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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
When demand is perfectly inelastic, an increase in price will result in
Question # 2
The following are causes of shift in demand EXCEPT the one
Question # 3
Law of demand shows relation between
Question # 4
Which one is not determinant of demand
Question # 5
When price elasticity of demand for normal goods in calculated, the value is always
Question # 6
Cross elasticity of Suzuki and Honda cars will be
Question # 7
Which one can cause a change in demand
Question # 8
Market demand curve is a summation of all individual demand curves as
Question # 9
If quantity demanded is completely unresponsive to changes in price, demand is
Question # 10
One of the following is not an exception the law of demand.
Question # 11
The demand of a commodity having many substitutes is
Question # 12
This is an assumption of law of demand
Question # 13
Demand is a function of
Question # 14
To say that two goods are unrelated, their cross price elasticity of demand should be
Question # 15
If price and total revenue move in the same direction, then demand is
Question # 16
If elasticity of demand is very low it shows that the commodity is
Question # 17
This is the assumption of law of demand
Question # 18
When the demand of a product rises due to factors except price it will be.
Question # 19
If price elasticity of demand is very low, the commodity is
Question # 20
Price and demand are positively correlated in case of
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 -
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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 | The demand of a commodity having many substitutes is |
A. more elastic
B. less elastic
C. zero elastic
D. infinite elastic
|
| 3 | A horizontal demand curve has a price elasticity of |
A. zero
B. infinity
C. 1
D. variable
|
| 4 | If price elasticity of demand is very low, the commodity is |
A. necessity
B. luxury
C. substitute
D. not available
|
| 5 | The law of demand will not be apply in case of |
A. Inferior goods
B. Superior goods
C. Normal goods
D. Non of them
|
| 6 | 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
|
| 7 | If elasticity of demand is very low it shows that the commodity is |
A. a necessity
B. a luxury
C. has little importance in total budget
D. a and c above
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| 8 | 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
|
| 9 | Wit rapid economic growth in a country the individual demand curve will: |
A. Rise
B. Fall
C. Extend
D. Contract
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| 10 | 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
|
Test Questions