11th class Economics chapter 4 online mcq test with answers for ICS part 1 Economics chapter 4 (Demand)

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Sr.#	Question	Answer
1	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
2	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
3	A horizontal demand curve has a price elasticity of	A. zero B. infinity C. 1 D. variable
4	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
5	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
6	The elasticity of demand of durable goods is	A. less than unity B. greater than unity C. equal to unity D. zero
7	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
8	Which of the following is a demand function?	A. Q + 4P = 20 B. Q = 35 + 3P C. Q - 2P - 15 =0 D. 5P - Q = 4
9	When cross elasticity of demand for A and B is positive number, one can conclude that	A. the goods are cheaper B. the goods are inferior C. the goods are substitutes D. the goods are complements
10	Price and demand are positively correlated in case of	A. necessities B. comforts C. Giffen goods D. Luxuries
11	Other things equal, if a good has more substitutes, its price elasticty of demand is	A. larger B. smaller C. zero D. unity
12	Demand is a function of	A. price B. quantity C. supply D. none
13	When price elasticity of demand for normal goods in calculated, the value is always	A. positive B. negative C. constant D. greater than one
14	The law demand will not be valid in case of.	A. Very high price products B. Normal goods C. Price effect D. Income effects
15	If price and total revenue move in the same direction, then demand is	A. inelastic B. elastic C. unrelated D. perfectly elastic
16	The law of demand will not be apply in case of	A. Inferior goods B. Superior goods C. Normal goods D. Non of them
17	To say that two goods are unrelated, their cross price elasticity of demand should be	A. less than 0 B. greater than 0 C. equal to 0 D. 1
18	The demand curve is negatively sloped due to	A. Income effect B. Substitution effect C. Price effect D. All the three
19	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
20	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

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First Year Economics Chapter 4 Online MCQ Test for 1st Year Economics Chapter 4 (Demand)

ICS Part 1 Economics Chapter 4 Test

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MCQ's Test For Chapter 4 "Economics Ics Part 1 English Medium Chapter 4 Online Test"

Economics Ics Part 1 English Medium Chapter 4 Online Test

Other things equal, if a good has more substitutes, its price elasticty of demand is

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

This is the assumption of law of demand

Price and demand are positively correlated in case of

Which one is the assumption of law of demand?

Wit rapid economic growth in a country the individual demand curve will:

If price elasticity of demand is very low, the commodity is

Normally a demand curve will have the shape

One of the following will not cause a rise and fall on demand.

The demand curve is negatively sloped due to

Cross elasticity of Suzuki and Honda cars will be

If quantity demanded is completely unresponsive to changes in price, demand is

The law of demand will not be apply in case of

Which one can cause a change in demand

The elasticity of demand of durable goods is

To say that two goods are unrelated, their cross price elasticity of demand should be

If demand is unitary elastic, a 25% increase in price will result in

A seller can increase his sales revenue by charging a lower price, if the demand has

Demand is a function of

Income elasticity of demand for normal good is always

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ICS Part 1 Economics Chapter 4 MCQs Test

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