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Online Tests
Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test MCQs With Answers
Question # 1
When demand curve shifts leftward (or downward), it is called
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Rise of demand
Fall of demand
Extension of demand
Contraction of demand
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Question # 2
If demand changes by 10% due to 10% change in price, then elasticity of demand is called
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Equal to unity
More than unity
Less than unity
Infinite
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Question # 3
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
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Total production
Supply
Stock
Surplus production
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Question # 4
Supply of perishable goods e.g. groceries, fruit, meat etc is
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Less elastic
More elastic
Perfectly inelastic
Perfectly elastic
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Question # 5
When supply curve shifts leftwards or up, it is called
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Rise of supply
Fall of supply
Extension of supply
Contraction of supply
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Question # 6
Supply curve moves from left to right upward, this tendency is called
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Negative
Positive
Horizontal
Vertical
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Question # 7
If demand falls more proportionately then that of supply then
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Equilibrium price increases
Equilibrium price decreases
Equilibrium price does not change
Equilibrium quantity increases
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Question # 8
The term demand in economics means:
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Desire
Purchasing
Need
Both (a) and (b)
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Question # 9
Elasticity of demand for substitute and jointly demanded goods is called
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Income elasticity
Arc elasticity
Cross elasticity
Point elasticity
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Question # 10
Second name of unitary method is
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Method of total satisfication
total expenditure method
total revenue method
Both 2nd and 3rd
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Question # 11
Cause of movement along the supply curve is
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Change in price
Other factors
Change in tax
Change in income
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Question # 12
Price determined with the equilibrium of demand and supply on some day
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Short period price
Long period price
Market price
Normal price
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Question # 13
The goods on which law of demand does not apply, are called
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Services
Goods and services
Giffin goods
Capital goods
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Question # 14
When supply changes due to other factors besides price, it is called
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Rise of supply
Fall of supply
Rise and fall of supply
Extension and contraction of supply
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Question # 15
If demand and supply both fall in the same proportion
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Equilibrium price increases
Equilibrium price decreases
Equilibrium price does not change
Equilibrium quantity increases
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Question # 16
When price of a commodity decreases but its demand does not change, this situation is called
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Constant demand
Fall of demand
Rise of demand
Extension of demand
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