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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
Demand is a function of
Question # 2
This is the assumption of law of demand
Question # 3
The law demand will not be valid in case of.
Question # 4
Which one is the assumption of law of demand?
Question # 5
Income elasticity of demand for normal good is always
Question # 6
One of the following will not cause a rise and fall on demand.
Question # 7
The elasticity of demand of durable goods is
Question # 8
Other things equal, if a good has more substitutes, its price elasticty of demand is
Question # 9
Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is
Question # 10
Which of the following is a demand function?
Question # 11
To say that two goods are unrelated, their cross price elasticity of demand should be
Question # 12
Wit rapid economic growth in a country the individual demand curve will:
Question # 13
Cross elasticity of Suzuki and Honda cars will be
Question # 14
If demand is unitary elastic, a 25% increase in price will result in
Question # 15
If demand is inelastic, a change in the price
Question # 16
The demand of a commodity having many substitutes is
Question # 17
The demand curve is negatively sloped due to
Question # 18
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 # 19
The demand curve slopes downward from left to right because of:
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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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 | 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 | Other things equal, if a good has more substitutes, its price elasticty of demand is |
A. larger
B. smaller
C. zero
D. unity
|
| 3 | 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
|
| 4 | 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
|
| 5 | 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
|
| 6 | 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
|
| 7 | If demand is inelastic, a change in the price |
A. will change the quantity in same direction
B. will change total revenue in same direction
C. will change total revenue in the opposite direction
D. will not change quantity
|
| 8 | 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
|
| 9 | Market demand curve is a summation of all individual demand curves as |
A. Vertical
B. horizontal
C. mathematical
D. local
|
| 10 | 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
|
Test Questions
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