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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
Other things equal, if a good has more substitutes, its price elasticty of demand is
Question # 2
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 # 3
Which one is not determinant of demand
Question # 4
Which one is the assumption of law of demand?
Question # 5
When demand is perfectly inelastic, an increase in price will result in
Question # 6
When the price of a product falls and as a concequence the demand for the product increase. it will be.
Question # 7
The elasticity of demand of durable goods is
Question # 8
The demand of a will expand when:
Question # 9
The demand of a good falls when.
Question # 10
If demand is unitary elastic, a 25% increase in price will result in
Question # 11
One of the following will not cause a rise and fall on demand.
Question # 12
Law of demand shows relation between
Question # 13
To say that two goods are unrelated, their cross price elasticity of demand should be
Question # 14
This is an assumption of law of demand
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
Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is
Question # 17
The following are causes of shift in demand EXCEPT the one
Question # 18
If demand is inelastic, a change in the price
Question # 19
This is the assumption of law of demand
Question # 20
The demand curve is negatively sloped due to
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 -
A Asim Khan wazir 06 - May - 2024 05 Min 01 Sec 13/20 -
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H hamza abid 16 - May - 2022 10 Min 50 Sec 12/20 -
S Safa Kodvavi 12 - Dec - 2021 04 Min 21 Sec 11/20
ICS Part 1 Economics Chapter 4 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 2 | 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
|
| 3 | If quantity demanded is completely unresponsive to changes in price, demand is |
A. inelastic
B. unit elastic
C. elastic
D. perfectly inelastic
|
| 4 | The demand of a commodity having many substitutes is |
A. more elastic
B. less elastic
C. zero elastic
D. infinite elastic
|
| 5 | Other things equal, if a good has more substitutes, its price elasticty of demand is |
A. larger
B. smaller
C. zero
D. unity
|
| 6 | Irrespecitve of price, Somia always spends Rs. 100 a week on ice cream, we conculde that |
A. elasticity of demand is 0
B. elasticity of demand is 1
C. elasticity of demand id infinite
D. law of demand has been violated
|
| 7 | When the demand of a product rises due to factors except price it will be. |
A. Extension of demands
B. Rise of demand
C. Contraction of demand
D. Extension of demand
|
| 8 | 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
|
| 9 | The elasticity of demand of durable goods is |
A. less than unity
B. greater than unity
C. equal to unity
D. zero
|
| 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
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