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	At equilibrium price, demand and supply	A. Increase B. Become equal C. Decrease D. are different
2	The demand curve slopes	A. upwards B. Horizontal C. vertical D. downward to the right
3	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
4	If the total expenditure of the consumer does not change due to increase or decrease (change) in price, then nature of elasticity of demand will be	A. Equal to unity B. Less than unity C. More than unity D. Elasticity of demand = zero
5	If supply increase due to increase in price, it is called	A. Extension of supply B. Contraction of supply C. Rise of supply D. Fall of supply
6	If supply does not change, then due to fall of demand	A. Equilibrium price decreases B. Equilibrium price increases C. Equilibrium price does not change D. Equilibrium quantity increases
7	By increasing the cost of production, the supply	A. Extends B. contracts C. Falls D. Rises
8	Increasing function of price is	A. Demand B. Supply C. Utility D. Cosnsumption
9	If total expenditure of the consumer decreases due to increase in price, then nature of elasticity of demand will be	A. Equal to unity B. Less than unity C. More than unity D. Elasticity of demand = zero
10	Cause of movement along the supply curve is	A. Change in price B. Other factors C. Change in tax D. Change in income

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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

When demand and supply rise equally then equilibrium price

When supply increases due to other factors besides price, it is called

The supply curve of Fish is

When the price of a commodity increases but its demand does not change, this situation is called

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

When supply curve shifts rightward or down it is called

Who did present formula to measure Arc elasticity of demand

Who does determine the reserve price

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

Stock means the quantity of a commodity

A big change in demand and price is called:

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

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

Slope of demand curve is

Flux method is also known as:

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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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