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	Cause of shifting of demand curve is	A. Change in price B. Desire C. Other factors D. Exceptions
2	The equilibrium of the market is that demand and supply to each other are	A. opposite B. positive C. equal D. negative
3	If there is slight change in price and demand, it is called	A. Arc elasticity B. Point elasticity C. Income elasticity D. Cross elasticity
4	If the demand for a commodity is more elastic, then an entrepreneur in order to increase his profit	A. Will increase its price B. Will decrease its price C. Will not change its price D. None of these
5	If supply of a commodity changes by less than 10% due to a 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
6	Reserve price of a commodity is that price	A. Which is more than the cost of production of the seller B. At which the seller sells his commodity tn the market C. Which is equal to the cost of production of the seller D. Below which the seller is not ready to sell his commodity
7	If 50% change in demand in reposne of 50% change in price then:	A. Elasticity of demand = 1 B. Elasticity of demand < 1 C. Elasticity of demand > 1 D. Elasticity of demand = 0
8	Regarding time element, the normal price has types	A. One B. Two C. Three D. Four
9	With an increase in the price of any good its substitutes will have	A. a fall in its price B. an increase in its prices C. an increase in its demand D. a decrease in its price
10	Unitary method is also known as:	A. Total revenue B. Total satisfaction C. Total utility D. Total expenditure

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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

Supply of goods depends on

Who did present formula to measure Arc elasticity of demand

According to law of demand, curve moves from left to right downward. This type of tendency is called

If demand for commodity X changes due to the change in price of commodity, it is called

The rate of change in Qd due to change in price is called:

Elasticity of demand for substitute and jointly demanded goods is called

Exceptions, or limitations of law of demand have been stated by

Unitary method is also known as:

When demand for a commodity changes due to the change in price of some other commodity, it is called

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

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

Measurement of arc elasticity of demand was present:

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

Demand for a commodity means

Who did present unity method to measure elasticity of demand

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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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