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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 law demand will not be valid in case of.
Question # 2
Price elastic of demand measures
Question # 3
Which one is the assumption of law of demand?
Question # 4
If demand has unit price elasticity, a change in price causes
Question # 5
A seller can increase his sales revenue by charging a lower price, if the demand has
Question # 6
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 # 7
Normally a demand curve will have the shape
Question # 8
If demand is inelastic, a change in the price
Question # 9
Other things equal, if a good has more substitutes, its price elasticty of demand is
Question # 10
Cross elasticity of Suzuki and Honda cars will be
Question # 11
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 # 12
Demand is a function of
Question # 13
When demand is perfectly inelastic, an increase in price will result in
Question # 14
This is the assumption of law of demand
Question # 15
The following are causes of shift in demand EXCEPT the one
Question # 16
Price and demand are positively correlated in case of
Question # 17
Law of demand shows relation between
Question # 18
The demand of a good falls when.
Question # 19
The demand curve is negatively sloped due to
Question # 20
If price and total revenue move in the same direction, then demand is
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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A Anum Fatima 19 - Jun - 2023 00 Min 06 Sec 20/20 -
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 -
H hafsa Mumtaz 10 - May - 2024 00 Min 15 Sec 16/20 -
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T Tazmeen Afaq 08 - Aug - 2023 06 Min 26 Sec 14/20 -
Z Zaina Ch 10 - May - 2024 01 Min 48 Sec 13/20 -
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U Umna Saleem 09 - Oct - 2023 06 Min 24 Sec 11/20 -
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 | Wit rapid economic growth in a country the individual demand curve will: |
A. Rise
B. Fall
C. Extend
D. Contract
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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 | 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
|
| 4 | 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
|
| 5 | When the price of a product falls and as a concequence the demand for the product increase. it will be. |
A. Rise of demands
B. Fall of demand
C. Extension of demand
D. Contraction on demand
|
| 6 | Cross elasticity of Suzuki and Honda cars will be |
A. Positive
B. negative
C. zero
D. infinite
|
| 7 | When cross elasticity of demand for A and B is positive number, one can conclude that |
A. the goods are cheaper
B. the goods are inferior
C. the goods are substitutes
D. the goods are complements
|
| 8 | If elasticity of demand is very low it shows that the commodity is |
A. a necessity
B. a luxury
C. has little importance in total budget
D. a and c above
|
| 9 | 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
|
| 10 |
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
|
Test Questions
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