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Online Tests
Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test MCQs With Answers
Question # 1
If supply does not change, then due to fall of demand
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Equilibrium price decreases
Equilibrium price increases
Equilibrium price does not change
Equilibrium quantity increases
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Question # 2
Stock means the quantity of a commodity
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Which is offered for sale in the market
Which is sold in the market
Total production is called stock
Which the seller keeps in his possession without selling
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Question # 3
Unitary method for Elasticity of demand was presented by:
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Marshall
Keynes
Robbins
Adam smith
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Question # 4
Unitary method is also known as:
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Total revenue
Total satisfaction
Total utility
Total expenditure
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Question # 5
Price is determined under perfect competition
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By sellers
By buyers
By government
By forces of demand and supply
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Question # 6
Who did present formula to measure Arc elasticity of demand
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Adam Smith
Marshall
Allen
Keynes
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Question # 7
If demand curve is parallel to y-axis, then elasticity of demand is
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Equal to unity
More than unity
Less than unity
Zero
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Question # 8
If demand did not influence by the charge in price, that is called:
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Elasticity of demand = 1
Elasticity of demand < 1
Elasticity of demand > 1
Elasticity of demand = 0
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Question # 9
If the demand for a commodity is more elastic, then an entrepreneur in order to increase his profit
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Will increase its price
Will decrease its price
Will not change its price
None of these
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Question # 10
If demand is not influenced by the changes in price, elasticity of demand will be
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Equal to unity
More than unity
Less than unity
Zero
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Question # 11
If demand does not change, then due to fall of supply
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Equilibrium price increases
Equilibrium price decreases
Equilibrium quantity increases
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Question # 12
The demand curve slopes
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upwards
Horizontal
vertical
downward to the right
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Question # 13
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 # 14
If there is big change in Price and demand, it is called
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Arc elasticity
Point elasticity
Income elasticity
Cross elasticity
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Question # 15
If the total expenditure of the consumer increases due to increase in price, then nature of elasticity of demand will be
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Equal to unity
Less than unity
More than unity
Elasticity of demand = zero
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