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

Sr.#	Question	Answer
1	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
2	Cause of shifting of supply curve is	A. Change in price B. Other factors C. Change in tax D. Change in income
3	Elasticity of supply if perishable goods is	A. Equal to unity B. More than unity C. Less than unity D. Zero
4	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
5	Elasticity of supply is the name of	A. Change in price B. Change in income C. Feature of change in supply D. Change in price and income
6	Unitary method is also known as:	A. Total revenue B. Total satisfaction C. Total utility D. Total expenditure
7	Price and demand has a relationship:	A. Negative B. Positive C. Functional D. Both a & c
8	By increasing the cost of production, the supply	A. Extends B. contracts C. Falls D. Rises
9	Demand for the commodities having different uses	A. Less elastic B. More elastic C. Perfectly inelastic D. Infinitely elastic
10	Price determined with the equilibrium of demand and supply on some day	A. Short period price B. Long period price C. Market price D. Normal price

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

Kinds of supply according to period of time are

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

Price is determined under perfect competition

If demand decreases by 15% due to 10% increase in Price, then elasticity of demand is

The rate of change in Qd due to change in price is called:

Market price will be determined where

Supply curve shifts due to better technique of production

Supply means

If two goods are complimentary, cross Elasticity of demand will be:

Due to rise in demand, demand curve shifts to

Slope of demand curve is

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

Elasticity of supply if perishable goods is

Demand for luxuries in

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11th Principle of Economics Chapter 3 Test

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