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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Minahil Asif 04 - Jun - 2024 01 Min 46 Sec 8/15

ICom Part 1 Principles of Economics ( English Medium) Chapter 3 Important MCQ's

Sr.#	Question	Answer
1	If demand did not influence by the charge in price, that is called:	A. Elasticity of demand = 1 B. Elasticity of demand < 1 C. Elasticity of demand > 1 D. Elasticity of demand = 0
2	Market equilibrium is determined when	A. Demand = supply B. Demand > supply C. Demand < supply D. Demand = zero
3	Kinds of supply according to period of time are	A. Two B. Three C. Four D. Five
4	If there is big change in Price and demand, it is called	A. Arc elasticity B. Point elasticity C. Income elasticity D. Cross elasticity
5	Vertical supply curve means	A. Same quantity supplied at differented price B. Different quantities supplied at one price C. Different quantities supplied at different prices D. None of three
6	Supply means	A. total money of a specific producer B. Number of buyers C. quantity of goods offered for sale at different prices D. purchasing power of quantity supplied
7	That particular price below which price the seller is not ready to sell his commodity, is called	A. Market price B. Normal price C. Reserve price D. All the three
8	Usually market price is ____________ normal price	A. Equal to B. Less than C. More than D. None of these
9	Regarding time element, the normal price has types	A. One B. Two C. Three D. Four
10	Unitary method is also known as:	A. Total revenue B. Total satisfaction C. Total utility D. Total expenditure

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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

Usually market price is ____________ normal price

When demand increases due to change in other factors it is known as:

According to law of demand, when price of a commodity decreases, then demand curve

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

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

If demand rises more proportionately than that of supply, then

If supply decreases due to decrease in price, it is called

If supply curve is vertical (parallel to y-axis), then elasticity of supply is

With an increase in the price of any good its substitutes will have

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

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

If two goods are substitute, cross Elasticity of demand will be:

If there is slight change in price and demand, it is called

Cause of shifting of supply curve is

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

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

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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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