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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 Supply of perishable goods e.g. groceries, fruit, meat etc is
  • A. Less elastic
  • B. More elastic
  • C. Perfectly inelastic
  • D. Perfectly elastic
2 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
3 If the demand for a commodity is more elastic, then an entrepreneur in order to increase his profit
  • A. Will increase its price
  • B. Will decrease its price
  • C. Will not change its price
  • D. None of these
4 Which one is not condition of perfect competition
  • A. Homogeneity of good
  • B. Difference in price of good
  • C. Large number of buyers and sellers
  • D. Perfect knowledge of market
5 Regarding time element, the normal price has types
  • A. One
  • B. Two
  • C. Three
  • D. Four
6 When supply changes due to other factors besides price, it is called
  • A. Rise of supply
  • B. Fall of supply
  • C. Rise and fall of supply
  • D. Extension and contraction of supply
7 If supply of a commodity changes by 10% due to 10% change in its price, then elasticity of supply will be
  • A. Equal to unity
  • B. More than unity
  • C. Less than unity
  • D. Zero
8 When demand and supply rise equally then equilibrium price
  • A. isles
  • B. is more
  • C. Remains the source
  • D. Zero
9 If demand curve is parallel to x-axis, then elasticity of demand is
  • A. Infinite
  • B. Zero
  • C. Equal to unity
  • D. More than unity
10 The goods which are jointly demanded are called:
  • A. Substitute goods
  • B. Complimentary goods
  • C. Alternative goods
  • D. None of these

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

A

Abeer

Lahore07 - Feb - 2024

8/15
04 Mins 02 Sec

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