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	When demand curve shifts leftward (or downward), it is called	A. Rise of demand B. Fall of demand C. Extension of demand D. Contraction of demand
2	Quantity supplied of a commodity extends because	A. Population changes B. Change occurs in assumtions of law of supply C. Income of the entrepreneur increases D. Price of the commodity increases
3	Flux method is also known as:	A. Percentage method B. Unitary method C. Total expenditure method D. All of them
4	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
5	If the ratio of change in demand is equal to the ratio of change in price, elasticity of demand will be	A. More than unity B. Less than unity C. Equal to unity D. Infinite
6	If demand does not change, then due to rise of supply	A. Equilibrium price increases B. Equilibrium price decreases C. Equilibrium price does not change D. Equilibrium quantity decreases
7	Elasticity of supply if perishable goods is	A. Equal to unity B. More than unity C. Less than unity D. Zero
8	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
9	If demand and supply both fall in the same proportion	A. Equilibrium price increases B. Equilibrium price decreases C. Equilibrium price does not change D. Equilibrium quantity increases
10	The term demand in economics means:	A. Desire B. Purchasing C. Need D. Both (a) and (b)

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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

The goods which are jointly demanded to satisfy a want, are called

Elasticity of supply is the name of

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

Quickly destroyable goods are called

According to law of supply, supply curve moves from left to right upward, this tendency is called

Kinds of supply according to period of time are

If due to a very slight decrease in price, demand goes on increasing, elasticity of demand will be

Another name of unitary method is

In case of fall in demand, demand curve shifts:

Which combination of the following is of joint demand

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

Elasticity of demand for substitute and jointly demanded goods is called

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

Market equilibrium is determined when

In case of rise in demand, demand curve shifts:

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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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