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	Finance minister in order to increase the public revenue, imposes tax on the commodities whose demand is less elastic	A. At low rate B. At high rate C. Some times decreases the tax rate and some times increases the tax rate D. Does not change tax rate
2	Due to fall in demand, curve shifts to	A. Right B. Left C. Both sides D. None of these
3	Flux method is also known as:	A. Percentage method B. Unitary method C. Total expenditure method D. All of them
4	Relationship between price of a commodity and demand for it exists	A. Positive B. Inverse C. Indirect D. None of these
5	The cause of rise and fall of demand is	A. income B. price C. population D. Both 1st and 3rd
6	If there is big change in Price and demand, it is called	A. Arc elasticity B. Point elasticity C. Income elasticity D. Cross elasticity
7	Supply of goods depends on	A. price B. income C. income and price D. utility
8	If same amount of good is supplied at higher price, it is called	A. Expansion of supply B. Contraction of supply C. Fall in supply D. Rise in supply
9	Supply of goods depends upon	A. Price B. Income C. Price and income D. Utility
10	If quantity demanded for a commodity changes due to the change in income, it is called	A. Price elasticity B. Point elasticity C. Cross elasticity D. Income elasticity

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

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

By increasing the cost of production, the supply

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

When there is big change in demand and price of a commodity, it is called

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

If demand did not influence by the charge in price, that is called:

Cause of positive slope of supply curve

One of the following is not substitute good:

Elasticity of supply if perishable goods is

If price of a commodity remains constant but its supply decreases or price increases but supply remains constant, it is called

In case of rise in demand, demand curve shifts:

If supply of a commodity changes by 10% due to 10% change in its price, then elasticity of supply will be

When demand curve shifts rightward (or upward), it is called

Usually market price is ____________ normal price

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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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