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	Stock means the quantity of a commodity	A. Which is offered for sale in the market B. Which is sold in the market C. Total production is called stock D. Which the seller keeps in his possession without selling
2	According to law of demand, when price of a commodity decreases, then demand curve	A. Moves from left to right upward B. Moves from left to right downward C. Moves vertically D. Moves horizontally
3	If percentage change in supply is less than the percentage change in price, then elasticity of supply is called	A. Equal to unity B. Less than unity C. More than unity D. Zero
4	Formula method to measure elasticity of supply is related to	A. Marshall B. Robbins C. R.G.D Allen D. Flux
5	Degree of change in quantity supplied due to change in price is called	A. Extension of supply B. Rise of supply C. Elasticity of supply D. None of three
6	Market price will be determined where	A. Supply is more than demand B. Demand is more than supply C. Demand and supply are equal D. Demand is less elastic and supply is more elastic
7	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
8	The cause of extension and contraction of demand is	A. Income B. Price C. Population D. Technology
9	What is meant by demand for a commodity in economics	A. To desire for a commodity B. To have power to buy C. To have power to buy a commodity with desire D. Quantity of a commodity
10	A textile mill produces 2000 meters cloth. Entrepreneur offers 1500 meters cloth to sell at price Rs 100 per meter and 500 meters cloth keeps with him. Cloth kept by the entrepreneur is called	A. Total production B. Supply C. Stock D. Surplus production

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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

The duty of a market is not to

Supply of goods depends on

When supply changes due to other factors besides price, it is called

If supply is fixed then due to fall of demand

Some inferior goods having expensive substitutes are known as:

Finance minister in order to increase the public revenue imposes the tax on the commodities whose demand is more elastic

Desire + Purchasing power is equal to:

Usually market price is ____________ normal price

The cause of shifting of supply curve is

If demand for a commodity changes due to change in price of its substitute, it is called

If demand does not change, despite a fall in price, is called

If demand rises more proportionately than that of supply, then

Elasticity of demand for the commodities which have substitutes, is

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

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

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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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