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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Noor fatima Kashif 01 - Sep - 2022 05 Min 10 Sec 9/15

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

Sr.#	Question	Answer
1	Elasticity of supply is the name of	A. Change in price B. Change in income C. Feature of change in supply D. Change in price and income
2	The rate of change in Qd due to change in price is called:	A. Rise in demand B. Income Elasticity of demand C. Price Elasticity of demand D. Cross Elasticity of demand
3	Non elastic demand curve is	A. positive B. negative C. vertical D. horizontal
4	Unity method to measure elasticity of demand was presented by	A. Adam smith B. Robbins C. Marshall D. Keynes
5	Which one is not condition of perfect competition	A. Homogeneity of good B. Difference in price of good C. Large number of buyers and sellers D. Perfect knowledge of market
6	If supply rises more proportionately than that of demand, then	A. Equilibrium price increases B. Equilibrium price decreases C. Equilibrium price does not change D. Equilibrium quantity decreases
7	According to the law of supply, there is relation in price and supply	A. Inverse B. Increasing C. Negative D. indirect
8	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
9	When supply changes due to other factors besides price, it is called	A. Rise of supply B. Fall of supply C. Rise and fall of supply D. Extension and contraction of supply
10	If supply does not change despite a change in price, then elasticity of supply is called	A. Equal to unity B. Less than unity C. More 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

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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

A big change in demand and price is called:

When there is a very small change in demand and price of a commodity, it is called

Demand for necessities of life is

Unity method to measure elasticity of demand was presented by

The cause of extension and contraction of demand is

Price of perishable goods is determined

If percentage change in supply is less than the percentage change in price, then elasticity of supply is called

If the total expenditure of the consumer decreases due to decrease in price, then nature of elasticity of demand will be

Kinds of supply according to period of time are

Market equilibrium is attained when there exists in the market

If supply is fixed then due to fall of demand

Flux method is also known as:

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

When supply curve shifts rightward or down it is called

If demand and supply both fall in the same proportion

Prepare Complete Set Wise Chapter 3 "Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test" MCQs Online With Answers

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Set 11

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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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