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

Sr.#	Question	Answer
1	According to the law of supply, there is relation in price and supply	A. Inverse B. Increasing C. Negative D. indirect
2	Which one is increasing function of price	A. Demand B. Supply C. Utility D. Consumption
3	The goods on which law of demand does not apply, are called	A. Services B. Goods and services C. Giffin goods D. Capital goods
4	What functional relationship is present between demand and price	A. positive B. inverse C. increasing D. none of these
5	If there is slight change in price and demand, it is called	A. Arc elasticity B. Point elasticity C. Income elasticity D. Cross elasticity
6	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
7	Supply of perishable goods e.g. groceries, fruit, meat etc is	A. Less elastic B. More elastic C. Perfectly inelastic D. Perfectly elastic
8	Cause of movement along the supply curve is	A. Change in price B. Other factors C. Change in tax D. Change in income
9	If supply curve is horizontal (parallel to x-axis) then elasticity of supply is	A. Zero B. Infinite C. Equal to unity D. More than unity
10	The goods which are jointly demanded to satisfy a want, are called	A. Complimentary goods B. Substitute goods C. Alternative goods D. inferior goods

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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

Quantity of a commodity offered for sale in a market at a certain price during a given period of time, is called

If demand changes by more than 10% due to 10% change in price, then elasticity of demand is called

According to law of supply which factor changes the supply

The term demand in economics means:

When supply curve shifts rightward or down it is called

At equilibrium price, demand and supply

If demand does not change, despite a fall in price, is called

Demand for good like Television and VCR is

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

Equilibrium means

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

Stock means the quantity of a commodity

With an increase in the price of any good its substitutes will have

The cause of extension and contraction of demand is

Cause of movement along the supply curve is

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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 Class Principles of Economics ( English Medium) Chapter 3 Important MCQ's

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