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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
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"
Try The MCQ's Test For Chapter 3 "Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test"
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Total Questions15
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Time Allowed20
Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test
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Question # 1
Price and demand has a relationship:
Question # 2
Price determined with the equilibrium of demand and supply on some day
Question # 3
With an increase in the price of any good its substitutes will have
Question # 4
Id demand changes by less than 10% due to 10% change in price, then elasticity of demand is called
Question # 5
The rate of change in Qd due to change in price is called:
Question # 6
In case of perfectly elastic supply or infinite elasticity of supply, supply curve is
Question # 7
Elasticity of demand for substitute and jointly demanded goods is called
Question # 8
If the ratio of change in demand is less than the ratio of change in price, elasticity of demand will be
Question # 9
If the ratio of change in demand is equal to the ratio of change in price, elasticity of demand will be
Question # 10
Supply of goods depends on
Question # 11
Quantity of a commodity which the consumers are ready to purchase at a particular price, is called
Question # 12
Flux method is also known as:
Question # 13
Demand for luxuries goods is:
Question # 14
If there is slight change in price and demand, it is called
Question # 15
If demand did not influence by the charge in price, that is called:
Prepare Complete Set Wise Chapter 3 "Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test" MCQs Online With Answers
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Set 1
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Set 2
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Set 3
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Set 4
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Set 5
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Set 6
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Set 7
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Set 8
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Set 9
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Set 10
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Set 11
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Set 12
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Set 13
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11th Principle of Economics Chapter 3 Test
Here you can prepare 11th Principle of Economics English Medium Chapter 3 Demand and Supply Test. Click the button for 100% free full practice test.
Top Scorers Of Chapter 3 "Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test" MCQ`s Test
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Z Zeeshan Haider 02 - Jul - 2024 00 Min 10 Sec 15/15 -
S Shad Ali Shah 31 - Jul - 2024 04 Min 23 Sec 13/15 -
S Subtain Ahmed Raza 21 - Jul - 2023 04 Min 19 Sec 12/15 -
U Unknown 20 - Jul - 2023 02 Min 05 Sec 11/15 -
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R Rèhab Khan 31 - Aug - 2023 10 Min 01 Sec 11/15 -
A Angle Jasmine 04 - May - 2024 02 Min 39 Sec 10/15 -
A Abubaker 13 - Mar - 2026 03 Min 08 Sec 10/15 -
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S Subhan Baig 20 - Jul - 2024 03 Min 57 Sec 10/15 -
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A Asif Iqbal 20 - Apr - 2023 04 Min 05 Sec 9/15 -
M 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 | Under certain conditions, slope of demand curve is |
A. Negative
B. Positive
C. Zero
D. Fixed
|
| 2 | Unitary method is also known as: |
A. Total revenue
B. Total satisfaction
C. Total utility
D. Total expenditure
|
| 3 | If supply curve is vertical (parallel to y-axis), then elasticity of supply is |
A. Zero
B. Infinite
C. Equal to unity
D. More than unity
|
| 4 | Desire + Purchasing power is equal to: |
A. Demand
B. Supply
C. Income
D. Utility
|
| 5 | Market equilibrium is determined when |
A. Demand = supply
B. Demand > supply
C. Demand < supply
D. Demand = zero
|
| 6 | Demand for necessities of life is |
A. Les elastic
B. More elastic
C. Perfectly elastic
D. Perfectly inelastic
|
| 7 | Intersection of demand and supply curve is called |
A. Equilibrium of firm
B. Equilibrium of demand
C. Equilibrium of supply
D. Equilibrium point
|
| 8 | Supply of goods depends on |
A. price
B. income
C. income and price
D. utility
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| 9 | Demand for a commodity means |
A. Desire to purchase
B. Power to purchase
C. Price of commodity
D. All the three
|
| 10 | At equilibrium price, demand and supply |
A. Increase
B. Become equal
C. Decrease
D. are different
|
Test Questions