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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Noor fatima Kashif 01 - Sep - 2022 05 Min 10 Sec 9/15

ICom Part 1 Principles of Economics ( English Medium) Chapter 3 Important MCQ's

Sr.#	Question	Answer
1	Equilibrium means	A. the condition that is not possible B. an unstable condition C. a condition that can change D. stable position
2	Quantity supplied of a commodity extends because	A. Population changes B. Change occurs in assumtions of law of supply C. Income of the entrepreneur increases D. Price of the commodity increases
3	The cause of extension and contraction of demand is	A. Income B. Price C. Population D. Technology
4	What functional relationship is present between demand and price	A. positive B. inverse C. increasing D. none of these
5	If the total expenditure of the consumer decreases 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
6	The cause of shifting of supply curve is	A. Change in price B. Other factors C. change in serving D. change in demand
7	Price and demand has a relationship:	A. Negative B. Positive C. Functional D. Both a & c
8	If supply increase due to increase in price, it is called	A. Extension of supply B. Contraction of supply C. Rise of supply D. Fall of supply
9	If supply curve is horizontal (parallel to x-axis) then elasticity of supply is	A. Zero B. Infinite C. Equal to unity D. More than unity
10	Supply of goods depends on	A. price B. income C. income and price D. utility

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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 supply is fixed then due to fall of demand

Second name of unitary method is

Who did present unity method to measure elasticity of demand

Formula method to measure elasticity of supply is related to

If demand rises more proportionately than that of supply, then

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

Which combination of the following is of joint demand

Demand for Giffen goods is:

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

Vertical supply curve means

Supply of goods depends upon

Supply curve moves from left to right upward, this tendency is called

Supply of perishable goods e.g. groceries, fruit, meat etc is

If supply goes on increasing due to a slight increase in price, then elasticity of supply is called

Elasticity of demand for luxuries is

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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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