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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 is negatively sloped due to
Question # 2
The demand curve slopes downward from left to right because of:
Question # 3
Cross elasticity of Suzuki and Honda cars will be
Question # 4
Income elasticity of demand for normal good is always
Question # 5
Market demand curve is a summation of all individual demand curves as
Question # 6
One of the following is not an exception the law of demand.
Question # 7
When price elasticity of demand for normal goods in calculated, the value is always
Question # 8
Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is
Question # 9
Demand is a function of
Question # 10
Price elastic of demand measures
Question # 11
If demand has unit price elasticity, a change in price causes
Question # 12
Which one is the assumption of law of demand?
Question # 13
Law of demand shows relation between
Question # 14
If elasticity of demand is very low it shows that the commodity is
Question # 15
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 # 16
Which of the following is a demand function?
Question # 17
This is an assumption of law of demand
Question # 18
Wit rapid economic growth in a country the individual demand curve will:
Question # 19
A horizontal demand curve has a price elasticity of
Question # 20
When cross elasticity of demand for A and B is positive number, one can conclude that
ICS Part 1 Economics Chapter 4 MCQs Test
Top Scorers Of Chapter 4 "Economics Ics Part 1 English Medium Chapter 4 Online Test" MCQ`s Test
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L Laiba Muqaddas 26 - Jul - 2024 00 Min 56 Sec 20/20 -
A Ali Hassan 10 - Sep - 2022 02 Min 54 Sec 20/20 -
M M.Attiq-U-Rehman 24 - Nov - 2023 04 Min 07 Sec 17/20 -
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Z Zaina Ch 10 - May - 2024 01 Min 48 Sec 13/20 -
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F Faiqa Shahid 20 - Jul - 2024 02 Min 05 Sec 10/20
ICS Part 1 Economics Chapter 4 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Income elasticity of demand for normal good is always |
A. 1
B. more than one
C. negative
D. positive
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| 2 | 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
|
| 3 | Demand is a function of |
A. price
B. quantity
C. supply
D. none
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| 4 | 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 |
A. perfectly elastic
B. perfectly inelastic
C. elastic
D. less elastic
|
| 5 | 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
|
| 6 | Normally a demand curve will have the shape |
A. horizontal
B. vertical
C. downward sloping
D. upward sloping
|
| 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 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
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| 9 | 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
|
| 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
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