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

Sr.#	Question	Answer
1	According to law of demand, when price of a commodity decreases, then demand curve	A. Moves from left to right upward B. Moves from left to right downward C. Moves vertically D. Moves horizontally
2	Demand for luxuries in	A. Les elastic B. More elastic C. Perfectly elastic D. Perfectly inelastic
3	Price is determined under perfect competition	A. By sellers B. By buyers C. By government D. By forces of demand and supply
4	If quantity demand changes due to the change in income, it is called:	A. Point Elasticity of demand B. Arc Elasticity of demand C. Income Elasticity of demand D. Price Elasticity of demand
5	When there is a very small change in demand and price of a commodity, it is called	A. Point elasticity B. Arc elasticity C. Cross elasticity D. Income elasticity
6	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
7	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
8	Who did present formula to measure Arc elasticity of demand	A. Adam Smith B. Marshall C. Allen D. Keynes
9	Unity method to measure elasticity of demand was presented by	A. Adam smith B. Robbins C. Marshall D. Keynes
10	If demand decreases by 15% due to 10% increase in Price, then elasticity of demand is	A. Equal to unity B. More than unity C. Less than unity D. Zero

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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

Elasticity of supply if perishable goods is

Cause of positive slope of supply curve

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

Which combination of the following is of joint demand

The duty of a market is not to

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

Due to rise in demand, demand curve shifts to

Degree of change in quantity supplied due to change in price is called

Formula method to measure elasticity of supply is related to

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

By increasing the cost of production, the supply

Quantity of a commodity which the consumers are ready to purchase at a particular price, is called

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

If quantity demand changes due to the change in income, it is called:

Elasticity of demand for durable goods is

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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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