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	Reserve price of a commodity is that price	A. Which is more than the cost of production of the seller B. At which the seller sells his commodity tn the market C. Which is equal to the cost of production of the seller D. Below which the seller is not ready to sell his commodity
2	If two goods are substitute, cross Elasticity of demand will be:	A. Zero B. Infinite C. Positive D. Negative
3	The term demand in economics means:	A. Desire B. Purchasing C. Need D. Both (a) and (b)
4	Who did present unity method to measure elasticity of demand	A. Adam Smith B. Marshall C. Robbins D. keynes
5	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
6	In case of rise in demand, demand curve shifts:	A. Right side B. Downward C. Upward D. (a) and (c)
7	Non elastic demand curve is	A. positive B. negative C. vertical D. horizontal
8	When supply curve shifts leftwards or up, it is called	A. Rise of supply B. Fall of supply C. Extension of supply D. Contraction of supply
9	Formula method to measure elasticity of supply is related to	A. Marshall B. Robbins C. R.G.D Allen D. Flux
10	Due to rise in demand, demand curve shifts to	A. Right B. Left C. Both sides D. None of these

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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

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

Exceptions, or limitations of law of demand have been stated by

According to law of supply, supply curve moves from left to right upward, this tendency is called

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

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

According to law of supply which factor changes the supply

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

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

If the ratio of change in demand is less than the ratio of change in price, elasticity of demand will be

Increasing function of price is

If supply does not change, then due to fall of demand

Demand for the commodities whose use can be postponed is

In case of perfectly elastic supply or infinite elasticity of supply, supply curve is

Due to fall in demand, curve shifts to

Rise of supply can be shown with the help of

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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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