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	If there is big change in Price and demand, it is called	A. Arc elasticity B. Point elasticity C. Income elasticity D. Cross elasticity
2	Demand for Giffen goods is:	A. Negative B. Vertical C. Positive D. All of them
3	If quantity demanded for a commodity changes due to the change in income, it is called	A. Price elasticity B. Point elasticity C. Cross elasticity D. Income elasticity
4	If there is slight change in price and demand, it is called	A. Arc elasticity B. Point elasticity C. Income elasticity D. Cross elasticity
5	Cause of shifting of demand curve is	A. Change in price B. Desire C. Other factors D. Exceptions
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	When supply curve shifts rightward or down it is called	A. Rise of supply B. Fall of supply C. Extension of supply D. Contraction of supply
8	Market price will be determined where	A. Supply is more than demand B. Demand is more than supply C. Demand and supply are equal D. Demand is less elastic and supply is more elastic
9	Demand for good like Television and VCR is	A. Less elastic B. More elastic C. Perfectly inelastic D. Infinitely elastic
10	The cause of extension and contraction of demand is	A. Income B. Price C. Population D. Technology

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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 decreases by 10% due to 10% increase in Price, then elasticity of demand is

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

If price of a commodity constant but its supply increases or price decreases but supply remains constant, it is called

If quantity demanded for a commodity changes due to the change in income, it is called

Finance minister in order to increase the public revenue imposes the tax on the commodities whose demand is more elastic

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

Supply of perishable goods is

Measurement of arc elasticity of demand was present:

Quantity supplied of a commodity extends because

Supply means

Elasticity of demand for substitute and jointly demanded goods is called

If same amount of good is supplied at higher price, it is called

The cause of extension and contraction of demand is

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

If supply of a commodity changes by less than 10% due to a 10% change in its price, then elasticity of supply will be

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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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