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	Desire + Purchasing power is equal to:	A. Demand B. Supply C. Income D. Utility
2	If demand curve is parallel to y-axis, then elasticity of demand is	A. Equal to unity B. More than unity C. Less than unity D. Zero
3	Price is determined under perfect competition	A. By sellers B. By buyers C. By government D. By forces of demand and supply
4	Demand for Giffen goods is:	A. Negative B. Vertical C. Positive D. All of them
5	If demand changes by more than 10% due to 10% change in price, then elasticity of demand is called	A. Equal to unity B. More than unity C. Less than unity D. Infinite
6	A slight change in demand and price is called:	A. Point Elasticity of demand B. ArcElasticity of demand C. CrossElasticity of demand D. PriceElasticity of demand
7	Rise of supply can be shown with the help of	A. A supply curve B. More than one supply curves C. Fixed supply curve D. Vertical supply curve
8	Due to fall in demand, curve shifts to	A. Right B. Left C. Both sides D. None of these
9	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
10	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

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

Who did present unity method to measure elasticity of demand

If the ratio of change in demand is less than the ratio of change in price, elasticity of demand will be

Some inferior goods having expensive substitutes are known as:

Under certain conditions, slope of demand curve is

Due to fall in demand, curve shifts to

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

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

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

Rise of supply can be shown with the help of

If supply decreases due to decrease in price, it is called

Supply of perishable goods is

If demand falls more proportionately then that of supply then

According to law of supply, supply curve moves from left to right upward, this tendency is called

If demand rises more proportionately than that of supply, then

If supply increase due to increase in price, it is called

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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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