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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
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"
Try The MCQ's Test For Chapter 3 "Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test"
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Total Questions15
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Time Allowed20
Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test
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Question # 1
Elasticity of demand for luxuries is
Question # 2
Demand for the commodities having different uses
Question # 3
The quantity of commodity which exists in warehouse (stock) of the seller is called
Question # 4
When there are small and minor changes in price and demand then
Question # 5
If demand for a commodity changes due to change in price of its substitute, it is called
Question # 6
Regarding time element, the normal price has types
Question # 7
If 50% change in demand in reposne of 50% change in price then:
Question # 8
Demand for the commodities whose use can be postponed is
Question # 9
Cause of shifting of supply curve is
Question # 10
When demand and supply rise equally then equilibrium price
Question # 11
With an increase in the price of any good its substitutes will have
Question # 12
When demand curve shifts rightward (or upward), it is called
Question # 13
At equilibrium price, demand and supply
Question # 14
If demand changes by more than 10% due to 10% change in price, then elasticity of demand is called
Question # 15
Some inferior goods having expensive substitutes are known as:
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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Set 1
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Set 2
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Set 3
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Set 4
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Set 5
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Set 6
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Set 7
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Set 8
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Set 9
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Set 10
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Set 11
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Set 12
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Set 13
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11th Principle of Economics Chapter 3 Test
Here you can prepare 11th Principle of Economics English Medium Chapter 3 Demand and Supply Test. Click the button for 100% free full practice test.
Top Scorers Of Chapter 3 "Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test" MCQ`s Test
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S Subtain Ahmed Raza 21 - Jul - 2023 04 Min 19 Sec 12/15 -
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M 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 | By increasing the cost of production, the supply |
A. Extends
B. contracts
C. Falls
D. Rises
|
| 2 | The price at which quantity demanded and supplied are equal |
A. Equilibrium price
B. Reserve price
C. Fixed price
D. Variable price
|
| 3 | If supply curve is vertical (parallel to y-axis), then elasticity of supply is |
A. Zero
B. Infinite
C. Equal to unity
D. More than unity
|
| 4 | If supply of a commodity changes by more than 10% due to 10% change in its price, then elasticity of supply will be |
A. Equal to unity
B. More than unity
C. Less than unity
D. Infinite
|
| 5 | When demand curve shifts leftward (or downward), it is called |
A. Rise of demand
B. Fall of demand
C. Extension of demand
D. Contraction of demand
|
| 6 | If two goods are substitute, cross Elasticity of demand will be: |
A. Zero
B. Infinite
C. Positive
D. Negative
|
| 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
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| 8 | Due to rise in demand, demand curve shifts to |
A. Right
B. Left
C. Both sides
D. None of these
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| 9 | Non elastic demand curve is |
A. positive
B. negative
C. vertical
D. horizontal
|
| 10 | The cause of extension and contraction of demand is |
A. Income
B. Price
C. Population
D. Technology
|
Test Questions