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Online Tests
Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test MCQs With Answers
Question # 1
The goods which are jointly demanded are called:
Choose an answer
Substitute goods
Complimentary goods
Alternative goods
None of these
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Question # 2
If supply of a commodity is fixed, it is called
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Market supply
Short period supply
Long period supply
Middle period supply
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Question # 3
Who does determine the reserve price
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Buyer
Seller
Government
District adminitration
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Question # 4
Slope of demand curve of exceptions of law of demand is
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Negative
Positive
Zero
Fixed
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Question # 5
Usually market price is ____________ normal price
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Equal to
Less than
More than
None of these
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Question # 6
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 # 7
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 # 8
If supply of a commodity changes by 10% due to 10% change in its price, then elasticity of supply will be
Choose an answer
Equal to unity
More than unity
Less than unity
Zero
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Question # 9
If elasticity of supply is equal to unity then extending supply curve downward, it passes through or crosses
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y-axis
x-axis
Point of origin
Becomes vertical
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Question # 10
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 # 11
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 # 12
If supply rises more proportionately than that of demand, then
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Equilibrium price increases
Equilibrium price decreases
Equilibrium price does not change
Equilibrium quantity decreases
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Question # 13
In case of fall in demand, demand curve shifts:
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Left side
Right side
Downward
Both (a) and (c)
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Question # 14
The goods which are jointly demanded to satisfy a want, are called
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Complimentary goods
Substitute goods
Alternative goods
inferior goods
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Question # 15
If demand decreases by 5% due to 10% increase in Price, then elasticity of demand is
Choose an answer
Equal to unity
More than unity
Less than unity
Zero
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