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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Shad Ali Shah 31 - Jul - 2024 04 Min 23 Sec 13/15
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Subtain Ahmed Raza 21 - Jul - 2023 04 Min 19 Sec 12/15
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Bilal zafar 07 - Jun - 2024 03 Min 59 Sec 9/15
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Noor fatima Kashif 01 - Sep - 2022 05 Min 10 Sec 9/15

Sr.#	Question	Answer
1	Usually market price is ____________ normal price	A. Equal to B. Less than C. More than D. None of these
2	The cause of extension and contraction of demand is	A. Income B. Price C. Population D. Technology
3	The goods which can be used in place of each other, are called	A. Complimentary goods B. Substitute goods C. Alternative goods D. Jointly demanded goods
4	When supply curve shifts rightward or down it is called	A. Rise of supply B. Fall of supply C. Extension of supply D. Contraction of supply
5	What functional relationship is present between demand and price	A. positive B. inverse C. increasing D. none of these
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	In case of rise in demand, demand curve shifts:	A. Right side B. Downward C. Upward D. (a) and (c)
8	Flux method is also known as:	A. Percentage method B. Unitary method C. Total expenditure method D. All of them
9	Kinds of supply according to period of time are	A. Two B. Three C. Four D. Five
10	If the ratio of change in demand is less than the ratio of change in price, elasticity of demand will be	A. More than unity B. Less than unity C. Equal to 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

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 the ratio of change in demand is equal to the ratio of change in price, elasticity of demand will be

If demand does not change, then due to fall of supply

If elasticity of supply is less than unity then extending supply curve downward, it passes through or crosses

If supply does not change despite a change in price, then elasticity of supply is called

Cause of shifting of supply curve is

Elasticity of supply if perishable goods is

Who did present formula to measure Arc elasticity of demand

Finance minister in order to increase the public revenue, imposes tax on the commodities whose demand is less elastic

Relationship between price and quantity demanded is called

In case of perfectly elastic supply or infinite elasticity of supply, supply curve is

Quantity of a commodity which a person is ready to purchase at a particular price, is called

The equilibrium of the market is that demand and supply to each other are

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

Demand for Giffen goods is:

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

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11th Principle of Economics Chapter 3 Test

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