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	Demand for luxuries in	A. Les elastic B. More elastic C. Perfectly elastic D. Perfectly inelastic
2	Price and demand has a relationship:	A. Negative B. Positive C. Functional D. Both a & c
3	Elasticity of supply is the name of	A. Change in price B. Change in income C. Feature of change in supply D. Change in price and income
4	Elasticity of demand for durable goods is	A. More elastic B. Less elastic C. Infinte D. Zero
5	Demand for a commodity means	A. Desire to purchase B. Power to purchase C. Price of commodity D. All the three
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	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	If demand falls more proportionately then that of supply then	A. Equilibrium price increases B. Equilibrium price decreases C. Equilibrium price does not change D. Equilibrium quantity increases
9	Rise of supply can be shown with the help of	A. A supply curve B. More than one supply curves C. Fixed supply curve D. Vertical supply curve
10	A textile mill produces 2000 meters cloth. Entrepreneur offers 1500 meters cloth to sell at price Rs 100 per meter and 500 meters cloth keeps with him. Cloth kept by the entrepreneur is called	A. Total production B. Supply C. Stock D. Surplus production

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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

If supply goes on increasing due to a slight increase in price, then elasticity of supply is called

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

Price of perishable goods is determined

In case of fall in demand, demand curve shifts:

Quantity of a commodity which a person is ready to purchase at a particular price, is called

If the demand for a commodity is less elastic, then an entrepreneur in order to increase his profit

If supply does not change despite a change in price, then elasticity of supply is called

When price of a commodity decreases but its demand does not change, this situation is called

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

If supply of a commodity is fixed, it is called

Elasticity of demand for the commodities which have substitutes, is

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

Supply of goods depends on

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

When price decreases, supply

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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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