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	The goods which are jointly demanded to satisfy a want, are called	A. Complimentary goods B. Substitute goods C. Alternative goods D. inferior goods
2	According to law of supply, supply curve moves from left to right upward, this tendency is called	A. Positive B. Negative C. Horizontal D. Vertical
3	If demand does not change, then due to rise of supply	A. Equilibrium price increases B. Equilibrium price decreases C. Equilibrium price does not change D. Equilibrium quantity decreases
4	With an increase in the price of any good its substitutes will have	A. a fall in its price B. an increase in its prices C. an increase in its demand D. a decrease in its price
5	Flux method is also known as:	A. Percentage method B. Unitary method C. Total expenditure method D. All of them
6	Due to rise in demand, demand curve shifts to	A. Right B. Left C. Both sides D. None of these
7	The equilibrium of the market is that demand and supply to each other are	A. opposite B. positive C. equal D. negative
8	If 50% change in demand in response of 30% change in price then:	A. Elasticity of demand = 1 B. Elasticity of demand < 1 C. Elasticity of demand > 1 D. Elasticity of demand = 0
9	Supply of goods depends upon	A. Price B. Income C. Price and income D. Utility
10	Elasticity of demand for substitute and jointly demanded goods is called	A. Income elasticity B. Arc elasticity C. Cross elasticity D. Point 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

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

Which one is increasing function of price

Rise of supply can be shown with the help of

Who does determine the reserve price

At equilibrium price, demand and supply

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

One of the following is not substitute good:

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

Supply of durable goods is

If demand decreases by 15% due to 10% increase in Price, then elasticity of demand is

A slight change in demand and price is called:

According to law of demand, curve moves from left to right downward. This type of tendency is called

Finance minister in order to increase the public revenue imposes the tax on the commodities whose demand is more elastic

The duty of a market is not to

The quantity of commodity which exists in warehouse (stock) of the seller is called

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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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