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	Shape of market supply curve is	A. Horizontal or parallel to ox curve B. Vertical or parallel to oy curve C. Positively sloping D. Negatively sloping
2	A textile mill produces 2000 meters cloth. Entrepreneur offers 1500 meters cloth to sell at price Rs 100 per meter and 500 meters cloth keeps with him. Cloth kept by the entrepreneur is called	A. Total production B. Supply C. Stock D. Surplus production
3	If demand for commodity X changes due to the change in price of commodity, it is called	A. Cross elasticity B. Price elasticity C. Income elasticity D. Arc elasticity
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	Desire + Purchasing power is equal to:	A. Demand B. Supply C. Income D. Utility
6	If supply decreases due to decrease in price, it is called	A. Extension of supply B. Contraction of supply C. Rise of supply D. Fall of supply
7	If two goods are complimentary, cross Elasticity of demand will be:	A. Zero B. Infinite C. Positive D. Negative
8	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
9	Unity method to measure elasticity of demand was presented by	A. Adam smith B. Robbins C. Marshall D. Keynes
10	In case of fall in demand, demand curve shifts:	A. Left side B. Right side C. Downward D. Both (a) and (c)

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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

Reserve price of a commodity is that price

Demand for a commodity means

Elasticity of demand for substitute and jointly demanded goods is called

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

If demand for a commodity changes due to change in price of its substitute, it is called

Formula method to measure elasticity of supply is related to

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

Due to rise in demand, demand curve shifts to

If supply of a commodity is fixed, it is called

If supply is fixed then due to fall of demand

When demand curve shifts rightward (or upward), it is called

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

In order to satisfy some wants, more than one commodities are needed. Demand for such commodities is called

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

Cause of shifting of supply curve 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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