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

ICOM Part 1 Urdu Medium Subjects

Principles of Commerce

Principles of Economics

Principles of Accounting

MCQ's Test For Chapter 3 "Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test"

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Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test

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Question # 1

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

Point elasticity A
Arc elasticity B
Cross elasticity C
Income elasticity D

Question # 2

If demand is not influenced by the changes in price, elasticity of demand will be

Equal to unity A
More than unity B
Less than unity C
Zero D

Question # 3

If demand decreases by 10% due to 10% increase in Price, then elasticity of demand is

Equal to unity A
More than unity B
Less than unity C
Zero D

Question # 4

The term demand in economics means:

Desire A
Purchasing B
Need C
Both (a) and (b) D

Question # 5

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

Extension of supply A
Contraction of supply B
Rise of supply C
Fall of supply D

Question # 6

Quantity of a commodity which the consumers are ready to purchase at a particular price, is called

Demand A
Supply B
Stock C
Demand and supply D

Question # 7

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

taste of consumer A
cost of production B
Methods of production C
price of raw material D

Question # 8

Income elasticity of demand is concerned with

Income and consumption of wealth A
Income and demand for good B
Price and income of the consumer C
Price and demand for good D

Question # 9

Slope of demand curve is

Negative A
Positive B
zero C
fixed D

Question # 10

If supply curve is vertical (parallel to y-axis), then elasticity of supply is

Zero A
Infinite B
Equal to unity C
More than unity D

Question # 11

Regarding time element, the normal price has types

One A
Two B
Three C
Four D

Question # 12

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

Extension of supply A
Contraction of supply B
Rise of supply C
Fall of supply D

Question # 13

Finance minister imposes tax on the goods having more elastic demand

At low rate A
At high rate B
At the same rate C
At zero rate D

Question # 14

Movement on the same demand curve is called:

Increase is demand A
Rise and fall in demand B
Decrease in demand C
Expansions and contraction in demand D

Question # 15

In case of rise in demand, demand curve shifts:

Right side A
Downward B
Upward C
(a) and (c) D

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Prin. of Economics

3rd Chapter

11th Principle of Economics Chapter 3 Test

Here you can prepare 11th Principle of Economics English Medium Chapter 3 Demand and Supply Test. Click the button for 100% free full practice test.

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Chapter 1

Chapter 2

Chapter 3

Chapter 4

Chapter 5

Chapter 6

Chapter 7

Chapter 8

Chapter 9

Chapter 10

Chapter 11

Chapter 12

Chapter 13

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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

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

If demand is not influenced by the changes in price, elasticity of demand will be

If demand decreases by 10% due to 10% increase in Price, then elasticity of demand is

The term demand in economics means:

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

Quantity of a commodity which the consumers are ready to purchase at a particular price, is called

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

Income elasticity of demand is concerned with

Slope of demand curve is

If supply curve is vertical (parallel to y-axis), then elasticity of supply is

Regarding time element, the normal price has types

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

Finance minister imposes tax on the goods having more elastic demand

Movement on the same demand curve is called:

In case of rise in demand, demand curve shifts:

Prepare Complete Set Wise Chapter 3 "Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test" MCQs Online With Answers

Set 1

Set 2

Set 3

Set 4

Set 5

Set 6

Set 7

Set 8

Set 9

Set 10

Set 11

Set 12

Set 13

11th Principle of Economics Chapter 3 Test

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