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Online Tests
Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test MCQs With Answers
Question # 1
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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Question # 2
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 # 3
Non elastic demand curve is
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positive
negative
vertical
horizontal
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Question # 4
Due to fall in demand, curve shifts to
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Right
Left
Both sides
None of these
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Question # 5
If demand does not change, then due to rise of supply
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Equilibrium price increases
Equilibrium price decreases
Equilibrium price does not change
Equilibrium quantity decreases
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Question # 6
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 # 7
If total expenditure of the consumer decreases 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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Question # 8
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 # 9
Demand for luxuries in
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Les elastic
More elastic
Perfectly elastic
Perfectly inelastic
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Question # 10
When supply increases due to other factors besides price, it is called
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Extension of supply
Contraction of supply
Rise of supply
Fall of supply
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Question # 11
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 # 12
Income elasticity of demand is concerned with
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Income and consumption of wealth
Income and demand for good
Price and income of the consumer
Price and demand for good
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Question # 13
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 # 14
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 # 15
If same amount of good is supplied at higher price, it is called
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Expansion of supply
Contraction of supply
Fall in supply
Rise in supply
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Question # 16
When supply curve shifts leftwards or up, it is called
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Rise of supply
Fall of supply
Extension of supply
Contraction of supply
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