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

Sr.#	Question	Answer
1	If quantity demand changes due to the change in income, it is called:	A. Point Elasticity of demand B. Arc Elasticity of demand C. Income Elasticity of demand D. Price Elasticity of demand
2	If there is slight change in price and demand, it is called	A. Arc elasticity B. Point elasticity C. Income elasticity D. Cross elasticity
3	Usually market price is ____________ normal price	A. Equal to B. Less than C. More than D. None of these
4	The price at which entrepreneur has a sufficient time to meet the demand, is called	A. Market price B. Normal price C. Reserve price D. Normal price
5	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
6	Flux method is also known as:	A. Percentage method B. Unitary method C. Total expenditure method D. All of them
7	The goods on which law of demand does not apply, are called	A. Services B. Goods and services C. Giffin goods D. Capital goods
8	Demand for necessities of life is	A. Les elastic B. More elastic C. Perfectly elastic D. Perfectly inelastic
9	In case of rise in demand, demand curve shifts:	A. Right side B. Downward C. Upward D. (a) and (c)
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

If demand curve is parallel to y-axis, then elasticity of demand is

If demand is not influenced by the changes in price, 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

Elasticity of supply if perishable goods is

Relationship between price of a commodity and demand for it exists

If same amount of good is supplied at higher price, it is called

The cause of extension and contraction of demand is

The term demand in economics means:

If the demand for a commodity is less elastic, then an entrepreneur in order to increase his profit

By increasing the cost of production, the supply

Rise of supply can be shown with the help of

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

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

If supply curve is vertical (parallel to y-axis), then elasticity of supply is

In case of rise in demand, demand curve shifts:

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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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