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

Top Scorers Of Chapter 3 "Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test" MCQ`s Test

Z

Zeeshan Haider 02 - Jul - 2024 00 Min 10 Sec 15/15
S

Shad Ali Shah 31 - Jul - 2024 04 Min 23 Sec 13/15
S

Subtain Ahmed Raza 21 - Jul - 2023 04 Min 19 Sec 12/15
U

Unknown 20 - Jul - 2023 02 Min 05 Sec 11/15
S

Sania Butt 01 - Jun - 2024 04 Min 51 Sec 11/15
R

Rèhab Khan 31 - Aug - 2023 10 Min 01 Sec 11/15
A

Angle Jasmine 04 - May - 2024 02 Min 39 Sec 10/15
A

Abubaker 13 - Mar - 2026 03 Min 08 Sec 10/15
F

fatima raja 26 - Nov - 2023 03 Min 15 Sec 10/15
S

Subhan Baig 20 - Jul - 2024 03 Min 57 Sec 10/15
A

Abeeha aslam 07 - Jun - 2024 02 Min 30 Sec 9/15
S

Sabeeka Fatima 18 - Mar - 2023 03 Min 19 Sec 9/15
B

Bilal zafar 07 - Jun - 2024 03 Min 59 Sec 9/15
A

Asif Iqbal 20 - Apr - 2023 04 Min 05 Sec 9/15
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	Demand for a commodity means	A. Desire to purchase B. Power to purchase C. Price of commodity D. All the three
2	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
3	Unity method to measure elasticity of supply is presented by	A. Adam Smith B. Robbins C. Marshall D. Faruson
4	Supply of durable goods is	A. Elastic B. Perfectly elastic C. Perfectly inelastic D. Less elastic
5	Under certain conditions, slope of demand curve is	A. Negative B. Positive C. Zero D. Fixed
6	If due to a very slight decrease in price, demand goes on increasing, elasticity of demand will be	A. More than unity B. Less than unity C. Infinite D. Zero
7	If supply goes on increasing due to a slight increase in price, then elasticity of supply is called	A. Zero B. Infinite C. Equal to unity D. More than unity
8	Market equilibrium is attained when there exists in the market	A. Perfect competition B. Imperfect competition C. Monopoly D. Large quantity of commodity comes in the market
9	If there is big change in Price and demand, it is called	A. Arc elasticity B. Point elasticity C. Income elasticity D. Cross elasticity
10	That particular price below which price the seller is not ready to sell his commodity, is called	A. Market price B. Normal price C. Reserve price D. All the three

Latest Educational News Stories

Pakistan's Largest Database of Colleges and Universities

BS Programs

University Past Papers

University Results

Exam Results 2024

Study Abroad Programs and Opportunities for Pakistani Students

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 50% change in demand in reposne of 50% change in price then:

The cause of rise and fall of demand is

If quantity demanded for a commodity changes due to the change in income, it is called

If the rate of change in price and quantity demand is in equal ratio, then Elasticity of demand is:

If supply curve is horizontal (parallel to x-axis) then elasticity of supply is

When supply curve shifts rightward or down it is called

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

Price of perishable goods is determined

Some inferior goods having expensive substitutes are known as:

Which one is increasing function of price

Degree of change in quantity supplied due to change in price is called

Vertical supply curve means

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

Price is determined under perfect competition

Demand for luxuries in

Prepare Complete Set Wise Chapter 3 "Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test" MCQs Online With Answers

Set 1

Set 2

Set 3

Set 4

Set 5

Set 6

Set 7

Set 8

Set 9

Set 10

Set 11

Set 12

Set 13

Topic Test

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

Test Questions

Is this page helpful?

Share your comments & questions here