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	When price decreases, supply	A. Extends B. Contracts C. Becomes zero D. Remains fixed
2	Demand for necessities of life is	A. Les elastic B. More elastic C. Perfectly elastic D. Perfectly inelastic
3	When there is a very small change in demand and price of a commodity, it is called	A. Point elasticity B. Arc elasticity C. Cross elasticity D. Income elasticity
4	When the price of a commodity increases but its demand does not change, this situation is called	A. Constant demand B. Fall of demand C. Rise of demand D. Contraction of demand
5	Quickly destroyable goods are called	A. Superior goods B. Inferior goods C. Perishable goods D. Giffen godds
6	Demand for the commodities having different uses	A. Less elastic B. More elastic C. Perfectly inelastic D. Infinitely elastic
7	One of the following is not substitute good:	A. Mobile and charger B. Petrol and CNG C. Burger and Shawarma D. Both b & c
8	Finance minister in order to increase the public revenue imposes the tax on the commodities whose demand is more elastic	A. At low rate B. At high rate C. Some times decreases the rate and some times increases D. Does not change Tax rate
9	Supply of goods depends on	A. price B. income C. income and price D. utility
10	The duty of a market is not to	A. make exchange of goods B. contact buyers and sellers C. determine price D. give maximum output

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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

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

Quantity of a commodity offered for sale in a market at a certain price during a given period of time, is called

Which one is increasing function of price

According to the law of supply, there is relation in price and supply

Desire + Purchasing power is equal to:

Demand for necessities of life is

If 50% change in demand in reposne of 50% change in price then:

Elasticity of demand for substitute and jointly demanded goods is called

If price of a commodity remains constant but its supply decreases or price increases but supply remains constant, it is called

When demand increases due to change in other factors it is known as:

If demand and supply both rise in the same proportion, then

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

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

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

At equilibrium price, demand and supply

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

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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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