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.

First Year Principles of Economics Chapter 3 Online MCQ Test for 1st Year 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
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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)

Sr. # Questions Answers Choice
1 If supply is fixed then due to fall of demand
  • A. Equilibrium price decreases
  • B. Equilibrium quantity increases
  • C. Equilibrium price increases
  • D. Equilibrium price does not change
2 Increasing function of price is
  • A. Demand
  • B. Supply
  • C. Utility
  • D. Cosnsumption
3 When supply curve shifts leftwards or up, it is called
  • A. Rise of supply
  • B. Fall of supply
  • C. Extension of supply
  • D. Contraction of supply
4 A big change in demand and price is called:
  • A. PointElasticity of demand
  • B. ArcElasticity of demand
  • C. CrossElasticity of demand
  • D. PriceElasticity of demand
5 Who did present unity method to measure elasticity of demand
  • A. Adam Smith
  • B. Marshall
  • C. Robbins
  • D. keynes
6 Price of perishable goods is determined
  • A. In the market period
  • B. In the short period
  • C. In the middle period
  • D. In the long period
7 Elasticity of demand for substitute and jointly demanded goods is called
  • A. Income elasticity
  • B. Arc elasticity
  • C. Cross elasticity
  • D. Point elasticity
8 If percentage change in supply is less than the percentage change in price, then elasticity of supply is called
  • A. Equal to unity
  • B. Less than unity
  • C. More than unity
  • D. Zero
9 If demand for a commodity changes due to change in price of its substitute, it is called
  • A. Price elasticity
  • B. Point elasticity
  • C. Cross elasticity
  • D. Arc elasticity
10 If due to a very slight decrease in price, demand goes on increasing, elasticity of demand will be
  • A. More than unity
  • B. Less than unity
  • C. Infinite
  • D. Zero

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