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

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ICOM Part 1 English Medium Subjects

Principles of Accounting

Principles of Economics

Principles of Commerce

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Principles of Commerce

Principles of Economics

Principles of Accounting

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Sr.#	Question	Answer
1	Elasticity of demand for the commodities which have substitutes, is	A. More elastic B. Less elastic C. Infinite D. Zero
2	If demand and supply both fall in the same proportion	A. Equilibrium price increases B. Equilibrium price decreases C. Equilibrium price does not change D. Equilibrium quantity increases
3	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
4	Another name of unitary method is	A. Total satisfiaction method B. Total expenditure method C. Total revenue method D. Both 2nd and 3rd
5	Cause of shifting of demand curve is	A. Change in price B. Desire C. Other factors D. Exceptions
6	If total expenditure of the consumer increases due to decrease 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
7	If demand curve is parallel to x-axis, then elasticity of demand is	A. Infinite B. Zero C. Equal to unity D. More than unity
8	If demand decreases by 5% due to 10% increase in Price, then elasticity of demand is	A. Equal to unity B. More than unity C. Less than unity D. Zero
9	Elasticity of demand for luxuries is	A. Equal to unity B. More than unity C. Less than unity D. Zero
10	Quickly destroyable goods are called	A. Superior goods B. Inferior goods C. Perishable goods D. Giffen godds
11	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
12	Price of perishable goods is determined	A. In the market period B. In the short period C. In the middle period D. In the long period
13	Unitary method for Elasticity of demand was presented by:	A. Marshall B. Keynes C. Robbins D. Adam smith
14	If demand for commodity X changes due to the change in price of commodity, it is called	A. Cross elasticity B. Price elasticity C. Income elasticity D. Arc elasticity
15	Some inferior goods having expensive substitutes are known as:	A. Economic goods B. Giffen goods C. Non-economic goods D. Free goods

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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

In case of fall in demand, demand curve shifts:

Unitary method for Elasticity of demand was presented by:

Due to fall in demand, curve shifts to

Demand for a commodity means

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

Demand for the commodities having different uses

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

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

Another name of unitary method is

Demand for the commodities whose use can be postponed is

Degree of change in quantity supplied due to change in price is called

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

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

Regarding time element, the normal price has types

Which combination of the following is of joint demand

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11th Principle of Economics Chapter 3 Test

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