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	Supply of perishable goods e.g. groceries, fruit, meat etc is	A. Less elastic B. More elastic C. Perfectly inelastic D. Perfectly elastic
2	Increasing function of price is	A. Demand B. Supply C. Utility D. Cosnsumption
3	The price at which quantity demanded and supplied are equal	A. Equilibrium price B. Reserve price C. Fixed price D. Variable price
4	The rate of change in Qd due to change in price is called:	A. Rise in demand B. Income Elasticity of demand C. Price Elasticity of demand D. Cross Elasticity of demand
5	Demand for a commodity means	A. Desire to purchase B. Power to purchase C. Price of commodity D. All the three
6	Flux method is also known as:	A. Percentage method B. Unitary method C. Total expenditure method D. All of them
7	If total expenditure of the consumer decreases due to increase in price, then nature of elasticity of demand will be	A. Equal to unity B. Less than unity C. More than unity D. Elasticity of demand = zero
8	Non elastic demand curve is	A. positive B. negative C. vertical D. horizontal
9	Second name of unitary method is	A. Method of total satisfication B. total expenditure method C. total revenue method D. Both 2nd and 3rd
10	If 50% change in demand in response of 30% change in price then:	A. Elasticity of demand = 1 B. Elasticity of demand < 1 C. Elasticity of demand > 1 D. Elasticity of demand = 0

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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

If demand for commodity X changes due to the change in price of commodity, it is called

Usually market price is ____________ normal price

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

The cause of rise and fall of demand is

If elasticity of supply is less than unity then extending supply curve downward, it passes through or crosses

When there is a very small change in demand and price of a commodity, it is called

Elasticity of supply is the name of

Who does determine the reserve price

The cause of shifting of supply curve is

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

If demand is not influenced by the changes in price, elasticity of demand will be

Unitary method for Elasticity of demand was presented by:

Vertical supply curve means

Which one is not condition of perfect competition

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

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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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