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	The demand curve slopes	A. upwards B. Horizontal C. vertical D. downward to the right
2	Income elasticity of demand is concerned with	A. Income and consumption of wealth B. Income and demand for good C. Price and income of the consumer D. Price and demand for good
3	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
4	Price is determined under perfect competition	A. By sellers B. By buyers C. By government D. By forces of demand and supply
5	Relationship between price of a commodity and demand for it exists	A. Positive B. Inverse C. Indirect D. None of these
6	If supply decreases due to decrease in price, it is called	A. Extension of supply B. Contraction of supply C. Rise of supply D. Fall of supply
7	Unitary method for Elasticity of demand was presented by:	A. Marshall B. Keynes C. Robbins D. Adam smith
8	Some inferior goods having expensive substitutes are known as:	A. Economic goods B. Giffen goods C. Non-economic goods D. Free goods
9	Price and demand has a relationship:	A. Negative B. Positive C. Functional D. Both a & c
10	Supply of perishable goods e.g. groceries, fruit, meat etc is	A. Less elastic B. More elastic C. Perfectly inelastic D. Perfectly elastic

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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

If quantity demand changes due to the change in income, it is called:

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

Which one of the following is not included in the assumptions of law of supply

Finance minister imposes tax on the goods having more elastic demand

If demand changes by more than 10% due to 10% change in price, then elasticity of demand is called

Supply means

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

Elasticity of supply if perishable goods is

Unity method to measure elasticity of demand was presented by

If there is big change in Price and demand, it is called

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

The demand curve slopes

Intersection of demand and supply curve is called

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

When demand curve shifts leftward (or downward), it is called

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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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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