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Online Tests
Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test MCQs With Answers
Question # 1
The quantity of commodity which exists in warehouse (stock) of the seller is called
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Supply
Demand
Stock
All of these
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Question # 2
When there is big change in demand and price of a commodity, it is called
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Point elasticity
Arc elasticity
Cross elasticity
Income elasticity
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Question # 3
The duty of a market is not to
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make exchange of goods
contact buyers and sellers
determine price
give maximum output
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Question # 4
If two goods are complimentary, cross Elasticity of demand will be:
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Zero
Infinite
Positive
Negative
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Question # 5
If demand changes by more than 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 # 6
Quantity of a commodity offered for sale in a market at a certain price during a given period of time, is called
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Stock
Demand
Supply
Quantity demanded
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Question # 7
In case of rise in demand, demand curve shifts:
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Right side
Downward
Upward
(a) and (c)
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Question # 8
Relationship between price and quantity demanded is called
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Demand schedule
Demand curve
Law of demand
Assumptions of law of demand
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Question # 9
Supply of goods depends on
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price
income
income and price
utility
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Question # 10
Kinds of supply according to period of time are
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Two
Three
Four
Five
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Question # 11
In which direction demand and supply curves move
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Same
Opposite
parallel
Horizontal
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Question # 12
If the ratio of change in demand is less than the ratio of change in price, elasticity of demand will be
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More than unity
Less than unity
Equal to unity
Zero
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Question # 13
Under certain conditions, slope of demand curve is
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Negative
Positive
Zero
Fixed
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Question # 14
Who does determine the reserve price
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Buyer
Seller
Government
District adminitration
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Question # 15
When there are small and minor changes in price and demand then
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Price elasticity
Income elasticity
Cross elasticity
Point elasticity
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Question # 16
If the ratio of change in demand is equal to the ratio of change in price, elasticity of demand will be
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More than unity
Less than unity
Equal to unity
Infinite
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