ISC Economics 12 Demand MCQs With Solved Answer

ISC Economics 12 Demand MCQs With Solved Answer (Question 1 to 5)

1. Essential elements of demand are:

(a) Quantity of the commodity.
(b) Willingness to buy and Ability to pay.
(c) Price of the commodity.

(d) Particular Period of time

(e) All of these

2. Market demand refers to the:

(a) Quantities of a commodity that an Individual consumer is willing and able to buy (Purchase), at each possible price during a given period of time.

(b) Quantities of a commodity that all the consumers/households are willing and able to buy, at each possible price during a given period of time.

(c) Demand for two or more goods that are used jointly or demanded together.
(d) None of these.

3. Individual demand refers to the:

(a) Quantities of a commodity that an Individual consumer is willing and able to buy (Purchase), at each possible price during a given period of time.

(b) Quantities of a commodity that all the consumers/households are willing and able to buy, at each possible price during a given period of time.

(c) Demand for two or more goods that are used jointly or demanded together.
(d) None of these.

4. Joint demand refers to the:

(a) Demand for goods that have multiple uses..

(b) Quantities of a commodity that all the consumers/households are willing and able to buy, at each possible price during a given period of time.

(c) Demand for two or more goods that are used jointly or demanded together.
(d) None of these.

5. Composite Demand refers to the:

(a) Demand for goods that have multiple uses.

(b) Amount of goods that consumers want to buy or willing to buy during a particulars time period..

(c) Demand for two or more goods that are used jointly or demanded together.
(d) None of these.

Note: Answers are given below at the end.

Issue of debentures MCQs with solved Answers

ISC Economics 12 Demand MCQs With Solved Answer (Question 6 to 10)

6. Demand refers to the amount of the goods that the consumers actually purchase during a specific period of time is called::

(a) Joint Demand.

(b) Composite Demand.

(c) Ex-post demand.
(d) Ex-ante demand.

7. Demand refers to the amount of goods that a consumers want to buy or willing to buy during a particulars time period is called:

(a) Joint Demand.

(b) Composite Demand.

(c) Ex-post demand.
(d) Ex-ante demand.

8. Demand refers to the demand of products that are directly consumed by people, is called:

(a) Direct Demand.

(b) Composite Demand.

(c) Ex-post demand.
(d) Ex-ante demand.

9. The demand for a commodity that arises because of the demand for some other commodity is called :

(a) Direct Demand.

(b) Derived demand. 

(c) Ex-post demand.
(d) Ex-ante demand.

10. Determinants of demand or factors affecting the demand are :

(a) Price of the commodity.  

(b) Income of the consumer.

(c) Tastes and Preferences of Consumers.
(d) Price of Related Goods.

(e) All of these.

Note: Answers are given below at the end.

ISC Economics 12 Demand MCQs With Solved Answer (Question 11 to 15)

11. Which of the following is an example of complementary goods? :

(a) Tea and Coffee.  

(b) Coke and Pepsi.

(c) Pen and Pencil.
(d) Groundnut oil and sunflower oil.

(e) None of these.

12. Which of the following is an example of Substitute goods? :

(a) Tea and Coffee.  

(b) Coke and Pepsi.

(c) Pen and Pencil.
(d) Groundnut oil and sunflower oil.

(e) All of these.

13. Which of the following is an example of complementary goods? :

(a) Car and petrol.  

(b) Tea and sugar.

(c) Pen and ink.
(d) Bread and butter.

(e) All of these.

14. The demand for normal good …………with an increase in income of the consumer:

(a) Increases.  

(b) Decreases.

(c) Remain same.
(d) a and b.

15. Increase in price of substitute goods leads to:

(a) Expansion in Demand.  

(b) Contraction in  Demand.

(c) Increase in Demand.  
(d) Decrease in Demand.  

Note: Answers are given below at the end.

ISC Economics 12 Demand MCQs With Solved Answer (Question 16 to 20)

16. Which of the following pairs of goods is an example of substitutes?:
(a) Tea and sugar.
(b) Tea and coffee.
(c) Pen and ink.
(d) Shirt and trousers. 

17. Exceptions to the Law of Demand are :

(a) Giffen Goods.  

(b) Expectations about future prices.

(c) Emergencies.
(d) Fear of shortage.

(e) All of these.

18. The Giffen paradox, which was first observed by  :

(a) Sir Robert Giffen.  

(b) Sir Robert paul.

(c) Sir Petter Giffen.
(d)Sir Petter  Druker. 

19. “ The Law of Demand states that amount demanded increases with a fall in price and diminishes when price increases, Other things remaining the same’’.  given by :

(a) Prof.  Alfred Marshall.  

(b) Prof. Paul A. Samuelson.

(c) Prof. M.K.Mehta  .
(d) None of these.

20. Assumptions Of The Law Of Demand are:

(a) There is no change in income of the consumers.

(b) The prices of related commodities remain the same.

(c) There is no change in Tastes and Preferences of Consumers.

(d) There is no substitute for the commodity.

(e) All of these.

Note: Answers are given below at the end.

ISC Economics 12 Demand MCQs With Solved Answer 

  Answer – Question Number 1 To 20 

1. Answer- (e) All of these

2. Answer- (b) Quantities of a commodity that all the consumers/households are willing and able to buy, at each possible price during a given period of time.

3. Answer- (a) Quantities of a commodity that an Individual consumer is willing and able to buy (Purchase), at each possible price during a given period of time.

4. Answer- (c) Demand for two or more goods that are used jointly or demanded together.

5. Answer-(a) Demand for goods that have multiple uses.

6. Answer- (c) Ex-post demand.

7. Answer- (d) Ex-ante demand.

8. Answer-(a) Direct Demand.

9. Answer-(b) Derived demand. 

10. Answer-(e) All of these.

11. Answer-(e) None of these.

12. Answer-(e) All of these.

13. Answer-(e) All of these.

14. Answer-(a) Increases.  

15. Answer-(c) Increase in Demand.  

16. Answer-(b) Tea and coffee.

17. Answer-(e) All of these.

18. Answer-(a) Sir Robert Giffen.

19. Answer-(a) Prof.  Alfred Marshall.  

20. Answer-(e) All of these.

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