Question # 3
When the price of a product falls and as a concequence the demand for the product increase. it will be.
Question # 4
Price and demand are positively correlated in case of
Question # 5
If demand is unitary elastic, a 25% increase in price will result in
Question # 6
Market demand curve is a summation of all individual demand curves as
Question # 7
If demand is inelastic, a change in the price
Question # 8
Other things equal, if a good has more substitutes, its price elasticty of demand is
Question # 9
Which one is the assumption of law of demand?
Question # 10
Cross elasticity of Suzuki and Honda cars will be
Question # 11
When demand is perfectly inelastic, an increase in price will result in
Question # 12
Which of the following is a demand function?
Question # 13
If price elasticity of demand is very low, the commodity is
Question # 14
Price elastic of demand measures
Question # 15
Which one can cause a change in demand
Question # 16
Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is
Question # 17
When cross elasticity of demand for A and B is positive number, one can conclude that
Question # 18
When the demand of a product rises due to factors except price it will be.
Question # 19
Law of demand shows relation between
Question # 20
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
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 | Which of the following is a demand function? |
A. Q + 4P = 20
B. Q = 35 + 3P
C. Q - 2P - 15 =0
D. 5P - Q = 4
|
| 2 | 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
|
| 3 | Market demand curve is a summation of all individual demand curves as |
A. Vertical
B. horizontal
C. mathematical
D. local
|
| 4 | The demand curve is negatively sloped due to |
A. Income effect
B. Substitution effect
C. Price effect
D. All the three
|
| 5 | Demand is a function of |
A. price
B. quantity
C. supply
D. none
|
| 6 | Price elastic of demand measures |
A. change in price caused by changes in demand
B. the rate of change of sales
C. the responsiveness of demand to price changes
D. the value of sales at a given price
|
| 7 | Other things equal, if a good has more substitutes, its price elasticty of demand is |
A. larger
B. smaller
C. zero
D. unity
|
| 8 | If price and total revenue move in the same direction, then demand is |
A. inelastic
B. elastic
C. unrelated
D. perfectly elastic
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| 9 | 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
|
| 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