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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
Normally a demand curve will have the shape
Question # 2
To say that two goods are unrelated, their cross price elasticity of demand should be
Question # 3
The demand of a good falls when.
Question # 4
When demand is perfectly inelastic, an increase in price will result in
Question # 5
Other things equal, if a good has more substitutes, its price elasticty of demand is
Question # 6
A horizontal demand curve has a price elasticity of
Question # 7
Cross elasticity of Suzuki and Honda cars will be
Question # 8
If demand has unit price elasticity, a change in price causes
Question # 9
When the demand of a product rises due to factors except price it will be.
Question # 10
Which of the following is a demand function?
Question # 11
A seller can increase his sales revenue by charging a lower price, if the demand has
Question # 12
If price and total revenue move in the same direction, then demand is
Question # 13
The demand of a commodity having many substitutes is
Question # 14
Law of demand shows relation between
Question # 15
The demand curve slopes downward from left to right because of:
Question # 16
Which one is the assumption of law of demand?
Question # 17
If elasticity of demand is very low it shows that the commodity is
Question # 18
Price elastic of demand measures
Question # 19
Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is
Question # 20
The law demand will not be valid in case of.
ICS Part 1 Economics Chapter 4 MCQs 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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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 | Which one is not determinant of demand |
A. tastes
B. income
C. method of production
D. price
|
| 2 | If price elasticity of demand is very low, the commodity is |
A. necessity
B. luxury
C. substitute
D. not available
|
| 3 | The demand curve is negatively sloped due to |
A. Income effect
B. Substitution effect
C. Price effect
D. All the three
|
| 4 | 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
|
| 5 | Normally a demand curve will have the shape |
A. horizontal
B. vertical
C. downward sloping
D. upward sloping
|
| 6 | Income elasticity of demand for normal good is always |
A. 1
B. more than one
C. negative
D. positive
|
| 7 | 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
|
| 8 | 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
|
| 9 | Cross elasticity of Suzuki and Honda cars will be |
A. Positive
B. negative
C. zero
D. infinite
|
| 10 | The elasticity of demand of durable goods is |
A. less than unity
B. greater than unity
C. equal to unity
D. zero
|
Test Questions
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