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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
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 # 2
This is an assumption of law of demand
Question # 3
The demand of a commodity having many substitutes is
Question # 4
The demand of a good falls when.
Question # 5
Income elasticity of demand for normal good is always
Question # 6
Demand is a function of
Question # 7
A horizontal demand curve has a price elasticity of
Question # 8
The demand curve slopes downward from left to right because of:
Question # 9
When the demand of a product rises due to factors except price it will be.
Question # 10
Other things equal, if a good has more substitutes, its price elasticty of demand is
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
Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is
Question # 13
Cross elasticity of Suzuki and Honda cars will be
Question # 14
Which one can cause a change in demand
Question # 15
One of the following is not an exception the law of demand.
Question # 16
Law of demand shows relation between
Question # 17
The elasticity of demand of durable goods is
Question # 18
This is the assumption of law of demand
Question # 19
The demand of a will expand when:
Question # 20
If demand is unitary elastic, a 25% increase in price will result in
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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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 | 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
|
| 2 | 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 |
A. perfectly elastic
B. perfectly inelastic
C. elastic
D. less elastic
|
| 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 elasticity of demand of durable goods is |
A. less than unity
B. greater than unity
C. equal to unity
D. zero
|
| 5 | 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
|
| 6 | Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is |
A. 10%
B. 30%
C. 3
D. 1/3
|
| 7 | Price elastic of demand measures |
A. change in price caused by changes in demand
B. the rate of change of sales
C. the responsiveness of demand to price changes
D. the value of sales at a given price
|
| 8 | If demand is unitary elastic, a 25% increase in price will result in |
A. 25% change in total revenue
B. no change in quantity demanded
C. 1% decrease in quantity demanded
D. 25% decrease in quantity demanded
|
| 9 | Demand is a function of |
A. price
B. quantity
C. supply
D. none
|
| 10 | If price elasticity of demand is very low, the commodity is |
A. necessity
B. luxury
C. substitute
D. not available
|
Test Questions
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