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Online Tests
Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test MCQs With Answers
Question # 1
If quantity demanded for a commodity changes due to the change in income, it is called
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Price elasticity
Point elasticity
Cross elasticity
Income elasticity
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Question # 2
Under certain conditions, slope of demand curve is
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Negative
Positive
Zero
Fixed
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Question # 3
Demand for good like Television and VCR is
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Less elastic
More elastic
Perfectly inelastic
Infinitely elastic
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Question # 4
According to law of supply which factor changes the supply
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cost of producton
price
climatic conditions
level of income
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Question # 5
If demand decreases by 15% due to 10% increase in Price, then elasticity of demand is
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Equal to unity
More than unity
Less than unity
Zero
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Question # 6
Regarding time element, the normal price has types
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One
Two
Three
Four
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Question # 7
Unitary method for Elasticity of demand was presented by:
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Marshall
Keynes
Robbins
Adam smith
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Question # 8
Finance minister imposes tax on the goods having more elastic demand
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At low rate
At high rate
At the same rate
At zero rate
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Question # 9
Quantity of a commodity which the consumers are ready to purchase at a particular price, is called
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Demand
Supply
Stock
Demand and supply
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Question # 10
Who did present unity method to measure elasticity of demand
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Adam Smith
Marshall
Robbins
keynes
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Question # 11
According to law of demand, when price of a commodity decreases, then demand curve
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Moves from left to right upward
Moves from left to right downward
Moves vertically
Moves horizontally
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Question # 12
Another name of unitary method is
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Total satisfiaction method
Total expenditure method
Total revenue method
Both 2nd and 3rd
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Question # 13
If demand curve is parallel to x-axis, then elasticity of demand is
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Infinite
Zero
Equal to unity
More than unity
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Question # 14
Elasticity of supply if perishable goods is
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Equal to unity
More than unity
Less than unity
Zero
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Question # 15
Movement on the same demand curve is called:
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Increase is demand
Rise and fall in demand
Decrease in demand
Expansions and contraction in demand
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Question # 16
In which direction demand and supply curves move
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Same
Opposite
parallel
Horizontal
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