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 Class Principles of Economics ( English Medium) Chapter 3 Important MCQ's

Sr.#	Question	Answer
1	Which one of the following is not included in the assumptions of law of supply	A. taste of consumer B. cost of production C. Methods of production D. price of raw material
2	If price of a commodity constant but its supply increases or price decreases but supply remains constant, it is called	A. Rise of supply B. Fall of supply C. Extension of supply D. Contraction of supply
3	The cause of extension and contraction of demand is	A. Income B. Price C. Population D. Technology
4	The term demand in economics means:	A. Desire B. Purchasing C. Need D. Both (a) and (b)
5	Formula method to measure elasticity of supply is related to	A. Marshall B. Robbins C. R.G.D Allen D. Flux
6	Measurement of arc elasticity of demand was present:	A. Keynes B. Marshall C. Adam smith D. R.G.D Allen
7	If supply of a commodity changes by less than 10% due to a 10% change in its price, then elasticity of supply will be	A. Equal to unity B. More than unity C. Less than unity D. Zero
8	Finance minister in order to increase the public revenue, imposes tax on the commodities whose demand is less elastic	A. At low rate B. At high rate C. Some times decreases the tax rate and some times increases the tax rate D. Does not change tax rate
9	Demand for a commodity means	A. Desire to purchase B. Power to purchase C. Price of commodity D. All the three
10	When price decreases, supply	A. Extends B. Contracts C. Becomes zero D. Remains fixed

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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

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

In case of fall in demand, demand curve shifts:

Which one is not condition of perfect competition

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

If the demand for a commodity is more elastic, then an entrepreneur in order to increase his profit

Supply curve moves from left to right upward, this 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

Due to fall in demand, curve shifts to

The equilibrium of the market is that demand and supply to each other are

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

If demand curve is parallel to x-axis, then elasticity of demand is

A slight change in demand and price is called:

If supply is fixed then due to fall of demand

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

According to law of supply, supply curve moves from left to right upward, this tendency 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 Class Principles of Economics ( English Medium) Chapter 3 Important MCQ's

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