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Online Tests
Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test MCQs With Answers
Question # 1
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 # 2
Regarding time element, the normal price has types
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One
Two
Three
Four
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Question # 3
Supply curve moves from left to right upward, this tendency is called
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Negative
Positive
Horizontal
Vertical
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Question # 4
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 # 5
The equilibrium of the market is that demand and supply to each other are
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opposite
positive
equal
negative
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Question # 6
Market equilibrium is attained when there exists in the market
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Perfect competition
Imperfect competition
Monopoly
Large quantity of commodity comes in the market
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Question # 7
The supply curve of Fish is
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More elastic
Less elastic
Inelastic
Infinite elastic
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Question # 8
Supply of durable goods is
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Elastic
Perfectly elastic
Perfectly inelastic
Less elastic
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Question # 9
Unity method to measure elasticity of demand was presented by
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Adam smith
Robbins
Marshall
Keynes
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Question # 10
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 # 11
The rate of change in Qd due to change in price is called:
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Rise in demand
Income Elasticity of demand
Price Elasticity of demand
Cross Elasticity of demand
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Question # 12
Elasticity of demand for luxuries is
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Equal to unity
More than unity
Less than unity
Zero
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Question # 13
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 # 14
With an increase in the price of any good its substitutes will have
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a fall in its price
an increase in its prices
an increase in its demand
a decrease in its price
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Question # 15
According to the law of supply, there is relation in price and supply
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Inverse
Increasing
Negative
indirect
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