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Online Tests
Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test MCQs With Answers
Question # 1
Market equilibrium is determined when
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Demand = supply
Demand > supply
Demand < supply
Demand = zero
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Question # 2
The supply curve of Fish is
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More elastic
Less elastic
Inelastic
Infinite elastic
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Question # 3
The term demand in economics means:
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Desire
Purchasing
Need
Both (a) and (b)
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Question # 4
Quantity supplied of a commodity extends because
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Population changes
Change occurs in assumtions of law of supply
Income of the entrepreneur increases
Price of the commodity increases
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Question # 5
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 # 6
A big change in demand and price is called:
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PointElasticity of demand
ArcElasticity of demand
CrossElasticity of demand
PriceElasticity of demand
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Question # 7
If demand for a commodity changes due to change in price of its substitute, it is called
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Price elasticity
Point elasticity
Cross elasticity
Arc elasticity
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Question # 8
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 # 9
Exceptions, or limitations of law of demand have been stated by
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Professor Marshall
Professor Adam Smith
Professor Benham
Professor Robbins
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Question # 10
If demand does not change, despite a fall in price, is called
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Fall of demand
Rise of demand
Contraction of demand
Extension of demand
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Question # 11
The price at which quantity demanded and supplied are equal
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Equilibrium price
Reserve price
Fixed price
Variable price
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Question # 12
Relationship between price of a commodity and demand for it exists
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Positive
Inverse
Indirect
None of these
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Question # 13
If supply is fixed then due to fall of demand
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Equilibrium price decreases
Equilibrium quantity increases
Equilibrium price increases
Equilibrium price does not change
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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
Measurement of arc elasticity of demand was present:
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Keynes
Marshall
Adam smith
R.G.D Allen
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Question # 16
Finance minister in order to increase the public revenue, imposes tax on the commodities whose demand is less elastic
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At low rate
At high rate
Some times decreases the tax rate and some times increases the tax rate
Does not change tax rate
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