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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
Which one is the assumption of law of demand?
Question # 2
The demand of a commodity having many substitutes is
Question # 3
If demand is unitary elastic, a 25% increase in price will result in
Question # 4
A seller can increase his sales revenue by charging a lower price, if the demand has
Question # 5
When the demand of a product rises due to factors except price it will be.
Question # 6
Which one can cause a change in demand
Question # 7
Demand is a function of
Question # 8
Wit rapid economic growth in a country the individual demand curve will:
Question # 9
The following are causes of shift in demand EXCEPT the one
Question # 10
The demand of a good falls when.
Question # 11
Which of the following is a demand function?
Question # 12
If demand has unit price elasticity, a change in price causes
Question # 13
Which one is not determinant of demand
Question # 14
Market demand curve is a summation of all individual demand curves as
Question # 15
If price and total revenue move in the same direction, then demand is
Question # 16
The demand of a will expand when:
Question # 17
This is the assumption of law of demand
Question # 18
The elasticity of demand of durable goods is
Question # 19
A horizontal demand curve has a price elasticity of
Question # 20
If demand is inelastic, a change in the price
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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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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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 | 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
|
| 2 | Which one is the assumption of law of demand? |
A. price of the commodity should not change
B. quantity demand should not change
C. income of the consumer should not change
D. none of the above
|
| 3 | If demand has unit price elasticity, a change in price causes |
A. increase in total revenue
B. decrease in total revenue
C. no change in total revenue
D. indeterminate
|
| 4 | When price elasticity of demand for normal goods in calculated, the value is always |
A. positive
B. negative
C. constant
D. greater than one
|
| 5 | Price and demand are positively correlated in case of |
A. necessities
B. comforts
C. Giffen goods
D. Luxuries
|
| 6 | 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
|
| 7 | Income elasticity of demand for normal good is always |
A. 1
B. more than one
C. negative
D. positive
|
| 8 | 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
|
| 9 |
Which one can cause a change in demand
|
A. change in income
B. change in supply
C. change in tastes
D. a and c of above
|
| 10 | 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
|
Test Questions