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	Intersection of demand and supply curve is called	A. Equilibrium of firm B. Equilibrium of demand C. Equilibrium of supply D. Equilibrium point
2	Slope of demand curve is	A. Negative B. Positive C. zero D. fixed
3	By increasing the cost of production, the supply	A. Extends B. contracts C. Falls D. Rises
4	The demand curve slopes	A. upwards B. Horizontal C. vertical D. downward to the right
5	Unitary method is also known as:	A. Total revenue B. Total satisfaction C. Total utility D. Total expenditure
6	Finance minister in order to increase the public revenue, imposes tax on the commodities whose demand is less elastic	A. At low rate B. At high rate C. Some times decreases the tax rate and some times increases the tax rate D. Does not change tax rate
7	Cause of positive slope of supply curve	A. Change in cost of production B. Fear of increase in cost of production and decrease in profit C. Change in technique of production D. Increase in per unit profit due to increase in price
8	When demand curve shifts rightward (or upward), it is called	A. Rise of demand B. Fall of demand C. Extension of demand D. Contraction of demand
9	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
10	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

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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 cause of extension and contraction of demand is

In case of rise in demand, demand curve shifts:

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

Usually market price is ____________ normal price

That particular price below which price the seller is not ready to sell his commodity, is called

Cause of shifting of supply curve is

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

Intersection of demand and supply curve is called

Degree of change in quantity supplied due to change in price is called

The cause of rise and fall of demand is

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

Who does determine the reserve price

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

Exceptions, or limitations of law of demand have been stated by

Demand for basic necessities of life is:

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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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