11th Principle of Economics Chapter 3 Test

Here you can prepare 11th Principle of Economics English Medium Chapter 3 Demand and Supply Test. Click the button for 100% free full practice test.

First Year Principles of Economics Chapter 3 Online MCQ Test for 1st Year 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
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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)

Sr. # Questions Answers Choice
1 If supply curve is vertical (parallel to y-axis), then elasticity of supply is
  • A. Zero
  • B. Infinite
  • C. Equal to unity
  • D. More than unity
2 If the rate of change in price and quantity demand is in equal ratio, then Elasticity of demand is:
  • A. Equal to zero
  • B. Equal to one
  • C. Smaller than one
  • D. Greater than one
3 Quantity of a commodity offered for sale in a market at a certain price during a given period of time, is called
  • A. Stock
  • B. Demand
  • C. Supply
  • D. Quantity demanded
4 When demand curve shifts rightward (or upward), it is called
  • A. Rise of demand
  • B. Fall of demand
  • C. Extension of demand
  • D. Contraction of demand
5 What is meant by demand for a commodity in economics
  • A. To desire for a commodity
  • B. To have power to buy
  • C. To have power to buy a commodity with desire
  • D. Quantity of a commodity
6 If there is slight change in price and demand, it is called
  • A. Arc elasticity
  • B. Point elasticity
  • C. Income elasticity
  • D. Cross elasticity
7 Degree of change in quantity supplied due to change in price is called
  • A. Extension of supply
  • B. Rise of supply
  • C. Elasticity of supply
  • D. None of three
8 When the price of a commodity increases but its demand does not change, this situation is called
  • A. Constant demand
  • B. Fall of demand
  • C. Rise of demand
  • D. Contraction of demand
9 Demand for Giffen goods is:
  • A. Negative
  • B. Vertical
  • C. Positive
  • D. All of them
10 If the percentage change in supply is more than the percentage change in price, then elasticity of supply is called
  • A. Equal to unity
  • B. Less than unity
  • C. More than unity
  • D. Infinite

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

A

Arosha Asif

Lahore18 - Feb - 2025

12/15
02 Mins 27 Sec
A

Arosha Asif

Lahore18 - Feb - 2025

8/15
02 Mins 35 Sec
A

Arosha Asif

Lahore18 - Feb - 2025

8/15
03 Mins 09 Sec

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