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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
Irrespecitve of price, Somia always spends Rs. 100 a week on ice cream, we conculde that
Question # 2
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 # 3
A seller can increase his sales revenue by charging a lower price, if the demand has
Question # 4
The law of demand will not be apply in case of
Question # 5
Which of the following is a demand function?
Question # 6
Which one is the assumption of law of demand?
Question # 7
To say that two goods are unrelated, their cross price elasticity of demand should be
Question # 8
When the price of a product falls and as a concequence the demand for the product increase. it will be.
Question # 9
Which one is not determinant of demand
Question # 10
When demand is perfectly inelastic, an increase in price will result in
Question # 11
When cross elasticity of demand for A and B is positive number, one can conclude that
Question # 12
Which one can cause a change in demand
Question # 13
The law demand will not be valid in case of.
Question # 14
Price elastic of demand measures
Question # 15
If elasticity of demand is very low it shows that the commodity is
Question # 16
If demand is inelastic, a change in the price
Question # 17
Wit rapid economic growth in a country the individual demand curve will:
Question # 18
A horizontal demand curve has a price elasticity of
Question # 19
Income elasticity of demand for normal good is always
Question # 20
The following are causes of shift in demand EXCEPT the one
ICS Part 1 Economics Chapter 4 MCQs Test
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ICS Part 1 Class Economics Chapter 4 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | The demand of a commodity having many substitutes is |
A. more elastic
B. less elastic
C. zero elastic
D. infinite elastic
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| 2 | The law of demand will not be apply in case of |
A. Inferior goods
B. Superior goods
C. Normal goods
D. Non of them
|
| 3 | If price elasticity of demand is very low, the commodity is |
A. necessity
B. luxury
C. substitute
D. not available
|
| 4 | This is an assumption of law of demand |
A. price of the commodity does not change
B. quantity should not change
C. supply should not change
D. income of consumer should not change
|
| 5 | 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
|
| 6 | 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
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| 7 | One of the following is not an exception the law of demand. |
A. Very high price products
B. Very low price products
C. Ignorance of consumers
D. Non of the above
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| 8 | 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
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| 9 | The law demand will not be valid in case of. |
A. Very high price products
B. Normal goods
C. Price effect
D. Income effects
|
| 10 | When price elasticity of demand for normal goods in calculated, the value is always |
A. positive
B. negative
C. constant
D. greater than one
|
Test Questions
