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

ICom Part 1 Principles of Economics ( English Medium) Chapter 3 Important MCQ's

Sr.#	Question	Answer
1	If supply of a commodity changes by 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. Zero
2	According to law of supply which factor changes the supply	A. cost of producton B. price C. climatic conditions D. level of income
3	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
4	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
5	When demand for a commodity changes due to the change in price of some other commodity, it is called	A. Point elasticity B. Arc elasticity C. income elasticity D. cross elasticity
6	Supply of goods depends on	A. price B. income C. income and price D. utility
7	What functional relationship is present between demand and price	A. positive B. inverse C. increasing D. none of these
8	If the total expenditure of the consumer increases due to increase in price, then nature of elasticity of demand will be	A. Equal to unity B. Less than unity C. More than unity D. Elasticity of demand = zero
9	The cause of extension and contraction of demand is	A. Income B. Price C. Population D. Technology
10	If demand does not change, then due to fall of supply	A. Equilibrium price increases B. Equilibrium price decreases C. Equilibrium quantity increases

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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 decreases by 5% due to 10% increase in Price, then elasticity of demand is

Demand for the commodities whose use can be postponed is

According to law of supply which factor changes the supply

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

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

If there is slight change in price and demand, it is called

The price at which entrepreneur has a sufficient time to meet the demand, is called

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

Elasticity of supply if perishable goods is

The cause of shifting of supply curve is

Demand for luxuries in

Cause of shifting of supply curve is

If supply decreases due to decrease in price, it is called

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

Unity method to measure elasticity of supply is presented by

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Set 11

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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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