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	In order to satisfy some wants, more than one commodities are needed. Demand for such commodities is called	A. Joint demand B. Composite demand C. Derived demand D. Direct demand
2	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
3	Which one is increasing function of price	A. Demand B. Supply C. Utility D. Consumption
4	The demand curve slopes	A. upwards B. Horizontal C. vertical D. downward to the right
5	Some inferior goods having expensive substitutes are known as:	A. Economic goods B. Giffen goods C. Non-economic goods D. Free goods
6	Unity method to measure elasticity of supply is presented by	A. Adam Smith B. Robbins C. Marshall D. Faruson
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	Kinds of supply according to period of time are	A. Two B. Three C. Four D. Five
9	If demand decreases by 5% due to 10% increase in Price, then elasticity of demand is	A. Equal to unity B. More than unity C. Less than unity D. Zero
10	Cause of shifting of demand curve is	A. Change in price B. Desire C. Other factors D. Exceptions

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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

Kinds of supply according to period of time are

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

If demand curve is parallel to x-axis, then elasticity of demand is

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

If the ratio of change in demand is less than the ratio of change in price, elasticity of demand will be

When there is big change in demand and price of a commodity, it is called

Vertical supply curve means

Elasticity of demand for luxuries is

If demand did not influence by the charge in price, that is called:

Second name of unitary method is

Demand for luxuries goods is:

Finance minister imposes tax on the goods having more elastic demand

When supply curve shifts leftwards or up, it is called

The supply curve of Fish is

If demand does not change, then due to fall of 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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