11th class Principles of Economics chapter 3 online mcq test with answers for I.Com part 1 Principles of Economics chapter 3(Demand and Supply)

This online test contains MCQs about following topics:

. Utility . Determinants of utility . Aspects of utility . Law of diminishing Marginal utility . Assunptions of law of diminishing marginal utility . Law of equi marginal utility . Limitations of law of equi marginal utility . Equilibrium of cosumer

ICOM Part 1 Economics Ch 3 Test

Start Economics Ch 3 Test

ICOM Part 1 English Medium Subjects

Principles of Accounting

Principles of Economics

Principles of Commerce

ICOM Part 1 Urdu Medium Subjects

Principles of Commerce

Principles of Economics

Principles of Accounting

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Minahil Asif 04 - Jun - 2024 01 Min 46 Sec 8/15

ICom Part 1 Principles of Economics ( English Medium) Chapter 3 Important MCQ's

Sr.#	Question	Answer
1	By increasing the cost of production, the supply	A. Extends B. contracts C. Falls D. Rises
2	Under certain conditions, slope of demand curve is	A. Negative B. Positive C. Zero D. Fixed
3	If demand curve is parallel to x-axis, then elasticity of demand is	A. Infinite B. Zero C. Equal to unity D. More than unity
4	Desire + Purchasing power is equal to:	A. Demand B. Supply C. Income D. Utility
5	Demand for the commodities having different uses	A. Less elastic B. More elastic C. Perfectly inelastic D. Infinitely elastic
6	Supply of goods depends on	A. price B. income C. income and price D. utility
7	If price of a commodity remains constant but its supply decreases or price increases but supply remains constant, it is called	A. Rise of supply B. Extension of supply C. Fall of supply D. Contraction of supply
8	The duty of a market is not to	A. make exchange of goods B. contact buyers and sellers C. determine price D. give maximum output
9	Rise of supply can be shown with the help of	A. A supply curve B. More than one supply curves C. Fixed supply curve D. Vertical supply curve
10	If supply of a commodity changes by 10% due to 10% change in its price, then elasticity of supply will be	A. Equal to unity B. More than unity C. Less than unity D. Zero

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First Year Principles of Economics Chapter 3 Online MCQ Test for 1st Year Principles of Economics Chapter 3 (Demand and Supply)

ICOM Part 1 English Medium Subjects

ICOM Part 1 Urdu Medium Subjects

MCQ's Test For Chapter 3 "Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test"

Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test

Price determined with the equilibrium of demand and supply on some day

Quantity of a commodity which the consumers are ready to purchase at a particular price, is called

If demand decreases by 15% due to 10% increase in Price, then elasticity of demand is

A textile mill produces 2000 meters cloth. Entrepreneur offers 1500 meters cloth to sell at price Rs 100 per meter and 500 meters cloth keeps with him. Cloth kept by the entrepreneur is called

Demand for the goods which have different uses, is

In order to satisfy some wants, more than one commodities are needed. Demand for such commodities is called

When supply curve shifts leftwards or up, it is called

If quantity demanded for a commodity changes due to the change in income, it is called

Usually market price is ____________ normal price

Supply curve shifts due to better technique of production

Elasticity of supply is the name of

Cause of positive slope of supply curve

Supply of perishable goods is

If supply of a commodity changes by 10% due to 10% change in its price, then elasticity of supply will be

If supply curve is horizontal (parallel to x-axis) then elasticity of supply is

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11th Principle of Economics Chapter 3 Test

Top Scorers Of Chapter 3 "Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test" MCQ`s Test

ICom Part 1 Principles of Economics ( English Medium) Chapter 3 Important MCQ's

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