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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 of demand will not be apply in case of
Question # 2
Price elastic of demand measures
Question # 3
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 # 4
When the price of a product falls and as a concequence the demand for the product increase. it will be.
Question # 5
If demand is inelastic, a change in the price
Question # 6
When cross elasticity of demand for A and B is positive number, one can conclude that
Question # 7
Which one is not determinant of demand
Question # 8
Normally a demand curve will have the shape
Question # 9
Which one is the assumption of law of demand?
Question # 10
If quantity demanded is completely unresponsive to changes in price, demand is
Question # 11
If price elasticity of demand is very low, the commodity is
Question # 12
One of the following is not an exception the law of demand.
Question # 13
A horizontal demand curve has a price elasticity of
Question # 14
If demand is unitary elastic, a 25% increase in price will result in
Question # 15
When price elasticity of demand for normal goods in calculated, the value is always
Question # 16
When demand is perfectly inelastic, an increase in price will result in
Question # 17
This is the assumption of law of demand
Question # 18
Other things equal, if a good has more substitutes, its price elasticty of demand is
Question # 19
Cross elasticity of Suzuki and Honda cars will be
Question # 20
The demand of a commodity having many substitutes 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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F Fatima Romel 20 - Mar - 2023 10 Min 04 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 | If quantity demanded is completely unresponsive to changes in price, demand is |
A. inelastic
B. unit elastic
C. elastic
D. perfectly inelastic
|
| 2 | Normally a demand curve will have the shape |
A. horizontal
B. vertical
C. downward sloping
D. upward sloping
|
| 3 | 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
|
| 4 | 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
|
| 5 | 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
|
| 6 | 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
|
| 7 | 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
|
| 8 | 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
|
| 9 | Which one is not determinant of demand |
A. tastes
B. income
C. method of production
D. price
|
| 10 | 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
|
Test Questions