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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ICS Part 1 Economics Chapter Wise Test

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

00:00
Question # 1

If demand is inelastic, a change in the price

Question # 2

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

Question # 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

Question # 4

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

Question # 5

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 # 6

Demand is a function of

Question # 7

The demand curve is negatively sloped due to

Question # 8

The demand of a will expand when:

Question # 9

Cross elasticity of Suzuki and Honda cars will be

Question # 10

If elasticity of demand is very low it shows that the commodity is

Question # 11

If price and total revenue move in the same direction, then demand is

Question # 12

Which one is not determinant of demand

Question # 13

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

Question # 14

The law demand will not be valid in case of.

Question # 15

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

Question # 16

The elasticity of demand of durable goods is

Question # 17

Price elastic of demand measures

Question # 18

Normally a demand curve will have the shape

Question # 19

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

Question # 20

Wit rapid economic growth in a country the individual demand curve will:

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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 A horizontal demand curve has a price elasticity of
A. zero
B. infinity
C. 1
D. variable
2 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
3 When price elasticity of demand for normal goods in calculated, the value is always
A. positive
B. negative
C. constant
D. greater than one
4 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
5 Market demand curve is a summation of all individual demand curves as
A. Vertical
B. horizontal
C. mathematical
D. local
6 Other things equal, if a good has more substitutes, its price elasticty of demand is
A. larger
B. smaller
C. zero
D. unity
7 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
8 Which one is not determinant of demand
A. tastes
B. income
C. method of production
D. price
9 If demand has unit price elasticity, a change in price causes
A. increase in total revenue
B. decrease in total revenue
C. no change in total revenue
D. indeterminate
10 Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is
A. 10%
B. 30%
C. 3
D. 1/3

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