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

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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

MCQ's Test For Chapter 3 "Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test"

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Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test

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Question # 1

Relationship between price and quantity demanded is called

Demand schedule A
Demand curve B
Law of demand C
Assumptions of law of demand D

Question # 2

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

Equal to unity A
Less than unity B
More than unity C
Elasticity of demand = zero D

Question # 3

In which direction demand and supply curves move

Same A
Opposite B
parallel C
Horizontal D

Question # 4

If demand changes by more than 10% due to 10% change in price, then elasticity of demand is called

Equal to unity A
More than unity B
Less than unity C
Infinite D

Question # 5

What is meant by demand for a commodity in economics

To desire for a commodity A
To have power to buy B
To have power to buy a commodity with desire C
Quantity of a commodity D

Question # 6

Price determined with the equilibrium of demand and supply on some day

Short period price A
Long period price B
Market price C
Normal price D

Question # 7

Supply of perishable goods e.g. groceries, fruit, meat etc is

Less elastic A
More elastic B
Perfectly inelastic C
Perfectly elastic D

Question # 8

Demand for basic necessities of life is:

Perfectly elastic A
Less elastic B
Perfectly inelastic C
More elastic D

Question # 9

Some inferior goods having expensive substitutes are known as:

Economic goods A
Giffen goods B
Non-economic goods C
Free goods D

Question # 10

If supply is fixed then due to fall of demand

Equilibrium price decreases A
Equilibrium quantity increases B
Equilibrium price increases C
Equilibrium price does not change D

Question # 11

One of the following is not substitute good:

Mobile and charger A
Petrol and CNG B
Burger and Shawarma C
Both b & c D

Question # 12

Cause of shifting of demand curve is

Change in price A
Desire B
Other factors C
Exceptions D

Question # 13

Quantity of a commodity which a person is ready to purchase at a particular price, is called

Individual demand A
Market demand B
Supply C
Market Supply D

Question # 14

When there are small and minor changes in price and demand then

Price elasticity A
Income elasticity B
Cross elasticity C
Point elasticity D

Question # 15

When supply curve shifts leftwards or up, it is called

Rise of supply A
Fall of supply B
Extension of supply C
Contraction of supply D

Submit

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Prin. of Economics

3rd Chapter

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.

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Chapter 1

Chapter 2

Chapter 3

Chapter 4

Chapter 5

Chapter 6

Chapter 7

Chapter 8

Chapter 9

Chapter 10

Chapter 11

Chapter 12

Chapter 13

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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

Relationship between price and quantity demanded is called

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

In which direction demand and supply curves move

If demand changes by more than 10% due to 10% change in price, then elasticity of demand is called

What is meant by demand for a commodity in economics

Price determined with the equilibrium of demand and supply on some day

Supply of perishable goods e.g. groceries, fruit, meat etc is

Demand for basic necessities of life is:

Some inferior goods having expensive substitutes are known as:

If supply is fixed then due to fall of demand

One of the following is not substitute good:

Cause of shifting of demand curve is

Quantity of a commodity which a person is ready to purchase at a particular price, is called

When there are small and minor changes in price and demand then

When supply curve shifts leftwards or up, it is called

Prepare Complete Set Wise Chapter 3 "Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test" MCQs Online With Answers

Set 1

Set 2

Set 3

Set 4

Set 5

Set 6

Set 7

Set 8

Set 9

Set 10

Set 11

Set 12

Set 13

11th Principle of Economics Chapter 3 Test

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